Will the Tobin Tax Kill Retail Forex Trading ?

[spreader_legger]

I couldn't fail to notice that you wanted to get back into trading. It therefore seems somewhat surprising that you would be sympathetic to a policy that would kill trading volume substantially?

I think that there is a lot of misinformation out there as to the utility the trading function performs for society as a whole. We (ofcourse I do appreciate members such as Blackswan and the other 6 members of TW2 would probably contribute a lot more to this ) provide liquidity and as such facilitate & reduce the cost of doing business as a whole (GCSE Economics). I therefore believe that a Tobin tax would generally be more harmful than good.

If you wanted to curb speculation, and prevent evil people like George Soros from profiting, perhaps nations should incorporate capital controls and other such measures - -Just as Dr. Mahatir did in Malaysia.

I fear that if the Tobin tax did indeed get introduced, we would be one step closer to a global based government with reduced opportunities and liberties for individuals as a whole. Is this what you really want?

........?????........

 

[zambuck]

Just back from shoot.....Good post and question...unlike some post above that is web crap...!

Of course I don't want to pay any Tax....But then moral ethical obligations to society that we live in compells me to say, if it is for greater good of society then fine.....I would like to pay fair amount of Tax that is not wasted on things..!

I think I have paid more Tax than I have put in my children's Funds...!

Tobin Tax is not designed to curb trading etc....It was proposed to curb pure and huge speculative trading that can affect an economy. We have seen what hedge funds can do to oil price etc....

For smaller speculators according to discussion on this Tax, there will be NO TAX at all......It is proposed to be levied on big, short term trading....

After all if you read the history of Stamp Duty and why was it introduced it will make a good reading as well....

There are lots of ideas that were reviled when first proposed, and after few years it has become norm....Remember minimum wage...? Tories did a huge research with prediction that country's economy will collapse....!.....Prohibition....USA did not want this at all....and now it is the biggest Government Revenue earner....

The Revenue earned for this Tax is proposed to be held in Global fund to be used in case of Financial Tsunami we have seen last year...!..Why should you and I have to pay to bail these buggers out?

If a Tax is proposed for greater good and it is aimed at large speculators then I would welcome it...small traders should not be taxed....In fact stamp duty should be abolished for share trading below 100K to encourage small traders..!

 

[montmorencyt2w]

I couldn't fail to notice that you wanted to get back into trading. It therefore seems somewhat surprising that you would be sympathetic to a policy that would kill trading volume substantially?

I think that there is a lot of misinformation out there as to the utility the trading function performs for society as a whole. We (ofcourse I do appreciate members such as Blackswan and the other 6 members of TW2 would probably contribute a lot more to this ) provide liquidity and as such facilitate & reduce the cost of doing business as a whole (GCSE Economics). I therefore believe that a Tobin tax would generally be more harmful than good.

If you wanted to curb speculation, and prevent evil people like George Soros from profiting, perhaps nations should incorporate capital controls and other such measures - -Just as Dr. Mahatir did in Malaysia.

I fear that if the Tobin tax did indeed get introduced, we would be one step closer to a global based government with reduced opportunities and liberties for individuals as a whole. Is this what you really want?

George Soros evil? He seems to be a rather genial sort of cove.

I wouldn't want to be on the other side of a trade from him, but that's not likely to happen any time soon

 

[zambuck]

George Soros evil? He seems to be a rather genial sort of cove.

I wouldn't want to be on the other side of a trade from him, but that's not likely to happen any time soon

....And even he has actually advocated Tobin Tax...!

 

[spreader_legger]

Didn't he also say you cannot have a global economy without a global government?
Something tells me that he will be in a better position to avoid the tax leaving us small fry paying the full brunt! In fact I have heard in one debate (I believe iut was CNBC) That large institutions such as banks will be in a better position to avoid such taxes altogether through their complex machinations.

....And even he has actually advocated Tobin Tax...!

 

[spreader_legger]

When income tax was first introduced it was designed as a tax against the wealthy, as it turned out ( & as Warren Buffet affirmed) it has been the middle (& to some extent the working classes - although working classes also benefit from government aid etc. so perhaps not so much them) who have suffered the greatest burden of this tax. As usual, the rich get off scot free. In the same way, it is my belief that the Tobin tax is likely to widen the chasm between the rich and poor. Note that I am still not at a point where I can hire a team of accountants to eradicate my tax liabilities.

Just back from shoot.....Good post and question...unlike some post above that is web crap...!

Of course I don't want to pay any Tax....But then moral ethical obligations to society that we live in compells me to say, if it is for greater good of society then fine.....I would like to pay fair amount of Tax that is not wasted on things..!

I think I have paid more Tax than I have put in my children's Funds...!

Tobin Tax is not designed to curb trading etc....It was proposed to curb pure and huge speculative trading that can affect an economy. We have seen what hedge funds can do to oil price etc....

For smaller speculators according to discussion on this Tax, there will be NO TAX at all......It is proposed to be levied on big, short term trading....

After all if you read the history of Stamp Duty and why was it introduced it will make a good reading as well....

There are lots of ideas that were reviled when first proposed, and after few years it has become norm....Remember minimum wage...? Tories did a huge research with prediction that country's economy will collapse....!.....Prohibition....USA did not want this at all....and now it is the biggest Government Revenue earner....

The Revenue earned for this Tax is proposed to be held in Global fund to be used in case of Financial Tsunami we have seen last year...!..Why should you and I have to pay to bail these buggers out?

If a Tax is proposed for greater good and it is aimed at large speculators then I would welcome it...small traders should not be taxed....In fact stamp duty should be abolished for share trading below 100K to encourage small traders..!

 

[barjon]

i've done some housekeeping on this thread and removed the slanging match and associated posts - 22 in all

jon