Mike Bloomberg's proposed Wall Street transaction tax explained

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Presidential hopeful Mike Bloomberg takes the Democratic debate stage for the first time tonight, with a spotlight on his $5 trillion tax plan and Wall Street reforms.

But some, including the U.S. Chamber of Commerce, argue that transaction taxes are regressive, driving up the amount everyday investors pay on their retirement funds.

"This tax will not raise the revenue claimed and will actually cost the economy more" than it would raise, he added. that "I think we should have a financial transaction tax" despite his team's estimates that the duty wouldn't generate significant revenue for the Treasury coffers.

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