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The Robin Hood Tax

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The banks already pay billions in tax, as do their employees.

If we're imposing a tax on those that got us into the financial mess I don't think the Labour party should be receiving a penny in payf or the next century.

A transaction tax would certainly put a halt to a lot of the robotrading, which must be viewed as poisonous to the whole system, e.g. flash crash.

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A transaction tax would certainly put a halt to a lot of the robotrading, which must be viewed as poisonous to the whole system, e.g. flash crash.

Why must it be viewed as poisionous ? Surely a trade is a trade. Yes, there are flash crashes, but humans are probably more prone to overblown reactions than computers.

Edited by exiges

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To me any tax is questionable, so to get into the discussion of which tax is better than another is just perpetuating the myth that tax is necessary and a productive thing.,

Tax is needed for general non-person-specific services, if nothing else. Defence is the most obvious example. And belief that the private sector would do everything better and fairer is even more naive than trusting the government to get it right in my opinion.

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To me any tax is questionable, so to get into the discussion of which tax is better than another is just perpetuating the myth that tax is necessary and a productive thing.,

Frankly, their site is just another juvenile lefty wet dream. Rob the wealthy and give it t the poor, who as we all know will just piss it up against a wall.

Haven't these pillocks heard of the law of unitended consequences yet?

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Why must it be viewed as poisionous ? Surely a trade is a trade. Yes, there are flash crashes, but humans are probably more prone to overblown reactions than computers.

Automated VWAP selling, for instance makes sense, but high frequency trading, by its very nature, must increase volatility regardless of what its practioners claim. If a small percentage of the market is trading this way, then I would agree that it has positive aspects. The problem is that in some markets over 50% of the volume traded is high frequency stuff. Moreover, given that it now forms the bulk trades in some markets, one has to wonder how it can be profitable. Sounds to me like lots of computing resources targetted at a zero sum game (actually, worse than that as there are costs) doing nothing more than increasing volatility and risk to the market as a whole. Anything that slows this down is a good thing, in my opinion. (I'm not a program trader, but did spend 4 years of my life desigining and building an arbitrage engine/exchange platform, and spent some time before that working on "evolutionary" finance models.)

Although the regulators have rejected the hypothesis that the HFT was the sole cause of May 6, many of the other theories do have a significant role for computer trading. Given the speed and some of the crazy prices that occurred that day for individual stocks, computers must have been involved. Humans may panic, but computer software is only as good as the human who programs it.

Edited by Tiger Woods?

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Taxes on the banks would just be passed down to their customers.

If they want to genuinely tax the wealthy, they should start looking at a land value tax. Many land owners have been growing fat by creaming off any surplus in the economy for decades. The bankers provide a conduit to make their blood sucking job relatively easy, but they are not the primary parasite.

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Frankly, their site is just another juvenile lefty wet dream. Rob the wealthy and give it t the poor, who as we all know will just piss it up against a wall.

Haven't these pillocks heard of the law of unitended consequences yet?

Why do I have to pay 17.5% to the Government on pretty much every transaction I enter into, even if I don't have a pot to piss in?

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Taxes on the banks would just be passed down to their customers.

If they want to genuinely tax the wealthy, they should start looking at a land value tax. Many land owners have been growing fat by creaming off any surplus in the economy for decades. The bankers provide a conduit to make their blood sucking job relatively easy, but they are not the primary parasite.

Yes and no. This tax would stop a lot of the meaningless trading that goes on in the markets. I'm not so fussed about how much money this brings in, rather the stabilising effect it would have on the markets.

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A 'Robin Hood' tax would be a good idea - I know the banks and employees pay tax already, but I mean an additional tax to claw back the money that Gordon Brown lent them, using us, the taxpayers, as guarantors. Brown, who some people call a socialist, robbed the poor to pay the rich, and Osborne is making things worse by punishing us for Gordon Brown's stupidity.

Edited by blankster

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A transaction tax already exists - 0.5% stamp duty on all of the British shares purchased.

It has the effect of reducing volume traded on British exchanges, leading to less liquidity (which hits smaller companies harder than larger ones).

Also, it is not financial institutions which end up paying for this tax but pensioners seeing their savings dwindle.

Edited by blackgoose

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Yes and no. This tax would stop a lot of the meaningless trading that goes on in the markets. I'm not so fussed about how much money this brings in, rather the stabilising effect it would have on the markets.

As long as there can be winners and losers, does it matter? IMO, the problem is that the bankers and savers can only be winners - where is the risk?

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A transaction tax already exists - 0.5% stamp duty on all of the British shares purchased.

It has the effect of reducing volume traded on British exchanges, leading to less liquidity (which hits smaller companies harder than larger ones).

Also, it is not financial institutions which end up paying for this tax but pensioners seeing their savings dwindle.

quite. Moreover, according to sources:

"The Treasury spent the summer consulting on a levy that would consist of a charge of 0.04% of a bank's total balance sheet in the first year"

Does this just not encourage more off-balance sheet hiding?

Seems a poorly targetted tax. And who is it targetting anyhow? Does this really affect employees? My guess is their bonuses are calculated before tax. It's just so much sop.

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Why do I have to pay 17.5% to the Government on pretty much every transaction I enter into, even if I don't have a pot to piss in?

You already pay way over 20% on every purchase!

The 'hidden' Bank Tax = 5-8% already added to every purchase ( covers vendor's credit card transaction charges!)

Rip-off Britain!

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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