Democrats Propose .25% Stock Transaction Tax to Raise $150b/Year

Democrats in the House and Senate yesterday proposed a transaction tax to raise $150 billion per year to help close the federal budget deficit and fund infrastructure projects. H.R. 4191, the Let Wall Street Pay for the Restoration of Main Street Act, would impose a 0.25% tax on stock transactions and a 0.02% tax on futures contracts, credit default swaps, and securities swaps.

• Bloomberg, Wall Street Transaction Tax Proposed by Democrats
• The Hill, Dems to Introduce Stock Tax Proposal
• Politico, Nancy Pelosi Pushes Global Financial Fee
• Reuters, Wall St Tax Has "Great Deal of Merit" -- Pelosi
• Web CPA, Democrats Propose Securities Transaction Tax