Congress Considers Federal Transaction Tax

Sunday, October 25th, 2009

 
 
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"Deal-makers may need to start budgeting for a special transaction tax if some members of Congress get their way. While such a tax is not expected to be passed anytime soon, it is one of the ideas being floated about on Capitol Hill these days as a way to raise money to fill the expanding hole in the federal budget.

The tax could be levied on transactions ranging from over-the counter derivatives trades to large mergers. Its intent is to help curb excess speculation as well as a way to build revenue.

The United States had a transaction tax from 1914 to 1966. The Revenue Act of 1914 levied a 0.2 percent tax on all sales or transfers of stock. In 1932, Congress more than doubled the tax to help overcome the budgetary challenges during the Great Depression. It was phased out in 1966 and has not been seriously considered as a revenue source until now." - New York Times


About TTR

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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