New Wall Street tax bills unveiled in US House, Senate
Washington (Platts)--28Feb2013/524 pm EST/2224 GMT
US Senator Tom Harkin, an Iowa Democrat, and Representative Peter
DeFazio, an Oregon Democrat, on Thursday again introduced bills to place a
0.03% tax on futures, swaps and other derivatives.
Harkin and DeFazio have introduced bills calling for a similar tax in
2009, 2010 and 2011, but those bills never gained traction amid fierce
opposition from Republicans and industry, particularly CME Group, parent
company of NYMEX.
The companion bill introduced Thursday, known as the Wall Street Trading
and Speculators Tax Act, would place a 0.03% levy on nearly all trading
transactions, including stocks and bonds and all derivatives contracts,
including swaps, options, puts and forward contracts.
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"We need the new revenue that would be generated by this tax in order to
reduce deficits and maintain critical investments in education,
infrastructure, and job creation," Harkin said in a statement. "And there is
no question that Wall Street can easily bear this modest tax."
The bills are cosponsored by Senators Bernie Sanders, a Vermont
Independent, and Sheldon Whitehouse, Democrat-Rhode Island, and 19 other House
--Brian Scheid, firstname.lastname@example.org
--Edited by Keiron Greenhalgh, email@example.com