EU Parliament Approves Report On Financial Transaction Tax

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The European Parliament voted on a report that puts its support behind enacting a financial transaction tax across the European Union. A financial transaction tax has gained steam as a means of raising revenue for cash-strapped governments, seeking to make banks and other parts of the industry pay for the costs of the global economic crisis. However, it is a contentious topic, and some nations fear such rules could displace a central part of their economies.