The Tobin tax (lite) in Europe this is tomorrow! Yes Yes!

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The Tobin tax (lite) in Europe this is tomorrow! Yes Yes!




by Christophe » 27/09/11, 21:45

A Tobin tax soon in Europe?

The Point.fr - Posted on 26 / 09 / 2011 to 20: 28

The European Commission is due to adopt on Tuesday the proposal for the introduction of a tax on financial transactions.



Angela Merkel and Nicolas Sarkozy dreamed of it. José Manuel Barroso did it. On Tuesday, the President of the European Commission is expected to adopt a legislative proposal by the College of Commissioners to introduce a tax on financial transactions.

The text is ready. The last arbitrations took place on Monday. It aims to introduce from 2014 a tax on almost all financial transactions in, to or from the European Union, with the exception of certain foreign exchange transactions or transactions carried out by individuals. But it lacks a crucial element: the minimum rates applicable by type of transaction, floor rates that each state will have the freedom to meet at will.

President José Manuel Barroso has reserved the right to present them himself to his team. They could vary, depending on the transactions, between 0,01 and 0,1%. Strong enough to bring between 30 and 50 billion euros a year, says the Commission. But weak enough not to encourage the relocation of transactions.

Because this risk is the major fear of the United Kingdom. To defend the interests of the City, he asked his representative, Catherine Ashton, to express his opposition to the project. A priori Belgium is in favor, since its Minister of Finance Didier Reynders spoke in this direction. But that will not prevent its representative, Karel de Gucht, in charge of foreign trade, from making a declaration of opposition. On the other hand, the French, German, Italian, Polish and Finnish representatives in particular will vote in favor. "In the end, we should adopt it", we told the Commission.

This will only be the first step in a long and difficult negotiating process within the EU Council of Finance Ministers. A first warm-up round should be held on October 4 in Luxembourg. It will undoubtedly be necessary to reckon with the veto of London. However, such a prospect would hamper the ultimate objective of the Franco-German couple: to have an equivalent tax adopted at the global level. Nicolas Sarkozy will put the file on the G20 table at the Cannes Summit in early November. Disunited, Europeans will have even more difficulty convincing their partners, especially Americans. "In this case, we will do the tax with the countries of the euro zone", says one, bravache, in Brussels.

The Commission has some ammunition in its pocket to try to convince London and, to a lesser extent, The Hague. "The English and the Dutch want to reduce their contribution to the European budget. We are proposing to use part of the tax revenue to finance the EU budget." But to tell the truth, the question of the allocation of the sums is still completely open. Several large NGOs, supported by European Commissioners, are also calling for them to be devoted to development aid and the fight against global warming.


Source: http://www.lepoint.fr/economie/une-taxe ... 683_28.php

Billou's review:

http://www.google.com/hostednews/afp/ar ... 106df1.1c1

Tobin tax feasible even if everyone does not adopt it, according to Bill Gates

WASHINGTON - A financial transaction tax does not need to be universal to see the light of day, and could yield substantial resources, according to a progress report by US billionaire Bill Gates for the G20 AFP is provided extracts.

France, which is chairing the G20 this year, has tasked the former boss of Microsoft to prepare a report on financing for development for the next summit of the main rich and emerging countries, the 3 and 4 November in Cannes (south of France). is).

A progress report is due Friday in Washington at a G20 ministerial meeting on development issues.

According to this progress report, forms of taxation of financial transactions already exist, for example in India or the United Kingdom. The tax "therefore seems feasible even without universal adoption" at the global level, he says.

"If the members of the G20 or another group of states, for example within the European Union, manage to agree on the contours of a tax on financial transactions (...) this can generate resources substantial ", according to this document.

A "small tax" of 0,1% on equities and 0,02% on bonds "would bring in some 48 billion dollars if adopted at the G20 level, or 9 billion if it were to emerge in the main European economies ".

While France and Germany, who advocate such a tax at least at the level of the European Union, prefer for the moment not to discuss the allocation of its revenues, the report considers that a "substantial" share of its product should be reserved for the development of poor countries.

The low-income French-speaking countries, meeting in Washington on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, have also asked that the "resources thus released" be allocated "to financing development".

In a joint declaration, the finance ministers of these states "strongly support the rapid adoption" of such a tax by the EU and "by all G20 member countries on the occasion of the Cannes summit" of the G20 .

So far, Bill Gates has not appeared to be vigorously advocating the introduction of a financial transaction tax, which the United States opposes.

"President (French Nicolas) Sarkozy clearly expects me to try to find a way for certain countries to join this initiative," he told journalists during a visit to Paris in April. "But it is not easy, there are still questions". "If there are only a handful of countries (participants) and not the United States, what is the point?"

French Finance Minister François Baroin acknowledged Thursday in Washington that there was "no consensus today" for the introduction of a tax at the G20 level. "Americans by culture still have reservations," he said.

