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financial transaction tax

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  #1 (permalink)
atlanta georgia
 
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Europe is trying to get a financial transaction tax passed (10 countries) and it could happen here with a Democratic congress.

Here is what Europe is trying to do for derivitives (I assume futures would be included)

Derivatives account for more than half of the projected revenue, with 6.2 billion euros coming from exchange-traded contracts and 6.1 billion euros from over-the-counter trades, according to documents prepared for a meeting this week of officials from the 10 countries. Those figures are based on a tax rate of 0.01 percent for derivatives. At half that rate, total revenue would dip to 16.6 billion euros, according to the documents seen by Bloomberg.

https://www.bloomberg.com/news/articles/2018-05-14/eu-sees-23-5-billion-in-revenue-from-financial-transaction-tax


Would this be on the notional value of a futures contract? If it ever gets passed here and its on the notional value I guess it would shut down the market. Bernie Sanders, Hillary had it as part of their campaign platform (in different forms) and there's another bill trying to get it here, although no immediate danger.

Does anyone know anything about this - how would it affect us small futures traders?

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  #3 (permalink)
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mosey View Post
Europe is trying to get a financial transaction tax passed (10 countries) and it could happen here with a Democratic congress.

Here is what Europe is trying to do for derivitives (I assume futures would be included)

Derivatives account for more than half of the projected revenue, with 6.2 billion euros coming from exchange-traded contracts and 6.1 billion euros from over-the-counter trades, according to documents prepared for a meeting this week of officials from the 10 countries. Those figures are based on a tax rate of 0.01 percent for derivatives. At half that rate, total revenue would dip to 16.6 billion euros, according to the documents seen by Bloomberg.

https://www.bloomberg.com/news/articles/2018-05-14/eu-sees-23-5-billion-in-revenue-from-financial-transaction-tax


Would this be on the notional value of a futures contract? If it ever gets passed here and its on the notional value I guess it would shut down the market. Bernie Sanders, Hillary had it as part of their campaign platform (in different forms) and there's another bill trying to get it here, although no immediate danger.

Does anyone know anything about this - how would it affect us small futures traders?

Contract value and from this you would pay 0,01%. They put it now on the side. EU is stupid they still think they can get a lot of money from this FTT but they will never. Sweden in 1980 do the same as what this EU wont and what happend?
Sweden Explains Why A European Financial Transaction Tax Won't Work - Business Insider
GB get brain and they decide to leave eurozone, they done right thing.

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  #4 (permalink)
Europe
 
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This is a very very old hat, they try it since 10 years and will not come

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  #5 (permalink)
atlanta georgia
 
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Obelixtrader View Post
Contract value and from this you would pay 0,01%. They put it now on the side. EU is stupid they still think they can get a lot of money from this FTT but they will never. Sweden in 1980 do the same as what this EU wont and what happend?
Sweden Explains Why A European Financial Transaction Tax Won't Work - Business Insider
GB get brain and they decide to leave eurozone, they done right thing.



is contract value same as notional value?

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Slovakia
 
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https://www.investopedia.com/ask/answers/042215/how-can-i-calculate-notional-value-futures-contract.asp
Yes

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  #7 (permalink)
Legendary Market Wizard
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In the event of a EU financial transaction tax I think you will find that Switzerland immediately becomes the trading hub of Europe. I don't say this flippantly. I believe most if not all European exchanges already have in place a "disaster plan" similar to this.

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  #8 (permalink)
atlanta georgia
 
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They are trying to ruin us - check out this link about the latest way libtards want to tax us. This posted a day ago on the new wires

https://www.wealthmanagement.com:443/high-net-worth/democrats-target-wall-street-financial-trade-tax-proposal

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  #9 (permalink)
atlanta georgia
 
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check out this link about the latest way libtards want to tax us. This posted a day ago on the new wires

https://www.wealthmanagement.com:443/high-net-worth/democrats-target-wall-street-financial-trade-tax-proposal

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Legendary Market Wizard
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mosey View Post
check out this link about the latest way libtards want to tax us. This posted a day ago on the new wires

https://www.wealthmanagement.com:443/high-net-worth/democrats-target-wall-street-financial-trade-tax-proposal

libtards???

FYI the article you refrence says
The tax plans come in various forms. Senator Elizabeth Warren of Massachusetts has proposed an annual 2 percent wealth tax on net worth of more than $50 million and Senator Bernie Sanders of Vermont advocates raising the estate tax rate to 77 percent and expand the number of fortunes that would would be liable for the levy.

Niether of which are financial transaction tax's. The two actual references to financial transaction tax's are very outdated.

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