No matter how you approach a Financial Transaction Tax (FTT), the outcome will be the same: Main Street, consumers, taxpayers, retirees, states, and localities are the ones who will suffer. The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) conducted a poll of 2,000 likely voters nationally to understand their views on a proposed FTT. According to the poll:
When voters learn about an FTT, nearly two-thirds oppose the tax:
- 63% of voters oppose an FTT, including a majority of Democrats (51%), Independents (69%), and Republicans (80%).
- When questioned on the intensity of their opposition, 49% of respondents expressed strong opposition to an FTT, almost a majority of voters (more than one-in-three Democrats strongly oppose an FTT, along with 57% of Independents and 72% of Republicans)
The tax itself is likely to have a chilling effect on voters’ retirement savings:
- Half (51%) of voters say that if this tax were to pass, they would be less likely to invest.
- A third (34%) of voters would be much less likely to invest in the market under this new tax.
More importantly, voters believe an FTT will hurt efforts to achieve priority policy goals:
- Growing the economy and jobs is the #1 priority voters have for the U.S. Government, but 63% said that an FTT would actually hurt efforts to restart the economy and bring back jobs (Democrats: 54% say it will hurt more than help. Republicans: 74% hurt more than help. Independents 70% hurt more than help).
- 64% say an FTT will hurt Americans as they’re trying to get back on their feet following the COVID-19 pandemic (Democrats: 54% say it will hurt more than help. Republicans: 75% hurt more than help. Independents 72% hurt more than help).
- 65% say an FTT will harm efforts to ensure Americans have enough money saved for retirement.
- 63% even say an FTT will make it more difficult for Americans to pay for college.
In a rare moment of bipartisanship, Democratic and Republican voters are united in opposition to an FTT. Majorities from both parties believe an FTT would hurt efforts to recover from the impact of the COVID-19 pandemic and harm Americans’ ability to save for retirement.
Voters are looking to the federal government to help grow the economy and bring back jobs. They want the government laserfocused on the vaccine effort, along with longer-term goals of making healthcare more affordable and improving education. When voters from both parties speak with one voice, Congress needs to listen: Republicans and Democrats alike understand that an FTT runs counter to these goals.
If you have any questions, please contact Kristen Malinconico, Director, U.S. Chamber Center for Capital Markets Competitiveness, at kmalinconico@USChamber.com.
