U.S. lawmakers plan to introduce transaction-tax bill

02/20/2013 | Trade News (U.K.), The

The political momentum for a U.S. financial-transaction tax seems weak, but two Democrats -- Sen. Tom Harkin of Iowa and Rep. Peter DeFazio of Oregon -- stand ready to reintroduce a bill in Congress to tax bond and equity transactions at 0.03%. Derivatives would be taxed, too, at a yet-to-be-determined rate. Those in the industry say such levies would curb economic growth and shrink trading volumes.

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