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View Diary: Robin Hood Tax Bill & March (29 comments)

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  •  cidelson - the VAT has nothing to do with this (0+ / 0-)

    The fact that the EU has a VAT has nothing to do with a transaction tax other than the VAT is a revenue source. If you think the US should have a VAT then advocate for one. A financial transaction fee is completely unrelated to a sales tax. These are not tangible products that have utility in your life. Investments are intangibles and the transactions can be executed in markets anywhere in the world. A .5% fee is a big fee. For nearly all transactions the fee would be the largest cost of trading a security and would have a measurable impact on yields and long term rates of return.

    My view is that the Robin Hood effort, both in name and structure, are admirable but are actually hurting the possibility of a transaction fee in the US. Not even a majority of Dem members of Congress support a .5% fee and not a single GOP member would even listen to the concept of a transaction fee at that level. The way this gets done is in in unity with the EU and UK, all at the same low rate.

    "let's talk about that"

    by VClib on Tue Apr 23, 2013 at 04:23:57 PM PDT

    [ Parent ]

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