Advisers come out against proposed financial transactions tax

Advisers come out against proposed financial transactions tax
Majority of advisers say such a tax hurts retirement savers; fewer oppose tax targeting high-frequency traders.
JUL 14, 2016
Financial advisers overwhelmingly oppose an effort to tax financial transactions, which underscores the uphill fight facing related legislation proposed Wednesday by Rep. Peter DeFazio, D-Ore. Of the nearly 300 readers who responded to a survey imbedded into a story about the legislation Thursday, 87% said they oppose the idea of the new tax. When asked their opinion of a tax specifically targeting high-frequency traders, the opposition dropped to 53%.
Where do you stand on a transactions tax for:
Source: InvestmentNews survey
Asked how the proposed general tax on stock, bond and derivatives transactions would impact retirement savers, 86% of advisers said it would be negative.
How would a transactions tax on all trades impact retirement savers?
Source: InvestmentNews survey

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