Seasideheights, thanks for posting these.
Everyone here needs to contact their senators and congressional representatives as soon as possible to voice your opposition to these bills.
It's very simple. Each member of congress has a website. You can contact them via email, fax and phone.
Below is the email/fax that I'm sending. Feel free to copy, change or use in whatever way you think is best.
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Dear Senator (or Congressional Representative) [fill in name here],
I am writing to express my opposition to the Defazio-Harkin Financial Transaction Tax legislation that I believe would irreparably harm the American economy.
Financial Transaction Taxes (FTT) have destroyed jobs and been a net loss to the national treasury everywhere itâs been tried. Swedenâs FTT was repealed because it collected only 3% of the projected revenues and resulted in severe job losses after over 50% of their investment/trading industry left the country to avoid the tax. Today Sweden is one of the FTTâs strongest opponents. The âImpact Assessment Reportâ for the proposed European Union FTT showed that the FTT would reduce EU GDP, cost thousands of lost jobs, and reduce net tax revenues because the taxes collected from the FTT would be less than the income and capital gains taxes lost from the contraction of GDP and resulting job losses. Sweden, the UK, Malta, Ireland and the Czech Republic stand united against the proposed EU FTT.
Introducing the FTT into our economic system would cause thousands of American finance industry jobs to be âoffshoredâ to Switzerland, Hong Kong, Canada, Australia, Russia, Singapore and other countries that have firmly rejected the FTT as destructive economic policy. Schwabish (2005) estimated in his study that the introduction of an FTT in the US âwould cause the loss of 150,000-210,000 private-sector jobs in New York alone.â In addition, the FTT would destroy the livelihoods of thousands of independent traders like myself who support our families and collectively pay millions of dollars in local, state and federal taxes every year.
I look forward to hearing where you stand on this legislation.
Sincerely,
[Your name here]
P.S.: Supporters of the FTT often tout the success of the UK âstamp tax,â but fail to disclose that most UK banks and investment firms do not pay the tax. Over 70% of all London Exchange transactions pay no stamp tax, and 100% of all other transactions (e.g., trades on the CME or NYSE) are also exempt. Of all the transactions that originate in the UK, fewer than 3% are subject to the stamp tax. The UK stands firmly against the EU FTT because they know it would decimate Londonâs economy as investment firms relocate to Switzerland, Hong Kong and other non-FTT jurisdictions.
Everyone here needs to contact their senators and congressional representatives as soon as possible to voice your opposition to these bills.
It's very simple. Each member of congress has a website. You can contact them via email, fax and phone.
Below is the email/fax that I'm sending. Feel free to copy, change or use in whatever way you think is best.
------------------------------------------------------------------
Dear Senator (or Congressional Representative) [fill in name here],
I am writing to express my opposition to the Defazio-Harkin Financial Transaction Tax legislation that I believe would irreparably harm the American economy.
Financial Transaction Taxes (FTT) have destroyed jobs and been a net loss to the national treasury everywhere itâs been tried. Swedenâs FTT was repealed because it collected only 3% of the projected revenues and resulted in severe job losses after over 50% of their investment/trading industry left the country to avoid the tax. Today Sweden is one of the FTTâs strongest opponents. The âImpact Assessment Reportâ for the proposed European Union FTT showed that the FTT would reduce EU GDP, cost thousands of lost jobs, and reduce net tax revenues because the taxes collected from the FTT would be less than the income and capital gains taxes lost from the contraction of GDP and resulting job losses. Sweden, the UK, Malta, Ireland and the Czech Republic stand united against the proposed EU FTT.
Introducing the FTT into our economic system would cause thousands of American finance industry jobs to be âoffshoredâ to Switzerland, Hong Kong, Canada, Australia, Russia, Singapore and other countries that have firmly rejected the FTT as destructive economic policy. Schwabish (2005) estimated in his study that the introduction of an FTT in the US âwould cause the loss of 150,000-210,000 private-sector jobs in New York alone.â In addition, the FTT would destroy the livelihoods of thousands of independent traders like myself who support our families and collectively pay millions of dollars in local, state and federal taxes every year.
I look forward to hearing where you stand on this legislation.
Sincerely,
[Your name here]
P.S.: Supporters of the FTT often tout the success of the UK âstamp tax,â but fail to disclose that most UK banks and investment firms do not pay the tax. Over 70% of all London Exchange transactions pay no stamp tax, and 100% of all other transactions (e.g., trades on the CME or NYSE) are also exempt. Of all the transactions that originate in the UK, fewer than 3% are subject to the stamp tax. The UK stands firmly against the EU FTT because they know it would decimate Londonâs economy as investment firms relocate to Switzerland, Hong Kong and other non-FTT jurisdictions.
