“Wall Street is mobilizing against proposals to tax financial transactions as the idea gains attention on the campaign trail and in Congress,” The Hill reports.
“The idea already has one high-profile supporter, Democratic presidential candidate Bernie Sanders, who has proposed legislation in the Senate for a tax on the trade of stocks and other securities.”
“Supporters say a financial transaction tax (FTT) would deter market speculation. But the industry and other critics are expanding efforts to stop the proposal, saying it would weaken markets and hurt small investors, especially Americans trying to save for retirement. Retirement money is often invested in mutual funds that trade frequently to maximize returns.”