"I really don't see any evidence that these high-speed traders really add anything really to the economy," says Senator Tom Harkin. The Iowa Democrat talks to Ron Orol about how these traders have created "some disturbances" and why they should be taxed.
Sen. Tom Harkin wants lawmakers to consider his financial transaction tax bill as they work on ways to resolve their differences on spending and taxes and the impending “fiscal cliff.”
The Iowa Democrat talked with MarketWatch on Thursday about a bill he’s introduced that would put a 3-cent tax on every $100 of stock, bond or derivatives transactions, a measure he believes would slow down high-speed traders who he insists don’t add to the economy and have led to “some disturbances.”
Harkin said the tax won’t hurt “real trading” or the economy and also bring billions of dollars in critical revenue to Washington at a time that it is really needed.
The 73-year-old senator also discussed his own campaign plans and his assertion that cuts to Medicare shouldn’t be on the table as part of any agreement to resolve the so-called “fiscal cliff,” where about $500 billion in spending cuts and tax increases are set to begin in January unless the White House and Congress reach an alternate deal.