Billionaire Bill Gates said at the Group of 20 summit that a tax on financial transactions is "clearly technically feasible." Gates offered qualified support for a tax, saying some of the money raised should be used to help the developing world. Critics say the tax would move trade to countries without one. SIFMA opposes a financial-transaction tax, arguing that it would amount to a sales tax on investors. "Such a tax will impede the efficiency of markets and impair depth and liquidity as well as raise costs to the issuers, pensions and investors who help drive economic growth," said SIFMA's Ken Bentsen. "We encourage Congress and the administration to continue to resist efforts to implement such a tax."

Related Summaries