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McHenry Reintroduces Legislation to Protect Retirement Savers and Everyday Investors

Press Release

Date: March 8, 2021
Location: Washington, DC
Issues: Taxes

Last week, Congressman Patrick McHenry (NC-10), the Republican leader of the House Financial Services Committee, and Congressman Bill Huizenga (MI-02), the Republican leader of the Subcommittee on Investor Protection, reintroduced legislation to protect American savers and investors from Democrats' harmful tax proposals. H.R. 1584, the Protecting Retirement Savers and Everyday Investors Act 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. This includes Main Street investors saving for retirement, their first home, or their child's education.

"Democrats continue to ignore the facts by pushing a financial transaction tax. They claim their state-level FTTs would only be paid by the wealthiest, but Americans saving for their futures across the country would end up footing the bill," said Congressman McHenry. "These FTTs would penalize Americans saving for retirement, their first home, or their child's education, all at a time when they can least afford it. As we come out of the COVID-19 crisis, we should be expanding everyday investors' access to our markets, not holding them back from investing in their future. Republicans will continue to fight for savers and everyday investors, while Democrats push progressive policies to hurt these hardworking Americans."

"The federal government should not be making it harder for Americans to save for their future," said Congressman Huizenga. "A financial transaction tax would clearly break President Biden's promise to not raise taxes on middle class families and would negatively impact retirement savers, pensioners, families saving for college, and everyday investors. If Washington wants to take a risk, it should try to do more with less by cutting federal spending, instead of taking more money away from Americans investing to build a brighter and more secure future."


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