1/4/2010

Legislation was introduced in the U.S. House in early December that would impose a tax on financial transactions. Although the bill specifically exempts mutual fund share transactions, the industry is opposed to the tax. Paul Schott Stevens, president and CEO of the Investment Company Institute, said the tax would substantially reduce funds' shareholder returns. "No matter how you orchestrate this tax, the likelihood is that average investors are going to pay it," he said.

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