By Jay Heflin - 03/11/10 05:49 PM EST
He added, “Today’s highly liquid markets make it possible for average investors to get the best price and pay dramatically lower transactions costs when they buy and sell stocks. And, with more investment, they fuel the capital needs of businesses of every size.”
Unions have recently pushed the idea of creating a tax on financial transactions to help pay for a plethora of Democratic legislative initiatives. President Obama has championed a tax on financial institutions to curb excessive risk-taking.
Senate Finance Chairman Max Baucus (D-Mont.) and acting House Ways and Means Chairman Sandy Levin (D-Mich.) have discussed the creation of a bank tax with their respective staffers, but no formal legislation has been introduced addressing the issue.