Bernie lost me with the Robin Hood Tax

[muriel_volestrangler]

392. It's only paid once per transaction, by the broker

If you want to count it for an individual (or fund) for both purchase and sale, then they each effectively pay 0.25%.

In practice, pension funds will have money coming in from working members, and from dividends, and will be paying that out to retirees, and the amount of new purchases will just be from the amount the capital of the fund is added to, rather than all the benefits. It's the active management that would be the main factor, I think, and I'd expect pension funds to have a long-term outlook - they ought to, anyway. I think it should work out under 0.1% per year for a well-run fund.

In the UK, this duty ('stamp duty reserve tax') already applies, at that 0.5% rate, to all purchases of stocks (it's clear in the UK that the tax is on the purchase, and I think it would need to be clear in the US whether it's on purchase, sale or split, for that under $50k tax credit to be implemented). Funds cope, and so do individual investors.