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"The revenue generated would be used to fund a national digital literacy program and help the SEC monitor algorithmic market manipulation that has become increasingly difficult to detect."
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The proposed tax rate is 0.02 percent per transaction, which advocates argue is negligible for any single trade but would generate an estimated $6 billion to $9 billion annually given the volume of algorithmic trading, which now accounts for roughly 70 percent of all U.S. equity market transactions.