A US Financial Transactions Tax? Seriously? The first legislation has been introduced in Congress (Premium)
As the US enters the home stretch of the Presidential election, Representative Peter DeFazio (D-Ore.) has sent up one of the first significant legislative trial balloons of the Democratic Party’s platform. Following the announcement by the Democratic National Committee (DNC) that a Financial Transactions Tax would be part of their November platform, this legislation begins what is likely be a protracted public debate that will have very little to do with the fiscal merits of the tax itself, and everything to do with solidifying the party’s anti-Wall Street credentials in the court of public opinion.