DeFazio proposes transaction tax

A tax on financial transactions could raise $150 billion, DeFazio says.

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Rep. Peter DeFazio has called for a tax on financial transactions that he says will discourage high volume speculators and raise $150 billion.

Similar to a past proposal he made, which ultimately failed, DeFazio believes this proposal will fare better following the bailouts of banks like Goldman Sachs. But critics argue that the tax could have a negative effect on job creation, among other things.

”The American taxpayers bailed out Wall Street during a crisis brought on by reckless speculation in the financial markets,” DeFazio said. “This legislation will force Wall Street to do their part and put people displaced by that crisis back to work.”
But moving the bill will not be easy. The Obama administration has raised concerns as have senior lawmakers from both parties and the influential financial lobby.

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