"Is there a way to continue" to promote this tax? "The answer is yes," he said, however. "We will try to continue" at the meeting on Friday, the minister said.


The original definition: http://fr.wikipedia.org/wiki/Taxe_Tobin
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by Obamot » 28/09/11, 01:14

Unbelievable! ...it was time... :| Many thanks for the info !!! Notice it's peanut ...

Why nothing specific about "raw materials" ...? Real "fair" tax on "human activity", especially concerning fossil fuels (excluding use as fuel ...)

The Point.fr - Posted on 26 / 09 / 2011 to 20: 28
wrote :
A Tobin tax soon in Europe?
[...]
President José Manuel Barroso has reserved the right to present them himself to his team. They could vary, depending on the transactions, between 0,01 and 0,1%. Strong enough to bring between 30 and 50 billion euros a year, says the Commission. But weak enough not to encourage the relocation of transactions.

Because this risk is the major fear of the United Kingdom. To defend the interests of the City, he asked his representative, Catherine Ashton, to mark his opposition to the project. [...]

I always said that Barroso, as a good Christian, was actually left ...

[EDIT:] Come on, let's be crazy!
And a tax levied on interest earned by banks when they lend money to the states? The higher the interest, the higher the tax would be "heavy" and exponential (ratio to be defined). Especially for the interest of delays (which reached up to 50% of the amount of the initial debt in Iceland).
Thus the states in debt to death, could see their "rating" lowered by the rating agencies => so they would not easily find capital => and they could not go bankrupt, since they would be refinanced by the taxes levied and redistributed at the European level. The arrangements between "little buddies", such as "I create a fictional bank to pocket the magot"Would no longer be possible ... Banks could no longer become" usurers of the states "except at rates which would be those of the yields on" long-term bonds "(set very low at a minimum level of profitability by concordance) ... And the system could continue for whatever reason, as it is currently (supply VS demand) ... Thus it would be the governments who would be hostages of their mismanagement => not the citizens .... who could themselves "sanction" their rulers on the basis of their management "results": thanks to their vote!
Finally a "notation" for politicans ( : Mrgreen: ) and rating agencies, would finally serve something ...

I propose, for the less good governors, the note: 'ha, ha, ha' .... ( : Mrgreen: : Cheesy: )
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by Christophe » 28/09/11, 09:07

I'm going to be the devil's advocate ...

Yes it is a step forward BUT (because it must be found) it is the disparity in the application of this tax that may be penalizing for some and advantageous for others.

As for the ecotax or carbon tax that are far from being applied anywhere in the world, this could affect the competitiveness of some ...

In addition it is easier to relocate a traders office than a heavy industry ...

I understand easily the worries in the City! (Let's be sure that lobbies will lobby)

0.01% it seems little but considering the volumes ... how much on the ACC every day?

Moreover a taxation will allow to limit the abuses (only by the declaration)!

It is still implausible that we all pay VAT as soon as we buy something ... and traders and financiers have nothing to pay ...
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by Obamot » 28/09/11, 12:03

ouuuh ouuuh ouuuh the naughty "capitalist" (In fact no)... communist then? (No more)...

The "uglyThen everything runs : Mrgreen: : Cheesy: (but nice devil's advocate of the City!)


I know, I know, my "UP" is lousy, but am surprised that such a subject does not interest the crowds! : Shock: ok, I -> []
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by Christophe » 28/09/11, 12:25

Ah ah ah, not easy to surround me huh : Cheesy:
I must be centrist then? Not better ... : Mrgreen:

Wait for the mass media to talk about it ... the participation should happen (especially when we are going to see the lobbying shots ...)
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by Did67 » 28/09/11, 14:35

Christophe wrote:
0.01% it seems little but given the volumes ... how much on the ACC every day? ...


I heard about 50 billion euros ...

It is still quite another thing than the 200 million expected from the "temporary" tax on the income of the very rich (announced by France).
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by Did67 » 28/09/11, 14:38

Christophe wrote:
it is easier to relocate a traders office than a heavy industry ...
...


... which, however, have been pretty much all delocalized! Steel, it's Mittal more than Arcelor, the refining, there's only to watch what happens on the side of Berre, see also the coal, the automobile ...

[cerstes, it took a little time!
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by Obamot » 28/09/11, 15:58

Did67 wrote:
Christophe wrote:
0.01% it seems little but given the volumes ... how much on the ACC every day? ...


I heard about 50 billion euros ...



... in just a few years, that would solve the problem of so-called "agricultural" states ...
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by Christophe » 28/09/11, 16:22

Everything depends on what will be done with this tax ... if as I think and fear it is to repay the debts .. : Shock:

So it's taking the banks with one hand to give back the other ... : Cheesy:
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by Flytox » 28/09/11, 18:59

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Reason is the madness of the strongest. The reason for the less strong it is madness.
[Eugène Ionesco]
http://www.editions-harmattan.fr/index. ... te&no=4132

 


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