02.19.20
Bloomberg's New Plan to Crack Down on Wall Street Includes a Financial Transaction Tax
by: Jessica Smith
Democratic presidential candidate Mike Bloomberg unveiled a plan on Tuesday that includes a 0.1 percent financial transaction tax. The tax would be phased in gradually, starting at 0.02 percent to "monitor and minimize unintended consequences." Bloomberg also indicated he does not believe the SEC's investment advice reform efforts provide enough investor protection and is seeking to revive the previous Department of Labor fiduciary standard for retirement accounts.
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