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Finance Lobby Sees Transaction Tax Risk in Web Sales Bill

A U.S. Senate bill that would let states impose sales taxes on purchases from out-of-state sellers could lead to state-level financial transaction taxes, a Wall Street trade association said.

“We believe the impact of this legislation on trade in services has not been adequately explored by Congress,” said Ken Bentsen, acting president and chief executive officer of the Securities Industry and Financial Markets Association, said in a statement released today.