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The push for taxing financial transactions gains steam in Europe - will the United States follow suit?

TAX WALL STREET" READ a simple, homemade placard high above the crowd of thousands of members of unions, community groups and Occupy activists protesting outside the mid-October convention of bankers and futures traders in downtown Chicago. Curtís Smith, president of the local affiliate of National People's Action, a network of community organizations focused on the mortgage crisis and financial industry reform, seized a microphone to detail the demand.

Among other measures, Smith proposed a tax on financia! transactions, including the sale of stock, bonds and …