IV 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. HOLLINGS- WORTH, Mr. GONZALEZ of Ohio, Mr. ROSE, Mr. STEIL, Mr. GOODEN of Texas, Mr. TIMMONS, and Mr. TAYLOR) submitted the following resolu- tion; 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 VerDate Sep 11 2014 02:43 Mar 18, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\HR249.IH HR249 kjohnson on DSK79L0C42PROD with BILLS 2 •HRES 249 IH saving for retirement or their child’s education, as well as everyday Americans’ pension funds and savings be- cause a financial transactions tax is applied each time a transaction is conducted; Whereas studies have shown that a typical mutual fund in- vestor 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 fi- nancial transactions tax; Whereas a Federal financial transactions tax will cause pen- sion fund expenses to increase and their returns to de- crease, exacerbating the current problems with under- funded pensions and making it less attractive for govern- ments and companies to offer pension plans; Whereas a Federal financial transactions tax will harm work- er wages and destroy American jobs by increasing the cost of capital and reducing productivity; Whereas a Federal financial transactions tax would reduce li- quidity 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 imple- menting 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 Rep- 1 resentatives that the Congress should not impose a finan- 2 VerDate Sep 11 2014 02:43 Mar 18, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\HR249.IH HR249 kjohnson on DSK79L0C42PROD with BILLS 3 •HRES 249 IH cial transaction tax on individuals or market inter- 1 mediaries in connection with trades executed on the Na- 2 tional Market System or alternative trading systems. 3 Æ VerDate Sep 11 2014 02:43 Mar 18, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\HR249.IH HR249 kjohnson on DSK79L0C42PROD with BILLS