New Wall Street tax bills unveiled in US House, Senate

Chemical News: New Wall Street tax bills unveiled in US House, Senate

https://www.chemnet.com Mar 01,2013 Platts
US Senator Tom Harkin, an Iowa Democrat, and Representative Peter DeFazio, an Oregon Democrat, on Thursday again introduced bills to place a 0.03% tax on futures, swaps and other derivatives.

Harkin and DeFazio have introduced bills calling for a similar tax in 2009, 2010 and 2011, but those bills never gained traction amid fierce opposition from Republicans and industry, particularly CME Group, parent company of NYMEX.

The companion bill introduced Thursday, known as the Wall Street Trading and Speculators Tax Act, would place a 0.03% levy on nearly all trading transactions, including stocks and bonds and all derivatives contracts, including swaps, options, puts and forward contracts.

"We need the new revenue that would be generated by this tax in order to reduce deficits and maintain critical investments in education, infrastructure, and job creation," Harkin said in a statement. "And there is no question that Wall Street can easily bear this modest tax."

The bills are cosponsored by Senators Bernie Sanders, a Vermont Independent, and Sheldon Whitehouse, Democrat-Rhode Island, and 19 other House Democrats.

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