Rep. Peter DeFazio wants to tax financial transactions — but he said in the end it will be a 'net wash' for those who aren't high-frequency traders.
Rep. Peter DeFazio wants to tax financial transactions — but he said in the end that it will be a"net wash" for those who aren't high-frequency traders.
While business groups are already coming out against the plan, DeFazio told CNBC that the bill is aimed primarily at"high-velocity hedge-fund traders." He argues the tax, which the Joint Committee on Taxation said would increase revenues by $777 billion over 10 years, will help put some of those high-frequency traders out of business.
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