![]() economy and reviving American jobs from the effects of the pandemic.įor a deeper dive on Financial Transaction Taxes, read our 2019 report here. policymakers to also stand in bipartisan opposition to an FTT and focus on rebuilding the U.S. However, over 60% of those surveyed expressed concern that an FTT would undermine Americans as they recover from the impact of the COVID-19 pandemic and hurt efforts to restart the economy and bring back jobs. A majority of the voters CCMC surveyed identified the recovery from the COVID pandemic as government’s top priority. Moreover, bipartisan voters understand that an FTT does more harm than good, particularly when they consider the other policy priorities where Congress can make a difference. After they learn about the wide array of negative impacts 49% of survey respondents expressed not just opposition but strong opposition to an FTT. The negative consequences of an FTT extend to all Americans. It raises complex technical concerns (financial, economic and legal) and is highly symbolic. Chamber Launches Campaign to Protect Business Lending The idea of a financial transaction tax (FTT) is both popular and controversial. In fact, our poll found that 51% of voters would be less likely to invest. In addition to making it harder for Americans to retire comfortably, an FTT would also have a chilling effect on retirement savings. According to a 2019 CCMC report on FTTs, a typical retirement investor will end up with 8.5% less in his or her 401(k) or IRA after a lifetime of savings. This extra burden placed on hardworking families is not negligible. The imposition of an FTT means that Americans will either have less saved for retirement, a first home or their children’s education, or they will have to extend their work years. The reality is that an FTT will penalize Main Street. Supporters sell the FTT as a tax against Wall Street. Finding such broad support among all political leanings is nearly unheard of in today’s hyper-partisan environment. ![]() When they learned about an FTT, 63% expressed opposition, including a majority of Democrats, Independents, and Republicans. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) recently conducted a national pol lof 2,000 likely voters to understand their views on a proposed FTT. 1.2 What is a financial transaction tax Despite the recent attention given to the concept of a tax on financial transactions, it is far from a new idea. The truth is that Americans, in an overwhelmingly bipartisan fashion, are deeply concerned and opposed to proposals to re-impose an FTT. ![]() FTTs are often presented as a tax on Wall Street day. imposed an FTT from 1914 until it was repealed in 1965 by an overwhelming bipartisan vote by a Democratic Congress. Congressman Peter DeFazio (D-OR) has introduced legislation for an idea backed by President Biden a financial transaction tax (FTT). No matter how you approach renewed calls for Congress to impose a Financial Transaction Tax (FTT), it would be a huge mistake for Main Street, consumers, taxpayers, retirees, states, and localities.Īn FTT, which is a sweeping tax on financial trades of all kinds, such as trades of stocks, bonds, and derivatives, is not a new idea.
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