Hillary Clinton has proposed a new tax on stock trading. The tax increase would only further burden markets by discouraging trading and investment. Inevitably, costs associated with this new tax will be passed on to millions of American families that hold 401(k)s, IRAs and other savings accounts.
Clinton always comes up with an excuse for why she needs to raise even more taxes on the American people. This time, she claims that her plan will curb “unfair and abusive trading strategies” – as defined by her and her future appointees in the federal government, of course — and levies a tax on Americans who make “excessive” order cancellations when trading on the stock market. The campaign has not said what is considered “excessive” or how high this new tax will be.
The fact is that this tax will be paid by the millions of American families with 401(k) accounts, IRAs, and 529 College Savings Plans. This tax means less money in your retirement account and more money for Washington DC. This tax also means higher fees to open and maintain these accounts, which will hit low income Americans hardest of all.
When you are a hammer, everything is a nail. When you are a tax increasing politician, every American’s wallet is a dollar sign.