Archive - March 2012
Financial Transaction Tax in Europe: U.S. Managers Should Keep Their Eyes Open
The idea of a financial transaction tax has been largely unsuccessful in the United States. Last year's proposal by Representative Peter DeFazio and Senator Tom Harkin to impose a 0.03% tax on financial transactions did not get any traction in Congress. Similarly, the proposals to tax currency transactions failed without much support. The latest incarnation of a currency transaction bill by Pete Stark was discussed on this blog here. However, it appears that the winds of change in Europe blow more forcefully than those in the U.S. While there isn't much development regarding an...
March 22, 2012 read more
FATCA Proposed Regulations Battle for the Top Spot at the Apex of Regulatory Complexity
So, while I was in the hospital and on medical leave, Treasury released the much-anticipated proposed FATCA regulations. I came home and I was welcomed by a 400-page thicket of what appears to be one of the most significant Treasury regulatory projects in many years. By the time I am writing this, most law and accounting firms have released summaries of the regulations and have offered their 2 cents on the issues arising from FATCA. Trying not to overlap with what others have said, I would like to add a few policy observations and some points that are specifically pertinent to investment...
March 15, 2012 read more