Price Introduces Bill to Stop Financial Transaction Tax
WASHINGTON, D.C. - Congressman Tom Price, M.D. (GA-06), introduced the Protect American Investments Act of 2013 (H.R. 2546) today, which would prohibit a U.S.-based company from paying a financial transaction tax imposed by any foreign government. Moreover, the Secretary of the Treasury is prohibited from assisting a foreign government in the collection of a financial transaction tax. This legislation protects securities transactions in the U.S. from enforcement of any excise taxes like on financial transactions being proposed by members of the European Union. Rep. Price introduced similar legislation in the 112th Congress as H.R. 6616.
"Americans should not be forced to pay taxes imposed by foreign nations. Financial transaction taxes deter entrepreneurism, hurt investors and they will hinder America's global competitiveness," Rep. Tom Price said. "I urge my colleagues on both sides of the aisle to stand with the American people and against any efforts that would deter economic growth and vitality."
There has been bipartisan opposition to a financial transaction tax imposed on American entities by a foreign government. A companion bill has also been introduced in the U.S. Senate by Sen. Pat Roberts of Kansas.
Rep. Tom Price, M.D., is a member of the House Committee on Ways and Means, which has jurisdiction over this issue. He serves as vice chairman of the House Committee on the Budget and is also a member of the House Committee on Education and the Workforce.