Perhaps the "plus" in "all EU residents plus all European assets, derivatives, and underlyings except for sovereign debt"
wasn't clear enough. It means that the current EU FTT draft plans to tax EU residents no matter what the place of execution
is and no matter if e.g. US index derivatives are concerned. So the only way to avoid the EU FTT (based on the discussed draft)
is trading non-EU assets as a non-EU-resident - or switch to our great and absolutely safe bunch of public debt and its derivatives.
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As always the typical politician will wake up after the fact.
Just like in France with their complete FTT failure.
When volume tumbled, investors left the CAC in droves, FTT tax revenue was way below estimates,
and NYSE Euronext started a public discussion of closing down the now dispensible Paris branch and
shifting the rest of the French business to Amsterdam, suddenly the entire Grande Nation started to flap.
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You still believe in politicians admitting a failure, don't you?
Nope, the FTT is still active, FTT tax revenues are still fractions of estimates, volume is still down ...
Euronext is still there - after political talks and a "solution" for the location (you can guess what that might be).
But what does a perfect politician do now?
He/she promotes his/her non-starter system as a role model that admittedly doesn't work for an individual country
for different reasons (that surely have nothing to do with the non-starters who passed the tax), but that will surely
work for the E(M)U and even more for the whole world.
P.S.: One exception: France abandoned the 75% income tax bracket after successfully driving more than 80% of
their income millionaires out of the country. Funnily enough the income millionaires who left as yet didn't return
Last edited by choke35; September 28th, 2015 at 08:01 AM.
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I saw this... didn't post it, as it was not yet on international press at that moment, local comments say, the Belgian government is not yet on one line. It is mainly the minister of finance that wants to pull the plug on this..
For your information, the Belgian government introduced begin of the year a kind of speculation tax, which now turns out to be a fiasco, and they have become very prudent on any further taxing transactions... they quote amongst other things it brings problems to sovereign debt as well
I think bottom lines it harms economy and financial stability, which is already precarious...
A EU initiative towards nothing in USA, will only one-sided harm the region...
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