A seemingly minor-sounding three-cent financial transaction tax proposed by Sen. Tom Harkin and...

|By:, SA News Editor

A seemingly minor-sounding three-cent financial transaction tax proposed by Sen. Tom Harkin and Rep. Peter DeFazio would produce a dramatic impact, according to research conducted by Tabb Group's Adam Sussman. The payback would hit investors as ETFs, mutual funds, and brokerage house play pass the buck with a whopping $17.6B in new charges they would realize under the proposed legislation.