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Plan Sponsor: Proposed Financial Transactions Tax Would Hurt Retirement, Education Savers

Modern Markets Initiative (MMI), an education advocacy organization devoted to the role of technological innovation in creating the world’s best markets, released a report about the economic impact of Senate bill S. 1587, the Inclusive Prosperity Act of 2019’s proposed financial transaction tax (FTT).

While politicians are looking at this as mainly a tax on big Wall Street Investors, MMI CEO Kirsten Wegner says it “is in reality, a severe retirement tax on American savers from all income levels.”

MMI’s analysis shows any transaction tax would drastically harm institutions trading large volumes of securities such as pension funds, mutual funds and other institutional investors that directly represent the financial interests of American workers, as well as average Main Street investors with defined contribution (DC) retirement or 529 College Savings accounts.

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