Defazio Pushes For $150 Billion Trading Tax On Wall Street

A House bill still being drafted aims to raise $150 billion each year to pay for new jobs.

Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.

The bill, a copy of which was obtained by The Hill, is titled the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.”

House leaders have mentioned the possibility of a tax on stock transactions, but House Speaker Nancy Pelosi (D-Calif.) appeared to raise questions about the approach last week. Pelosi said such a move would need to be done in conjunction with efforts in other countries.

“Obviously, we have to work with leadership on this,” said Leslie Oliver, spokeswoman for Perlmutter. “It has a long way to go, but the idea is to stir debate … We think this is one idea that makes a lot of sense.”

Read the whole thing on The Hill >>