Astute advice. On IMF proposal, consider the divide and conquer theory. G-20 members have electoral responsibility to maintain their national autonomy. Remind IMF and others - representatives must not be bullied into legally binding controls over domestic internal economic rights. Raise wisdom of non-surrendering present and future national taxation regimes to any outside agency (UN). Politicians already under pressure for over-taxing. Public outrage for unauthorised legal commitment to deliver local tax money to powerful, global collection center --- (theres already widespread international public disquiet on 'globalisation' ). Adverse public perception of IMF/UN/G-20 interventionist measures. High potential for inter-national division. Theres two sides --- revenue projection doubts, and political cost. I've read several pro-tax opinions suggesting off-shore flight is easily counteracted through sophisticated computer tracking measures. The Copenhagen exercise showed difficulties in achieving inter-national cooperation: BUT on this subject, current harmonious G-20 leaderships could be less divided - its (yet to be proven) revenue raising potential way too attractive. Clear potential for subsequent ruined (angry) relationships, infighting, longterm restraints on internal fiscal (and party-political policies) could be a persuasive element in the logic behind the IMF "NO" case.
Other countries currently cooperate, even Switzerland. Witness the recent UBS suit/settlement. The US govt will undoubtedly find out who has foreign accounts.
I don't know why people need to make personal accusations, but... I've been actively trading for 10 years, and would not appreciate a trader tax, especially one of this magnitude.
The fact is not all countries will cooperate with US. There are 195 countries in the world. Only approx. 100 countries cooperate with US on the US extradition law, and it wins the most cooperation internationally. Maybe the US transaction law at best will get 30 countries to cooperate. To get all countries to cooperate, US has to launch its military machine to conquer and subjugate uncooperative countries.
Only this year, US got the cooperation from Switzerland on investigating oversea tax-dodgers. I have never heard US gets cooperation from other nations over this matter. Last couple months US is targeting on tax evaders in Hong Kong. So far its investigation has not gained any ground yet. Even a tiny place like H.K. can give US a lot of headache on cooperation. What will big places like Russia, China, Germany, etc. give US?
Let me correct my own math a bit: Suppose each trade you don't make or lose anyting on the trade itself; after one round turn trade, you are down to (1-0.005)=0.995 of your principal due to tax; after two round turn trade, your are down to 0.995^2; and after n trades, you are down to 0.995^n; and as n increases, your trading principal approaches zero; and in order just to survive, you have to make a HIGHER AND HIGHER **EXPONENTIAL** return each year the more you trade, and NO ONE can fight against an EXPONENTIAL function !!! We will be so DEAD !!! If large banks are exempt, how is this bill call "Let Wall Street Pay for Main Street?" And tell me this is not robbery in plain daylight by the government!!! What the fcuk !!