Advisers come out against proposed financial transactions tax
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Majority of advisers say such a tax hurts retirement savers; fewer oppose tax targeting high-frequency traders.
Financial advisers overwhelmingly oppose an effort to tax financial transactions, which underscores the uphill fight facing related legislation proposed Wednesday by Rep. Peter DeFazio, D-Ore.
Of the nearly 300 readers who responded to a survey imbedded into a story about the legislation Thursday, 87% said they oppose the idea of the new tax.
When asked their opinion of a tax specifically targeting high-frequency traders, the opposition dropped to 53%.
Asked how the proposed general tax on stock, bond and derivatives transactions would impact retirement savers, 86% of advisers said it would be negative.
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