If there's one thing the industry has on its side, it's a pretty ferocious lobbying ability. The industry quite frankly has been used to getting its way in Washington--until recently anyway. It's been bullied pretty badly this past year. Most would agree that the harsh treatment has been richly deserved, to be fair. But the proposed special tax on the industry may be the last straw.

The New York Times reports that SIFMA has hired a Supreme Court litigator to look into the constitutionality of such a tax. Carter Phillips of Sidley Austin has argued dozens of cases before the Court. He will be charged with studying "whether a tax on one industry could be considered arbitrary and punitive, providing the basis for a constitutional challenge." It may be a hard sell legally. But the industry may feel compelled to do something.

For more:
- here's the article

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