Hill Tax Proposal Draws Attention To Short-Term Trading

Law360, New York (November 2, 2011, 3:05 PM EDT) -- Democratic lawmakers Tom Harkin of Iowa and Peter DeFazio of Oregon on Wednesday introduced a proposal that, though unlikely to make it through Congress, would impose a tax on short-term trading by investment banks and other financial firms.

The Wall Street Trading and Speculators Tax Act, introduced in parallel bills by Harkin, a senator, and DeFazio, a representative, would impose a tax of 0.03 percent, or three basis points, on most short-term trading of stocks, bonds, derivatives, options and other complex financial products done by financial...
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