Europe's proposal for financial-transaction tax prompts concerns

The European Commission proposed a tax on financial transactions to raise about €57 billion annually. The plan includes a 0.1% tax on stock and bond trades and a 0.01% tax on derivatives. However, banks and industry groups said the plan is flawed, while the UK said only a global levy makes sense. AFME warned that businesses for which many of the transactions are made would bear the additional costs.

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