FTT - a simple way around for retail traders ?

Discussion in 'Taxes and Accounting' started by CALLumbus, Oct 28, 2020.

  1. CALLumbus

    CALLumbus

    Hey friends,

    it seems to me that the bogeyman FTT is more present in the news again these day, both in the US and Europe.

    I was thinking a bit about that crap FTT, and the consequences for us traders. And then I suddenly had a simple idea how the FTT could be avoided, at least for us retail traders.

    First we would need an exchange or exchanges or OTC providers that move to countries that are not subject to any FTT, lets say for example the Bahamas, or Switzerland. Then we would need companies like earn2trade or Topsteptrader, remote prop shops and similar companies, which kind of employ you, to also move to these non-FTT countries. Because you are trading the account of that prop trading firm, and the company is not subject to FTT, your whole trading would then be completly independent of any FTT.

    I dont know if some clever guys are already thinking about this, but they could build up a huge business with this, if some serious FTT should really be implemented.
     
  2. Grantx

    Grantx

    Wtf is FTT?
     
  3. CALLumbus

    CALLumbus

  4. danielc1

    danielc1

    It is also called a Tobin tax
     
  5. danielc1

    danielc1

    In Europe, it is done in some countries. .
     
  6. 10_bagger

    10_bagger

    ftt = the end of retail trading. Financial transaction tax.
     
  7. CALLumbus

    CALLumbus

    Did you guys even read my post, the topic of this thread ? What do you think about my idea ? Should not be too hard for companys like earn2trade, Topsteptrader or some OTC CFD shops to set up something like that ?
     
  8. Overnight

    Overnight

    It is all premature until we see the actual text of the proposal, or bill if it makes it to the floor of the House.
     
  9. CALLumbus

    CALLumbus

    It is not just a matter of the US... other countries going in retard mode, too. So I try to understand what I can expect, what is possible, if there might be ez ways around this.
     
  10. Overnight

    Overnight


    Ahh. Well, the US is quite restricted regarding your idea, because we cannot do CFDs. If yer a Euro trader, I got nothing for ya'.

    Again, for the 4,125th time, until there is a solid context of this bill in the US, and not some stupid general headline about a FTT, there is no point speculating about it.

    Instead, just do some holiday shopping at Amazon. They don't have a FTT...Oh, wait a minute, they DO!!!!!! It's called SALES TAX!

    DAMN, I FORGOT ALL ABOUT SALES TAX!

    Oh man, remember when they implemented mail-order sales tax in some states, and how it destroyed mail-order from those states?

    No? Me neither. Because it had zero dent in it at all.

     
    #10     Oct 28, 2020
    CALLumbus likes this.