Tumblr Icon RSS Icon

Democratic Lawmakers To Introduce Financial Transactions Tax

By Pat Garofalo  

"Democratic Lawmakers To Introduce Financial Transactions Tax"


google plus icon

Sen. Tom Harkin (D-IA) and Rep. Peter DeFazio (D-OR) today plan to introduce a bill that would impose a tiny tax on financial transactions. The 0.03 percent tax on financial trades is meant to “give the United States an increased role in the international debate over a transaction tax, which is likely to be discussed at the Group of 20 summit this week in Cannes, France.” The call for a financial transactions tax has been embraced by the Occupy Wall Street protesters, the nation’s largest nurses’ union, the governments of France and Germany, and even the Archbishop of Canterbury. A small tax on transactions would hardly be felt by ordinary investors, but could raise significant revenue and slow down some of the high frequency trading that mega-banks like Goldman Sachs employ to churn up quick profits.

‹ Glenn Beck-Approved Goldline Charged With 19 Criminal Counts Of Fraud And Theft

Boehner Claims ‘Nobody’ Wants To Pay For Infrastructure, As Democrats Plan Vote On Paid-For Infrastructure Bill ›

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.