Congressman Tom Price, M.D. (R-GA) issued the following statement after introducing legislation opposing the establishment of a financial transaction tax on American financial markets. Price's legislation prohibits the Secretary of the Treasury from assisting any foreign government with respect to the collection of a tax on securities transactions occurring on a United States financial exchange. Furthermore, it protects securities transactions in the United States from enforcement of any excise taxes imposed by the government of France. At the most recent G20 summit, European Union leaders pushed the idea of a financial transaction tax, and European Union countries have been moving toward instituting such a tax.
"Paying taxes to other countries is a bad idea -- and we need a law to stop it! This financial transaction tax would harm small businesses and investors while damaging American entrepreneurs' ability to compete in a competitive global environment," said Congressman Price. "France and other European Union nations want to charge more taxes on financial transactions, ignoring the fact that small investors will be forced out of capital markets. This move would impede financial markets efficiency, decrease liquidity, distort and discriminate within markets, and raise costs all at a time when what our economy desperately needs is more private capital investment in growth and job creation. I urge my colleagues to act on behalf of American entrepreneurs, investors and job creators by joining this effort to preempt the imposition of any form of a financial transaction tax on American markets."