Commentary

Fox Business: How Democrats’ Wall Street tax plans could hurt your retirement savings

As the 2020 primary season inches closer, Democratic presidential candidates have unveiled a slew of policy proposals — including plans funded by taxing both Wall Street and the wealthy — in hopes of setting themselves apart from the crowded field of competitors.

This past week alone, California Sen. Kamala Harris released a Medicare for All plan financed, in part, by taxing financial trading, levying a 0.2 percent tax on tax stock trades, 0.1 percent on bond trades and 0.0002 percent on derivative transactions. She claimed it would raise “well over $2 trillion” within 10 years.

Just a few days later, during the second Democratic debate, New York City Mayor Bill de Blasio vowed to “tax the hell out of the rich” with a slew of proposals, including a CEO pay ratio tax, a corporate profits tax and a big bank excess risk tax.

Both of those plans come on the heels of Sen. Bernie Sanders’s calls for a tax of 0.5 percent on stock trades, 0.1 percent on bonds and 0.005 percent on derivatives. (Essentially, the tax on a $1,000 stock trade would come out to $5.)

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