From a WSJ article:
Two bills were introduced in December that would create a transaction tax. The bills would impose a tax of 0.25 percentage point on trades of more than $100,000, or $250 on a $100,000 transaction. The AFL-CIO is seeking a tax that would be a small fraction of that amount. The AFL-CIO proposal would be aimed at taxing investors and institutions that make numerous securities trades and would aim to shield average investors by exempting the first $100,000 in transactions and certain funds.
The tax would, under an AFL-CIO proposal, go toward creating jobs in infrastructure, such as road building. Much more of the revenue would go toward paying down our record deficits. How does the supposedly-Democratic White House respond? Treasury Secretary Timothy Geithner rejects the proposal. The pro-corporate Chamber of Commerce says levying more taxes isn’t conducive to job creation.