Financial industry execs oppose proposed transaction tax

Lawmakers are considering a proposal that would levy a tax on all trades of financial products, including stocks, bonds, derivatives and commodities. Executives in the financial industry said the tax would discourage investment in the country, driving business overseas. "Transaction taxes have been suggested on and off at the state and federal levels for as long as there have been both stock trades and governments looking for revenue," said Travis Larson, a SIFMA representative. "As an industry, we have an equally long history of opposing such proposals."

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