U.S. Financial Transaction Tax Bill Introduced in Congress

Legislation introduced Thursday by Sen. Tom Harkin, D-Iowa, and Rep. Peter DeFazio, D-Ore., would impose a 0.03% tax beginning in 2014 on non-consumer financial trading, including stocks, bonds and other debts after their initial issuance, and would include derivative contracts, options, puts, forward contracts and swaps. The backers say the law would discourage speculative and high-speed trading and raise as much as $352 billion over 10 years, according to estimates for a similar proposal floated in the last Congress. read entire article… Author:  Hazel Bradford.  Source:  Pensions & Investments.