2016 Postmortem
In reply to the discussion: Would Bernie supporters be so kind as to define "Wall Street" for us? [View all]Kang Colby
(1,941 posts)charge around 2-5 basis points per year as the ER. Bernie would like to tax transactions at 50 basis points every time someone contributes to their 401k. This is what he means by punishing Wall Street - to him it means taxing the bejesus out of retirement savers.
Luckily, this is such goof troop idea it will never come to fruition. Sweden repealed their Tobin tax once it tanked their markets and caused companies to list on foreign exchanges. If this were to come to fruition, the big boys of Wall Street would trade synthetics off the major exchanges to avoid the tax and middle class savers would be stuck paying for Sanders' folly.
Sanders may be the worst candidate in U.S. history on economic matters. I wonder if he ever bothered to read a book on the topic?