Two Democrats try for long-shot financial transaction tax
WASHINGTON (Reuters) - Two congressional Democrats said on Tuesday they will revive a bill to tax financial transactions after 11 euro zone countries won approval for such a tax.
The two liberal Democrats, Senator Tom Harkin and Representative Peter DeFazio, said they would re-introduce their proposal to add a 3 cents tax on each $100 in financial transactions, which according to the congressional Joint Tax Committee could raise $352 billion over a decade.
The European countries won clearance earlier on Tuesday for the tax, aimed at shifting more responsibility for the region's fiscal crisis onto banks. Critics say the tax could drive business out of Europe.
The congressmen have introduced the idea before, but it did not move forward as President Barack Obama's Treasury Secretary, Timothy Geithner, has said the United States opposes the levy.