Democrats have been obsessed with taxing the rich, but in their efforts, they will harm the average American. Sen. Brian Schatz (D-HI) has introduced S. 647, a bill that will tax our retirement savings in 401Ks, pensions, private retirement accounts, and Roth IRAs.
This legislation would impose a $0.01 tax on every single sale of a stock or bond. While this sounds small at first, it could make a huge impact on our financial system. This tax will disincentivize trade, which, in turn, will make the market more volatile. The Congressional Budget Office has reported that this tax could “have a number of negative effects on the economy stemming from its effects on asset prices, the cost of capital for firms, and the frequency of trading.” Countries such as Italy, France, and Sweden are real examples of how such a tax devalued their systems.
Some of the largest shareholders of our financial system are public employees like police officers, firefighters, and teachers. They fully rely on the money they have invested to provide for their needs through the end of life. We, as Americans, are taxed enough already. We should not be punished for saving our hard-earned dollars.
Please call or email your Senators and tell them to oppose all efforts on S. 647.
Capitol Switchboard: 202-224-3121