MMI CEO Bill Harts writes that Rep. Keith Ellison reintroduced his plan for a financial transaction tax on every stock, bond and derivatives trade in the country. It was the third introduction / reintroduction of the bill, despite previous stalls. The not-so-collateral damage of this tax will be a reduction in our ability to keep pension promises to our hard-working union members. European press call its financial transaction tax a zombie tax. Here in the U.S., let’s call it what it is: a tax on retirement that needs to be buried once and for all.
BlackRock Viewpoint, June 2011