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Ore. representative proposes tax on financial transactions

Rep. Peter DeFazio, D-Ore., has introduced a bill in the Houseof Representatives that would impose a tax on financial transactions.

Under the bill, financial trading, including stocks, bonds andderivatives, would be taxed 0.03% for every $100. If adopted, the tax would be expectedto raise $417 billion over 10 years.

The tax under the proposed bill would take effect after Dec.31, 2017.