EU financial transactions tax gets enough support to take off

EU Observer ^ | 09.10.12 @ 15:54 (October 9) | Honor Mahony

[Olog-hai]

A threshold-breaking eleven member states have agreed to push ahead with a financial transactions tax, but the political breakthrough is tempered by a number of unanswered questions.

"Today we have received a clear and very welcome signal that there will be enough member states on board for an EU Financial Transactions Tax," EU tax commissioner Algirdas Semeta said Tuesday (9 October). He promised to come forward with a decision in November, but noted that at least nine countries have to formally make a request in order to trigger a legislative process for a splinter group of member states.

So far, Germany, France, Austria, Portugal, Belgium, Slovenia and Greece have sent a letter to the commission in favor of the move. Italy, Spain, Slovakia and Estonia promised to do so after Tuesday's meeting of finance ministers. …

[Olog-hai]

Now we know which countries are being open in their intent to attack the City of London (i.e. London’s financial sector).

[Jonty30]

Time for Britain to join North America.

[Army Air Corps]

EUSSR Ping.

[JRandomFreeper]

They saw money moving. They want a cut.

The difference again between governments and shakedown rackets?

/johnny

[Roccus]

Guess it's pretty much a good thing the NYSE/Deutsche Börse merger fell through. Of course, if Zer0 is still in power, he'll decree that the US exchanges report all trades by Europeans be reported back to the EU.

[bruinbirdman]

"Of course, if Zer0 is still in power . . . ."

Not just the London Exchange . . .

Euronext merged with NYSE Group, Inc. on April 4, 2007 to form NYSE Euronext (Euronext: NYX), the "first global stock exchange".

Euronext N.V. is a European electronic stock exchange based in Amsterdam, Netherlands,[3] and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. In addition to equities and derivatives markets, the Euronext group provides clearing and information services. As of December 2010, markets run by Euronext had a market capitalization of US$2.93 trillion, making it the 5th largest exchange in the world. Wiki

yitbos

[Roccus]

I must admit that I completely forgot about Euronext. ( I got out of the market a while back and have stayed out.)

Why do I get the sinking feeling that this “financial transaction tax” will be the opening act for UN controlled world taxation?

[Roccus]

Make that “FIRST world taxation”.

[wastoute]

What a GREAT way to bring an economy to a DEAD STOP!

[SAJ]

Oh, I expect you know quite well what I'm going to say, AAC.

This is just another step in carnivorous goobermint, no more and no less. Bob Tobin and I went round and round for years on his goofball notion of 'transaction taxes'. The net result of such a tax (which result, btw, I predicted in 1985, in writing) will be the removal of any/all stock/bond/commodity/options/derivatives exchanges from the taxing locales to locales that do not tax transactions. Further, this evolution will take place very nearly immediately unless expressly prohibited by goobermint (not unlikely).

So, get ready for the LIFFE/Euronext Exchange of Mozambique and the Chicago Board Options Exchange of Panama City (the latter location being considerably more likely than the former), and watch trading costs for everyone go up, and rapidly.

Just hope that a worldwide shortage of bandwidth does not eventuate due to the worldwide shortage of brains that the implementation of a transaction tax represents.