As in previous attempts, a possible federal transaction tax faces an uphill battle in Congress, and that's probably just as well. U.S. Rep. Peter DeFazio, D-Oregon, and U.S. Sen. Tom Harkin, D-Iowa, have proposed a transaction fee for all financial transactions: one-quarter of one percent (0.025%) for stock transactions; and a two-one hundredths of one percent (0.02%) levy on standardized commodity futures contracts.
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