The Wall Street Tax Act Plans to Attack 401k Plans Including Solo 401k Plans

While it is a pending bill (i.e., it has not not ye been approved) proposed by democrats in both houses of Congress, the Wall Street Tax Act would indirectly result in an across-the-board fee increase on all 401k plans including solo 401k plans.

Here is what the Bill would impose on retirement plans:

  • A financial transactions tax (FTT) on the sale of stocks, bonds and derivatives at 0.1 percent (10 basis points).

The purpose of the Wall Street Act is to:

“addresses the disconnect between the financial system and the real economy by reducing unproductive and speculative trading,” and that “by increasing transaction costs slightly, the bill will help redirect investment that has flooded into transactions without economic value into more productive areas of the economy. It will also reduce the risk of financial crashes and limit the risks that high-speed arbitrage pose to our financial system.


About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>


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