The tax was proposed earlier this month by Democrat Representative Peter DeFazio, Chairman of the House Subcommittee on Highways and Transit. If passed, the proposal would create new taxes on stock transactions, futures trading and options contracts.
“This is typical of the liberal Democrat Congress,” said Calvey. “Rather than cutting out wasteful pork projects and ending frivolous earmarks, the Democrats in Congress want to create new taxes for Americans to pay. As a taxpayer myself, I’m tired of my hard earned dollars being taxed so the politicians in Washington, D.C. can finance their spending addiction. I oppose this new tax and would vote against it if I was in Congress today.”
Supporters of the tax argue that large investors and financial firms would pay the bulk of the new taxes. However, retail investors and small business investors would be footing the bill as well.
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