SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the subject of a financial transaction tax:

“A Financial Transaction Tax, or FTT, would tax middle class savers, including pension funds, 401ks and IRAs.  At a time when market development, efficiency and competition are driving the cost of investing toward zero, it makes little sense to increase the cost through what is essentially a sales tax.  Further, the threat such a tax poses to the efficiency of the U.S. capital markets is real.  It begs the question, what’s the point?”