Progressives should know a financial transaction tax would hurt average Americans

A financial transaction tax wouldn’t solve any issues facing the U.S.economy. The only effect stemming from Financial Transaction Tax would be the diminished financial prospects of retired Americans. In an op-ed for The Hill, Mario Lopez of the Hispanic Leadership Fund, outlines the negative effects of a Financial Transaction Tax. Key excerpts can be found below.

“Data from the Federal Reserve show that 53 percent of American households own stock and 80 million to 100 million Americans have 401(k) saving and investing plans. Those with pension plans — such as teachers, police, firefighters and other public-sector employees — hardly would be spared, either. A Modern Markets Initiative analysis found that a financial transactions tax would cost these plans billions of dollars, which would lower the savings and retirement income for participants.”

“In their zeal to hurt the “fat cats,” progressives in Congress apparently don’t mind hurting the retirement plans and other assets of average Americans — pensioners, teachers, firefighters, blue-collar workers, students and many others who depend on their investments. The proponents of a financial transaction tax should dedicate themselves to a different approach.”