Financial transaction tax could cost New Jersey retirees billions: Report

Implementing a tax on financial transactions could cost New Jersey retirees billions from their nest egg while also siphoning billions more from public pension accounts, according to a new report.

The idea may have stalled in Trenton, but Modern Markets Initiative, a Washington, D.C.-based advocacy organization, analyzed in its report how the tax would impact New Jersey.

According to the organization, the use of a financial transaction tax in New Jersey would have wide-ranging fiscal impacts for residents saving for retirement, children’s education, pensions, 529 college savings plans and other investments.

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