What is a financial transactions tax (FTT), in plain an simple English Democrats want to tax you on tax on every stock, bond, and derivative trades. The FTT would especially impact fund managers that are responsible for 401(k)s, pensions, and index funds and make frequent trades. Who are the participants in 401(k)s, pensions? Regular hardworking Americans who put money away for retirement. Guess who is going to be left holding the bags. You and me the American Taxpayers. The FTT will increase the cost of capital and reduce productivity which would in turn harm wages and jobs.