Will GameStop Trading Frenzy Cause A New Tax To Be Placed On Every Stock Trade?

This episode of What’s Ahead warns that the trading frenzy in GameStop and other so-called meme stocks is stoking Washington politicians’ desire to enact a new tax on every securities transaction.

That would simply drive trading offshore, while damaging domestic financial institutions.

Other ideas being ginned up in this new tax environment include a wealth tax—which has failed in every country that’s tried it—an increase in the inheritance tax, as well as current White House proposals to boost levies on income, profits and capital gains. The administration also hasn’t ruled out a substantial hike in the gasoline tax.

All this will weigh down the economy—and the value of stocks.