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SIFMA today released the following statement from Judd Gregg, CEO, after Congressman Tom Price (R-GA) and Senator Pat Roberts (R-KS) introduced legislation in their respective chambers that would make clear that foreign governments have no ability or right to tax private securities transactions within the United States.
"We thank Congressman Price and Senator Roberts for introducing this legislation and for taking a leadership role in addressing the inappropriate extraterritorial application of foreign Financial Transaction Tax on U.S. investors. What taxes a nation chooses to impose on its citizens is a matter of domestic policy, but Americans saving for retirement should not be required to pay a tax to a foreign government for buying or selling United States securities within the United States. Our treaty with France reflects this common sense principal, and we are very encouraged that Members of Congress from both parties and Secretary Lew recently have begun to recognize the potential danger of these unprecedented extraterritorial levies to American investors."
