In this report, the Committee on Capital Markets Regulation (the “Committee”) reviews the existing academic and policy research on the projected tax revenue from a hypothetical U.S. Financial Transaction Tax (“FTT”) and the empirical research on the historical impact of FTTs on financial markets and investors in the United States, Europe and Asia.

We conclude that estimates of the tax revenue that would be raised by hypothetical U.S. FTTs are unreliable, whereas there would clearly be negative effects on U.S. markets and investors from an FTT. The empirical evidence therefore cautions against the future adoption of a U.S. FTT.

The full report can be found here.