The proposal comes as Democrats target the wealthy with a variety of tax proposals.
Business advocacy groups are going on the offensive against a financial transaction tax that's been proposed by Democrats as a way to curtail high frequency trading and reduce the budget deficit.
The proposal comes as Democrats target the wealthy with a variety tax proposals. Ocasio-Cortez has called for a 70 percent marginal tax rate on income over $10 million. Sen. Elizabeth Warren, who is running for president in 2020, backs the idea a wealth tax of 2 percent on households with more than $50 million in assets and 3 percent for households worth $1 billion or more.
A spokeswoman for MMI confirmed the group would be lobbying against the proposal. A person familiar with the upcoming lobbying efforts point to a study published in 2017 that shows the negative effects a financial transaction tax can have on pension funds. This person also said the group will be pushing out more data proving how the tax could hurt the average stock holder.
The U.S. Chamber of Commerce, the most prominent business group in the country, came out firing – and claimed a tax like the one being introduced in Congress would decrease returns for Americans across the country. A person with direct knowledge confirmed the Chamber of Commerce will actively lobby against the bill.The nascent lobbying effort is just one of the huge obstacles facing the Democratic proposal.
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