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House opposes new financial transaction tax

The House of Representatives expresses its opposition to imposing a new financial transaction tax. They believe such a tax would harm everyday investors saving for retirement or education, as well as pension funds, by increasing costs and reducing returns. The tax could also negatively impact jobs and economic growth.
Key points
A proposed financial transaction tax would be an additional burden on top of existing income and capital gains taxes.
This tax could reduce savings for everyday investors and worsen the situation for pension funds.
There is concern that the tax would harm jobs and slow economic growth.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HRES_249
Sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Process start date: 2021-03-17
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HRES_249.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-17.

What are the main provisions?

Key points include:

  • A proposed financial transaction tax would be an additional burden on top of existing income and capital gains taxes.
  • This tax could reduce savings for everyday investors and worsen the situation for pension funds.
  • There is concern that the tax would harm jobs and slow economic growth.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. McHenry, Patrick T. [R-NC-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy