H.R. 1068, the Let Wall Street Pay for Wall Street’s Bailout Act.
Wall Street Transaction Tax Proposed by Democrats
Ryan J. Donmoyer
Dec. 3, 2009 (Bloomberg) — A group of congressional Democrats proposed taxing large transactions in stocks and derivatives, an idea that has received a cool reception from the Obama administration. […]
.25 Percent for Stocks
The measure would be based on legislation DeFazio proposed in the House that would apply a tax of 0.25 percent or 25 basis points to stock transactions in excess of $100,000, and a levy of 0.02 percent or 2 basis points on derivatives including futures, options, swaps and credit default swaps.
Harkin and DeFazio said the proposed new levy is backed by more than 200 economists, the AFL-CIO labor union federation and business leaders including Warren Buffett and Vanguard Group Inc. founder John C. Bogle, now president of Bogle Financial Markets Research.