The Transaction Tax

Here is a link to the rumor about a 1% transaction tax. As the article explains, the rumor came from an email that conflated two separate bills. HR-4646 proposes a 1% tax on banking transaction to replace personal income tax; it has no support. HR-4191 proposes a 0.25% tax on securities transactions; it has the support of progressive Democrats. A variation of this tax has wide support in Europe, where it is called the Robin Hood Tax.