Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), have proposed a tax on Wall Street transactions which is expected to raise more than $350bn over the next nine years.
The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.