Letter to Ways and Means Committee Opposing Transaction Tax

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9 March 2009

March 6, 2009

The Honorable Charles Rangel
Chairman
House Committee on Ways and Means
1102 Longworth House Office Building
Washington, DC 20515

Dear Chairman Rangel:

On behalf of the Security Traders Association (STA) and its approximately 5,200 members, I am writing to express our strong opposition to the “Let Wall Street Pay for Wall Street’s Bailout Act of 2009” (H.R. 1068). The proposed legislation would seriously harm the economy as well as individual investors, savers and retirees.

The STA is a worldwide professional trade organization that works to improve the ethics, business standards and working environment for individual members who are engaged in the buying, selling, and trading of securities. Members participate in the STA through 26 affiliate organizations and represent the interests of the trading community and institutional investors. The STA provides a forum for our members and other market participants to share their unique perspectives on issues facing the securities markets. They work together to promote their shared interest in efficient, liquid markets as well as in investor protection.

While H.R. 1068 attempts to target the transaction tax on “Wall Street investors”, it would result in a direct tax increase on individuals planning for retirement, middle class families saving for college through Section 529 programs, state and local government workers invested in public employee retirement systems, and many others. While “wealthy investors” would certainly pay some of the transaction tax, it would also constitute a large and burdensome tax increase on the middle class.

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