EU should just unilaterally impose this Financial Transaction Tax (FTT) on all US financial Institutions (USFIs for short) just like the US does with FATCA FFIs (foreign Financial Institutions) . It would be a fully justifiable “tit for tat” action, and have just as much legal standing as FATCA does.
They are such wimps to only hope ” that things can evolve,”
Just force it. That is the American way! That is the model they have been shown by the U.S of A.
If the USFIs want access to the EU financial markets, they have to collect the FT tax. Impose a 30% penalty on all EU source revenue if they don’t? That is a nice little tool, as we have learned, to force willing and enthusiastic compliance.
Then roll out an FTT IGA and call it a “bi-lateral” agreement. The FATCA Compliance Industrial Complex (FCIC) will report as that, and tell the world and the USFIs why they must comply. Journalist will just repeat the EU press releases about how the two governments have worked together in a mutually beneficial way to implement a FTT Treaty! Treasury will call it a Competent Authority Agreement (CA) and Congress will be told to mind it own business, as no input desired or needed. 🙂
Great idea indeed.
People and institutions that make trouble for others deserve to be called ‘troublemakers’. Without any doubt, the US through FATCA will earn themselves the distinction of being the biggest troublemaker of the financial world.
Katrina vandenHeuvel @KatrinaNation
5 Reasons the World Is Catching on to the Financial Transaction Tax http://ampr.gs/YSHhCI via @amprog
Sounds fair to me. It’s European law, then tough luck if you don’t like it.