Harkin and DeFazio ready to reintroduce financial-transaction tax

02/20/2013 | Trade News (U.K.), The

The political momentum for a U.S. financial-transaction tax seems weak, but two Democrats -- Sen. Tom Harkin of Iowa and Rep. Peter DeFazio of Oregon -- stand ready to reintroduce a bill that would impose a 0.03% tax on bond and equity transactions. Industry experts say such levies would curb economic growth and shrink trading volumes. "The likelihood of Congress passing an FTT is very slim at this point in time as most policymakers realize that this type of tax would be eventually be passed on to end-investors, thereby discouraging investment and hurting retirement savings," said Payson Peabody, managing director and tax counsel for SIFMA. Learn more at SIFMA's Transaction Tax Resource Center.

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