CNBC Television Health care stocks not feeling the Bern
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Candidate Bernie Sanders’ impact on health care stocks. With CNBC’s Brian Sullivan and the Fast Money traders, Tim Seymour, Chris Verrone, Karen Finerman and Guy Adami.
When Sen. Bernie Sanders, I-Vt., proposed legislation last year to tax stock trades, he decried the “recklessness of Wall Street billionaires” and cited a goal of building an economy “that works for all Americans.”
Now, Sanders and other Democratic Party presidential candidates — Michael Bloomberg, most recently — are leveraging a “financial transaction” tax as a way to fix wealth inequality and fund central initiatives such as health-care reform.
But there’s one problem: The tax could end up hitting average Americans, as well, namely those saving for retirement, future health costs or a child’s college education.
“While a financial transaction tax would be a progressive source of revenue, it would impact everyday folks, too, both directly and indirectly,” said Garrett Watson, a senior policy analyst at the Tax Foundation, a right-leaning think tank.
Proponents of the tax, on the other hand, call that type of forecast overblown and say the tax would ultimately be in the best interests of Main Street investors.
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