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House Simple Resolution 249
117th Congress(2021-2022)
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.
Introduced
Introduced
Introduced in House on Mar 17, 2021
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Introduced in House 
Mar 17, 2021
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Introduced in House(Mar 17, 2021)
Mar 17, 2021
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. RES. 249 (Introduced-in-House)


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.