US financial transaction tax would put unfair burden on savers

Along with touting proposals for wealth and income taxes aimed at the affluent, some Democrats on Capitol Hill last week unveiled a bill to impose a financial transaction tax. Supporters ranging from senators Bernie Sanders and Brian Schatz to congresswoman Alexandria Ocasio-Cortez argue that the ta...

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Bibliographic Details
Published inFT.com
Main Author Wegner, Kirsten
Format Newspaper Article
LanguageEnglish
Published London The Financial Times Limited 11.03.2019
Subjects
Electronic trading systems
High frequency trading
Investments
Ocasio-Cortez, Alexandria
Pension funds
Retirement
Sanders, Bernard
Savings
Schatz, Brian
Tax rates
Taxes
New York
Sweden
United States > US
Europe
California
India
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Summary:Along with touting proposals for wealth and income taxes aimed at the affluent, some Democrats on Capitol Hill last week unveiled a bill to impose a financial transaction tax. Supporters ranging from senators Bernie Sanders and Brian Schatz to congresswoman Alexandria Ocasio-Cortez argue that the tax would raise much-needed revenue and force brokers, high-frequency traders and asset managers to pay their “fair share” after a decade-long bull market. If the US imposed an FTT — which is also known as a Tobin tax after the economist who first proposed a version — it would hit every transaction made by pension funds, mutual funds and other financial products favoured by ordinary people.