National Transaction Tax Would Be ‘Foolish,’ Virtu CEO Says

The transcript discusses the potential impact of a transaction tax on businesses, particularly those that are technologically advanced and can easily relocate. It highlights the adaptability of businesses during the pandemic and the potential consequences of a statewide transaction tax, which could lead to businesses moving to other states. The discussion also covers the implications of a national transaction tax, arguing that it would be a poor policy choice as it would ultimately affect the real economy, including 401Ks and pension plans, rather than Wall Street. Empirical evidence from other countries suggests that transaction taxes are ineffective and counterproductive.

Why does the speaker argue that transaction taxes are ineffective?

What evidence does the speaker reference to support their argument against transaction taxes?