Let Wall Street Pay for Wall Street's Bailout Act of 2009

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The "Let Wall Street Pay for Wall Street's Bailout Act of 2009" was a bill proposed in 2009 by Rep. Peter Anthony DeFazio, D-Ore. Its aim was to amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions - including stocks, options and futures - to the extent required to recoup the net cost of the Troubled Asset Relief Program.

The measure did not specifically set a tax rate, calling on the Treasury secretary to do that. But it suggested 0.25 percent would do. The bill had seven co-sponsors, all Democrats.[1]

In an open letter, the Security Traders Association (STA), an advocacy and education organization for professional equity traders in the U.S., stated strong opposition to the bill. The STA stated that the bill was based on erroneous premises and misstatements of fact and could lead to serious disruptions in the capital markets at a time of national crisis.[2]

Resources

References

  1. Bill Would Tax Trades Of Securities. Yahoo! News.
  2. STA Opposes Proposed Congressional Bill H.R. 1068. FINalternatives.