I just got a letter from my congresswoman. I am peeved.
April 15, 2009
Chicago, Illinois 60613-2002
Dear
Thank you for sharing with me your opposition to H.R. 1068, the Let Wall Street Pay for Wall Street's Bailout Act of 2009, introduced by Rep. Peter DeFazio. I appreciate hearing from you on this bill, which would impose a 0.25 percent tax on securities transactions. I am not a cosponsor of H.R. 1068, and I am not aware of any plans to move this legislation forward. I will monitor its progress closely and keep your views in mind if it does come before the full House of Representatives.
Rep. DeFazio's bill is, in some ways, similar to user fee approaches used to fund services at tight budgetary times. Many federal programs and services are supported by user fees. For example, individuals pay a fee when they purchase an airline ticket to support the Federal Aviation Administration. There are also user fees imposed on gas, tires, and heavy vehicles which support the Highway Trust Fund. In the financial services industry, user fees fund oversight activities of the Securities and Exchange Commission.
However, in these economic times, we have to evaluate every proposal carefully to ensure that we do not inflict unintended consequences on the economy or harm those already hurt by the economic downturn. For instance, it does not seem appropriate to impose an additional tax on individuals who want to move their retirement savings from the stock market to more secure financial vehicles.
Again, thank you for writing. Please contact me if I can be of assistance to you in the future.
Sincerely,
Jan Schakowsky, Member of Congress
P.S. I've created an Email Newsletter to provide periodic updates on a variety of issues. You can sign up for it by going to my website at http://www.house.gov/schakowsky
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