Title: Expressing the sense of the House of Representatives that the Congress should not impose a financial transaction tax on individuals or market intermediaries in connection with trades executed on the National Market System or alternative trading systems.
Policy area: Taxation

Summary:
This resolution expresses the sense of the House of Representatives that the Congress should not impose a financial transaction tax on individuals or market intermediaries in connection with trades executed on the National Market System or alternative trading systems.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 249 Introduced in House (IH)]

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117th CONGRESS
  1st Session
H. RES. 249

Expressing the sense of the House of Representatives that the Congress 
should not impose a financial transaction tax on individuals or market 
   intermediaries in connection with trades executed on the National 
             Market System or alternative trading systems.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2021

   Mr. McHenry (for himself, Mr. Huizenga, Mr. Lucas, Mr. Posey, Mr. 
Luetkemeyer, Mr. Stivers, Mrs. Wagner, Mr. Barr, Mr. Williams of Texas, 
   Mr. Hill, Mr. Emmer, Mr. Zeldin, Mr. Loudermilk, Mr. Mooney, Mr. 
  Davidson, Mr. Budd, Mr. Kustoff, Mr. Hollingsworth, Mr. Gonzalez of 
 Ohio, Mr. Rose, Mr. Steil, Mr. Gooden of Texas, Mr. Timmons, and Mr. 
 Taylor) submitted the following resolution; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
Expressing the sense of the House of Representatives that the Congress 
should not impose a financial transaction tax on individuals or market 
   intermediaries in connection with trades executed on the National 
             Market System or alternative trading systems.

Whereas a Federal financial transactions tax would be a new, additional tax on 
        top of already-existing income taxes, capital gains taxes, and corporate 
        taxes;
Whereas a Federal financial transactions tax will hurt all market participants, 
        including everyday investors who are saving for retirement or their 
        child's education, as well as everyday Americans' pension funds and 
        savings because a financial transactions tax is applied each time a 
        transaction is conducted;
Whereas studies have shown that a typical mutual fund investor would likely lose 
        multiple years' worth of savings to a 0.1 percent Federal financial 
        transactions tax, and could lose decades worth of savings to a 0.5 
        percent financial transactions tax;
Whereas a Federal financial transactions tax will cause pension fund expenses to 
        increase and their returns to decrease, exacerbating the current 
        problems with underfunded pensions and making it less attractive for 
        governments and companies to offer pension plans;
Whereas a Federal financial transactions tax will harm worker wages and destroy 
        American jobs by increasing the cost of capital and reducing 
        productivity;
Whereas a Federal financial transactions tax would reduce liquidity in the 
        capital markets;
Whereas the Congressional Budget Office has found that a proposed financial 
        transactions tax would ``immediately lower the value of financial 
        assets''; and
Whereas not only will a Federal financial transactions tax slow economic growth, 
        other countries' failures at implementing a financial transactions tax 
        demonstrate the tax will not raise expected revenue and will lead to an 
        exit of trading activity for more favorable jurisdictions: Now, 
        therefore, be it
    Resolved, That it is the sense of the House of Representatives that 
the Congress should not impose a financial transaction tax on 
individuals or market intermediaries in connection with trades executed 
on the National Market System or alternative trading systems.
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