SIFMA today released the following statement from Kenneth E. Bentsen, Jr., executive vice president for public policy and advocacy after Representative Tom Price (R-GA) introduced legislation that would make clear that foreign governments have no ability or right to tax private securities transactions within the United States.
“Congressman Price has taken a leadership role in addressing the inappropriate extraterritorial application of the French financial transaction tax on US investors. Across Europe, many countries are beginning to implement or are considering implementing financial transactions taxes. What taxes a nation chooses to impose on its citizens is a matter of domestic policy, but imposing such a tax externally on non-citizens operating outside that nation's boundaries is another matter. Congressman Price's legislation seeks to address this inappropriate extraterritorial tax.”