The global tax is the most dangerous one since it would call for the creation of an organization with global taxing authority. Once created they would have to create additional global taxes just to justify their existence. Get ready for a Global Income tax, a global cigarette tax, a global retail tax... All in addition to the State and Federal taxes you already pay.
Found on the German newspaper's website, they are calling for a .05% tax on the value, not .005, so basically 10x the cost. http://translate.google.com/transla...lient=firefox-a&rlz=1R1GGGL_en___US338&hs=tBK (look in the money section) Original German from article: Um durch die Steuer nicht auch volkswirtschaftlich sinnvolle Finanzgeschäfte über Gebühr zu belasten, wollen die SPD-Minister den Steuersatz auf 0,05 Prozent begrenzen.
Thanks Bishop good find, still it seems high government doesnt seem to keen on idea or have much faith in it.
Yes, a new global entity to collect such a tax would be hell of scary as it would likely lead to other global taxes. Definetely a NO-NO!
US might do their own tax but no way they would join a global tax, but who knows a global tax would be smaller it seems like
A spokesman for Ms Merkel told the Financial Times that the chancellor was willing to discuss an international tax on transactions but said it had close to no chance of being agreed. âYou cannot float ideas like that two weeks before a summit,â he said. âI suspect this is mainly electioneering on the part of Mr Steinbrück.â
Well, it's all scary! I am in the camp that says it won't happen, but we said socialized medicine would never happen here until it does (it's about to happen). The whole world is in debt, outside of Asia, and they have to find ways to raise $$. Of course, as Marc Faber says: "Buy a farm with a machine gun" and "it will all end horribly" and " the US Gov will try to inflate their way out of it and it won't work then we go to WAR". Well, we have already done good with the USD tanking....we can pay back in cheaper dollars (since Obama, the USD is down 15%+, since Bush it's down 25%+). But, we will never EVER afford just the interest on our debt in 3 years.....it is now $400 BILLION per year, and will be $1T in about 3 years....JUST INTEREST. Obama will spend more fiat money than George Washington to W combined....that is just his first budget. Print 'em! All taxes are going up. Cap & trade will be the silence tax on everyone, then tax the rich, then cap. gains are going back up in 2011. The only good thing I can think of is that Goldman is in Obama's back pocket and they will lend an ear saying how horrible this tax would be. Outside of that, the masses will vote for it just like Erin Burnett and the crazy AFL-CIO bitch who has no clue what it will do, but it sounds good to "da public". Very proud to be an American, but all our politician's on both sides think they are ROCK STARS and can do and spend whatever they want. Pork here, lies there, affairs now. I just can't wait till 2010 elections and let's get some PRO BUSINESS peeps in the Nirvana rock band that seems to be out of control right now. Whatever party, bring back peep's that understand what the USA and free enterprise is all about!!! Seriously, for the dem's....Barny Frank lisp scam fannie mae, Nancey aka plastic surgery, Barbra Boxer talking down to a 4 star General bitch, Crazy Reid, Obama who opens his mouth before he knows the facts, hair plugged Biden....is what our Founders thought would be trying to shove their agenda down our throats?? These are the types that we left Europe to come over here to be FREE!!!! Then we kicked their ass and then saved their ass(es)! NO WAY! But like I started this post, I am scared about this tax and what is coming down the pipe! Be Vigilant!!
what are u referring to? a .001 transaction tax would bankrupt most active traders. Minimum annual transaction tax with one turnover per day ( 1 buy and 1 sell) and $100,000 of capital is: $100,000 * 0.001 * 2 * 250 days = $50,000
zdreg, 0.001 in this formula = 0.1%. The above formula with the tax calculated in percents: $100,000 * 0.1% * 2 * 250 days = $50,000