Support for transaction tax is low

Lawmakers are considering a House proposal that would impose a tax on stock trades and over-the-counter derivatives transactions. Key lawmakers, however, are not lending their support to such a tax, and many market participants are opposed. "Imposing a tax on financial transactions is the wrong idea at the wrong time," said Ken Bentsen, executive vice president of public policy and advocacy at SIFMA. "It would directly and detrimentally affect millions of Americans by imposing a tax on their savings such as mutual funds, just as they are seeing their investment assets regain value."

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