U.S. Treasury opposes European transaction tax plan

The European Commission is expected today to propose a new financial-transaction tax plan, prompting opposition from the U.S. Treasury. "We do not support the proposed European financial transaction tax, because it would harm U.S. investors in the U.S. and elsewhere who have purchased affected securities," a Treasury spokeswoman said in an e-mail. SIFMA and other trade associations argue that a proposed tax on financial transactions in Europe ignores international treaties, overreaches and would hurt the global economy. Learn more at SIFMA's Transaction Tax Resource Center.

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