With one of the most contentious election seasons in full swing and turned up to 11, it’s nice to see both sides can at least agree on one thing.
Dan Pfeiffer, President Obama’s communications director, said Tuesday that the White House is not likely to support taxing the sale of stocks and bonds.
A financial-transaction tax of that ilk has just been instituted by France and is supported by other members of the European Union.
For or against?
Those in favor of the tax say it could raise billions and also weaken speculation among big investors, thereby encouraging investors to hold onto investments longer.
Detractors say it would damage Wall Street and hurt U.S. financial markets by driving stock trading overseas. The president’s top economic aides have opposed the tax in the past as well.
Pfeiffer said that the topic has been in discussions, “but we don’t always agree with the rest of the world.” Jeffry Bartash of MarketWatch said that even if the tax was proposed in the White House, Republicans would block it.
Are you for or against the idea of taxing the sale of stocks and bonds? Why? Let us know in the comments below.