Six House Democrats and Sen. Tom Harkin (D-Iowa) on Thursday plan to unveil a stock tax to raise $150 billion per year.
Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.) have circulated legislation to tax stock and other financial transactions to pay down the deficit and support new jobs. The tax would amount to 0.25 percent. The draft measure was titled: "Let Wall Street Pay for the Restoration of Main Street Act of 2009".
The financial industry strongly opposes the stock tax and says it would harm a wide range of people with investments.
Other House Democrats supporting the tax include: Bruce Braley (Iowa), Michael Arcuri (N.Y.), Betty Sutton (Ohio) and Steve Kagen (Wisc.).