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NAPA: End Result of Financial Transaction Tax: Individual Investors Will Pay

Proponents contend that a financial transaction tax would curb volatility and limit speculative trading, but a new study contends that an FTT would fail to meet those objectives.

“The Ramifications of a Financial Transaction Tax” by the Securities Industry and Financial Markets Association (SIFMA) finds, instead, that an FTT will harm individual investors and that harm generally will outweigh any purported benefits.

Reviewing the history of financial transaction taxes, including the proposed so-called Tobin Tax from 1944, as well as case studies from across the globe to assess the potential ramifications, the 41-page white paper drafted by Katie Kolchin of SIFMA argues that FTTs:

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