Democrats propose tax on large financial transactions

12/3/2009 | Bloomberg

Sen. Tom Harkin of Iowa and Rep. Peter DeFazio of Oregon led a group of congressional Democrats in a proposal to tax large financial transactions. The Obama administration remains cool to the idea, and the financial industry has voiced opposition. Harkin said the impetus behind the tax is simply to raise revenue. "Ask not what America can do for Wall Street, but what Wall Street can do for America," Harkin said.

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