Pensions & Investments published an opinion piece from MMI CEO Bill Harts on those who will be affected by a financial transaction taxes. It’s not the “Wall Street speculators” politicians are using to rally support for the idea, it’s everyone with a retirement fund. tax-deferred. For example, the California State Teachers’ Retirement System announced it would reallocate more than $20 billion of the equity investments. If Mr. Sanders’ tax of 0.5% were in place, it would have cost hard-working California teachers more than $100 million in taxes. That’s money that would have stayed in the pension fund and had the potential to compound in value and further grow the asset pool.