Perlmutter Looks to Stifle Investment and Recovery With New Tax

Perlmutter Looks to Stifle Investment and Recovery With New Tax

Colorado Democrat Continues to Push His Party’s Anti-Middle Class Policies by Imposing New Taxes

Washington– After voting with his party’s tax-hiking agenda almost 98 percent of the time, Colorado Democrat Ed Perlmutter is now introducing his own ideas for new taxes: the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.” The legislation will actually do the opposite of what its title suggests.  Disguised as a job creation bill, the bill would place a quarter percent tax-hike on securities transactions such as stocks, bonds, options, and derivates. That means every American that owns a stock, a mutual fund, a college savings plan, an annuity, have a retirement plan through work, etc., will be faced with higher taxes. This quarter percent tax could stifle investments, consequently punishing middle-class families for investing in their children’s education or retirees looking for economic stability upon retiring. With around 50 percent of Americans invested in the stock market in some form or another, Perlmutter’s ‘Wall Street Tax’ is a direct attack on middle-class families.

“‘It would impact all Americans, from retirees to [the] self-employed to parents saving for their kids’ education. It would place permanent handcuffs on the economy,’ said Scott Talbott, senior vice president at the Financial Services Roundtable, which represents 100 large financial companies.

“’It would clip the wings of the economy just as it is starting to recover,’ he added.” (Mike Soraghan, “Top Democrats eye stock trade tax,” The Hill, 11/17/2009)

“Ed Perlmutter has once again demonstrated his penchant for tax-hiking, anti-jobs legislation by introducing yet another tax that will stifle economic recovery in Colorado and across the country,” said NRCC Communications Director Ken Spain. “Perlmutter’s tax punishes middle class families who are saving for their and their children’s futures and will do nothing to create jobs. This is a direct attack on Colorado middle-class families who are already suffering the consequences of Ed Perlmutter’s support for job-killing and failed economic policies.”

Rather than cutting taxes and providing relief for struggling families, Perlmutter continues to tout his party’s failed and tired agenda.

“’Obviously, we have to work with leadership on this,’ said Leslie Oliver, spokeswoman for Perlmutter. ‘It has a long way to go, but the idea is to stir debate … We think this is one idea that makes a lot of sense.’” (Silla Brush, “Democrats push $150B stock tax on Wall Street,” The Hill, 11/24/2009)

How could punishing middle class families for protecting their future make any sense to Ed Perlmutter?

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