12.06.19
Mnuchin Expresses Concerns About Proposed Taxes on Financial Trades
by: Naomi Jagoda
Treasury Secretary Steven Mnuchin on Thursday said he has concerns about financial transaction taxes (FTTs)on Wall Street trades that are being proposed by some Democratic lawmakers and presidential candidates. "I am very concerned that that would destroy our capital markets, and the cost to American holders of mutual funds would bear the majority of the cost," Mnuchin said at a House Financial Services Committee hearing. During the hearing, Republican lawmakers brought up the Democratic proposals for FTTs, calling them problematic. "The reality is that average everyday investors, especially mutual fund investors and those that are saving for retirement, will be severely impacted by this nefarious tax," said Rep. Patrick McHenry (NC), the top Republican on the Financial Services Committee.
Read the full article on The Hill