A key promise of President Joe Biden's 2020 campaign was his pledge to limit any tax increases to those who make over $400,000 per year.
However, a recent push by progressives to implement a 0.1% financial transaction tax, or FTT, would break this promise. Marketed as a tax on fat cat Wall Street investors, this innocuous sounding tax would raise barriers for retail investors and punish people saving for retirement. While the FTT would apply to the buying and selling of financial assets, its supporters offer dubious claims that the tax will address market volatility and raise billions of dollars. In reality, this tax threatens retirement savings, including pension plans, and comes at the expense of Main Street investors.
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