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Financial Advisor: SIFMA, Citing Vanguard, Says Democrats’ Wall St. Tax Proposals Will Harm Retirees

Wall Street isn’t sitting idly by and waiting for voters to decide whether any of the aggressive Wall Street tax proposals being touted by Democrat nominees deserve serious attention,

In a scathing 41-page study that finds that financial transaction taxes hurt investors everywhere they have been introduced, SIFMA, the securities industry’s trade group, is officially fighting back.

SIFMA is distributing the new report– “Ramifications of an FTT: A Financial Transaction Tax Will Harm US Capital Markets & Individual Investors,” to key lawmakers and policy officials.

The report is being disseminated as shaky Democratic presidential front runner Joe Biden, former VP under President Obama, weighs a financial transaction tax on stock and bond transactions similar to those pitched by Sen. Elizabeth Warren (D-MA) and Sen. Bernie Sanders (D-VT).

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