Financial Transaction Tax Bill Draws Quick Reaction

Law360, New York (December 3, 2009, 5:39 PM EST) -- In a move that triggered a flurry of reactions from a powerful mix of industry and labor groups, Democrats on Capitol Hill unveiled a House bill Thursday they say would raise $150 billion a year by taxing Wall Street financial transactions such as stock trades.

Among other things, the legislation would have the effect of deterring high-volume speculators, according to sponsor Peter DeFazio, D-Ore., known as a deficit hawk and a sharp critic of Wall Street.

The measure received immediate accolades from the Center for Economic...
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