CBO: Transaction Tax Could Hurt U.S. Financial Industry
By Bernie Becker
Published December 11 2011 The Hill
A proposed tax on financial transactions could decrease employment in the short-term and hurt America’s standing as a global financial power, according to a new study from the Congressional Budget Office. Democrats in both chambers have proposed taxing certain financial transactions at .03 percent per trade, something they say could curtail some of the more speculative and high-speed trading on Wall Street.
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