House Financial Services Committee leaders Patrick McHenry (NC-10) and Bill Huizenga (MI-02) are receiving widespread support for their efforts to protect Americans from Democrats’ harmful tax proposals. The Protecting Retirement Savers and Everyday Investors Act would block states from imposing financial transaction taxes (FTTs) on certain industry participants, including stock exchanges and broker-dealers, which would ultimately be paid by out-of-state investors when the FTT is passed onto them.

 

Additionally, there are growing calls for Congress to reject proposals to implement a financial transaction tax. In a letter signed by almost 30 groups and activists led by Americans for Tax Reform, they write “contrary to [the Left’s] rhetoric, this tax would be borne by the American people, not Wall Street. It would punish investment, leading to lower returns for American retirees and savers and increased market volatility.”

 

Here’s what else they are saying:

 

 

“SIFMA commends the action taken today to protect Americans retirement savings by Congressmen Patrick McHenry (R-NC) and Bill Huizenga (R-MI) with the introduction of the ‘Protecting Retirement Savers and Everyday Investors Act.’  This would block states from imposing financial transactions taxes (FTTs) on certain industry participants, including stock exchanges and broker-dealers, which would be paid by out-of-state investors when the FTT is passed onto them.  SIFMA strongly opposes the imposition of an FTT due to the cost to retirement savers, investors, businesses and the economy.”

 

 

“If implemented in any given state, an FTT would result in significant harm to investors. Because the tax would be imposed on transactions processed by the exchanges in a state, it would harm investors across the country, not just those in the state which implements it. Your legislation would protect against this by prohibiting a financial transactions tax on taxpayers outside a state’s borders.”

 

 

“[F]ederal lawmakers have an opportunity to prevent inequitable and economically damaging state taxation of nonresidents by constraining states’ abilities to tax the trades of people who do not even live there, as the Protecting Retirement Savers and Everyday Investors Act would do.”

 

 

“This incredibly timely proposal would protect taxpayers and investors from state level Financial Transaction Taxes (FTTs)—discriminatory taxes on buying and selling stocks, bonds, and other financial products. We believe enactment of H.R. 1584 would provide certainty to investors, retirees, and taxpayers, and urge all lawmakers to support this important legislation.”

 

 

“A ‘tax on Wall Street’ might sound like something that just hurts the rich, but it would actually hit the 53% of American families who are invested in the stock market, because their investments and retirements would suffer. … everyday Americans with retirement accounts, pension plans, or the Robinhood app won’t be able to exploit international markets to evade Omar’s supposedly progressive tax. They’re the ones who will really be left holding the bag.”

 

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