Tax on trading would cost Illinoisans’ retirement funds tens of thousands, report says

Taxing retirement income, something Illinois doesn’t currently do, has become a political talking point in the argument over the progressive tax ballot initiative. But, a financial industry advocate warns about the hit to Illinois residents’ 401(k) plans that would stem from a different proposal.

Taxing financial transactions has found its way back into the conversation in a number of cities and states as a way to shore up budgets battered by COVID-19 shutdowns. While the amounts are different, the premise of placing a fee on each trade conducted in a city or state, remains the same.

The Modern Markets Initiative, an industry group representing financial
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