A financial transaction tax is a levy on trades in the financial markets. The case against a financial transaction tax is strong, and the arguments against it are well known. Such a tax would cycle through the economy, harming retirees and those planning for retirement, issuers, investors, pensioners and businesses.
Proposals for a financial transaction tax have been separately introduced in Europe and the U.S. If a tax is only imposed regionally, essential businesses will move to other jurisdictions and that region will be put at a competitive disadvantage.
SIFMA’s Pennsylvania and Wall Blog: A Global European Sales Tax - 27 February 2013