Lew says U.S. still opposed to financial transaction tax

WASHINGTON Thu Apr 11, 2013 11:44am EDT

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WASHINGTON (Reuters) - Treasury Secretary Jack Lew reiterated the government's opposition to a tax on financial transactions, which would make banks pay for help in the financial crisis and is gaining steam in Europe.

"I think the design element you're describing is very problematic," Lew said in response to a question from Democratic Representative Richard Neal on the House Ways and Means Committee.

Eleven euro zone countries plan to introduce the tax next January, but little support has emerged on the other side of the Atlantic. Lew, who was testifying about the president's budget, said any tax that applies to transactions beyond a country's borders could cause difficulties.

(Reporting by Anna Yukhananov and Kim Dixon; Editing by Vicki Allen)

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Comments (2)
primeair wrote:
if europe does this tax all it is going to do is cause a run on the banks and cause chaos and then they will be in a worse place than they are right now and the same thing will happen here if these idiots try this

Apr 11, 2013 1:25pm EDT  --  Report as abuse
primeair wrote:
if europe does this tax all it is going to do is cause a run on the banks and cause chaos and then they will be in a worse place than they are right now and the same thing will happen here if these idiots try this

Apr 11, 2013 1:25pm EDT  --  Report as abuse
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