Outlook for financial-transaction tax is uncertain

11/7/2011 | InvestmentNews (free registration)

A 0.03% tax on stock and bond trades should be part of the deficit-reduction plan, said Sen. Tom Harkin, D-Iowa. Harkin acknowledged that the tax, which also would be levied on derivatives contracts, options and other instruments, is unlikely to be enacted on its own, but called it a step toward "fiscal sanity" that could bring in revenue. Wall Street investors say the tax would hurt financial markets.

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