Taxing Oil Futures to Fund Transportation? Not So Fast, Says Wall Street

Rep. Pete DeFazio's plan to close the nation's transportation funding gap with a tax on oil futures is meeting fierce opposition.
November 13, 2009, 7am PST | Alek Miller
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"DeFazio's legislation would levy a 0.2 percent fee on oil futures and a 0.5 percent fee on oil futures options, and a broader version introduced earlier this year would impose a 0.25 percent tax on all stock trades -- a compelling option for a White House wary of voter frustration with the financial bailout and in need of new revenue-raising ideas."

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Published on Tuesday, November 10, 2009 in Streetsblog Los Angeles
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