WASHINGTON--(BUSINESS WIRE)--Modern Markets Initiative (“MMI”), the leading advocacy organization for financial technology companies and trading entities seeking to promote responsible innovation across the world’s best markets, today announced the launch of its “No Retirement Tax” campaign in order to empower middle-class and working-class Americans to protect their retirement savings and investments by opposing the widely-touted financial transaction tax (FTT). The organization is also launching www.NoRetirementTax.org to help Americans contact their congressional representatives to encourage them to reject recent proposals for the FTT in The Wall Street Tax Act of 2019 and The Inclusive Prosperity Act of 2019 (S. 647 & S. 1587, respectively).
The FTT has been championed in an aggressive manner by certain members of Congress and, more recently, by several of the Democratic candidates running for President of the United States. Given that MMI’s members play an important role in keeping financial markets liquid, stable and strong for all investors, we are committed to educating the public on the perils of the retirement tax that has been conveniently mis-labeled as the FTT.
Kirsten Wegner, MMI’s Chief Executive Officer, commented:
“MMI, through its published research and ongoing advocacy, is committed to educating the public and policymakers about the sizable economic threat posed by the FTT. Our data shows that taxing the trading of stocks, bond, and other securities would disproportionately harm individual investors, retirement account holders, and pensioners. The billions of dollars per year that could be raised through an FTT would be borne by these constituents on Main Street just as much—if not more—than large institutions on Wall Street. That is an unacceptable outcome for ordinary Americans.
“In keeping with MMI’s commitment to transparency, we feel it is important to continue getting the word out about our campaign and efforts to organize Americans who do not want to have their retirement taxed more than it already is. We fully intend to continue to drive the conversation about this retirement tax by educating policymakers, the public, and our friends in the media about the FTT’s lack of viability.”
In addition to allowing users to contact their members of Congress, www.NoRetirementTax.org features research, studies, recent news and commentary on the FTT.
About Modern Markets Initiative (MMI)
MMI is an education and advocacy organization devoted to the role that technological innovation must continue to play in creating the world’s best markets. It was founded in 2013 by a group of leading financial technology companies and quantitative trading firms that is committed to continuously enhancing efficiency, fairness, and stability across markets while also reducing trading costs for investors. MMI engages and educates public audiences about the value that modern market professionals provide to today’s digital and electronic marketplaces.