Securities Law Updates | New Proposed Legislation
December 31, 2009
Proposed Tax on Securities Transactions to Raise $150 Billion
Let Wall Street Pay for the Restoration of Main Street Act of 2009
H.R. 4191, 12/4/2009
Representative Peter DeFazio (D-OR), Chairman of the House Subcommittee on Highways and Transit, together with 22 other members of the U.S. House of Representatives, has introduced new legislation that assesses a tax on Wall Street securities transactions. The tax could raise approximately $150 billion a year. The money it generates will be used to rebuild Main Street.
The legislation assesses a small securities transaction tax on Wall Street. A securities transaction tax is applied to:
- Stock transactions (tax rate will be 1/4 of 1 percent—0.25%),
- Futures contracts to buy or sell a specified commodity of standardized…
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