10/16/2009 05:12 am ET | Updated May 25, 2011

Wall Street Tax: AFL-CIO, Democrats Want To Impose Stock-Trading Fees

The nation's largest labor union and some allied Democrats are pushing a new tax that would hit big investment firms such as Goldman Sachs reaping billions of dollars in profits while the rest of the economy sputters.

The AFL-CIO, one of the Democratic Party's most powerful allies, would like to assess a small tax -- about a tenth of a percent -- on every stock transaction.