Pension funds cannot afford Sanders’ tax on financial transactions

Institutional investors continue to navigate a challenging landscape marked by geopolitical risks, low yields and sizable long-term obligations. Now, coming from Sen. Bernie Sanders, I-Vt., is another challenge posed by the so-called financial transaction tax included in the Inclusive Prosperity Act of 2017.

Mr. Sanders continues to mistakenly point to a FTT as a way of ensuring Wall Street “pays its fair share” toward low-cost colleges, accessible health care and increased regulatory budgets. But despite his belief that the FTT is a silver bullet, the reality is that any tax on institutions trading large volumes of securities would dramatically harm public and private pension funds that represent the interests of millions of American workers.

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