As most of washington spent the end of 2009 focused on health care legislation, some mem-bers of Congress were busy floating a misguided proposal aimed at the heart of our financial markets: a new tax on securities transactions.rnThe populist appeal of such a tax is understandable -it's easy to score points by bashing Wall Street these days. Yet beyond political posturing, the proposal represents a genuine threat to our still recovering financial system. The negative implications of a transaction tax would ripple throughout the economy, harming average investors and the very companies being counted on to create jobs.
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