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Mike Bellafiore, "The Transaction Tax Would Destroy Small Businesses"

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"In a misplaced and wild effort to collect more revenue, Congress is discussing a transaction tax for market activity. I asked SMB Capital partner Mike Bellafiore how such a tax would affect proprietary trading firms …"

Mike: "If this were to pass, there would certainly be a flow of capital out of the United States. They tried this in Sweden. They enacted a tax on all stock and bond trading. The tax drove financial business out of Sweden. So, the tax was repealed after a few years."