WTH?
From Politico:
FIRST LOOK: WALL STREET WORRIED ABOUT SALES TAX BILL - A vote is expected this week on the Marketplace Fairness Act, which would allow states to compel retailers to collect sales taxes on online transactions even if the retailer does not have a physical presence in the state. EBay is fighting the measure. The securities industry is concerned the bill could have implications beyond retail.
SIFMA in a statement going out later this morning from acting President and CEO Kenneth E. Bentsen Jr.: "We believe the impact of this legislation on trade in services has not been adequately explored by Congress. The bill could lead to unexpected costs being passed on to consumers of financial services, including sales taxes on services or state-level stock transaction taxes.
"We continue to oppose any kind of financial transaction tax as they are, essentially, a sales tax on investors. Such levies are simply passed onto ordinary retail investors and retirees, reducing the incentive to save, and distorting capital markets. We urge Congress to hold hearings on the impact of this legislation on the national market for trade in services, including financial services, before moving forward."
BACK-DOOR FINANCIAL TRANSACTIONS TAX? - Per Financial Services Roundtable memo: "Enactment of the bill also carries the possibility that a state or locality could impose a transaction tax on financial products. We are working with senators and other trades to express our concerns. Please let me know if you have concerns with the bill."
