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Fox Business has obtained a blistering letter sent by big US banks and regulators to the EU.
Blasting the news Tobin tax on financial transactions is hurting investor -- -- lot.
Here with more is listening -- Breaking the letter right here and it -- it's coming from.
System by the financial services roundtable the big US bank that big mutual -- Syrian United States.
The US chamber of commerce is sending it to the EU they sent it late yesterday.
Because eleven countries in the EU are moving to enact -- Tobin tax those countries are.
-- Italy basically France and Germany.
Among others and it's a zero point 1% tax that would basically hit your 401 -- 48 billion dollars hit taken out of investors worldwide.
And hits a blistering letter here's what the letter saying you gotta stop this Tobin tax.
In its tracks is what is letter writers who say it's gonna increase trading costs it's going to dramatically reduce financial transactions around the world that's -- diminished liquidity and it's a job killer the letter writers also say that in Eldridge and JFK did not want a similar type attacks for the very reason that it would kill jobs.
But the EU are right now is in recession -- desperate for revenue so they have -- serious concerns among newsletter writers that this not only would do all of those sayings but it's gonna violate international treaties are worried about trade protectionism.
And also big big and run that's now being talked about at -- -- -- at the EU with the which he wants to stop this is that if traders to an end run around.
The eleven countries that assesses tax write and do the trades outside that zone outside those eleven countries.
Those companies will not be allowed to do any trader trends that transactions with those eleven countries whatsoever just basically -- breaking news for investors around the world as an -- regular people -- for a one case this would hit them what you were saying wouldn't it -- that they've -- -- -- yes that they've -- international investments in their countries that assessment those -- yup that's right so they say the -- be collected from the money from investors around the world.
And -- basically an over reach at the long arm of the Tobin tax Levy that's -- -- upset about and they worry that it's gonna cycle through the entire global economy -- McDonald on the breaking news more to come throughout the day to developing story throughout the that thanks a lot sure.
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