Rose Stands Against Imposing Tax Hike on Financial Markets

March 8, 2019
Press Release

WASHINGTON, D.C. - Representative John Rose (R-TN) joined Varney & Co. on Fox Business to discuss tax-hike bill filed and co-sponsored by Representative Alexandria Ocasio-Cortez (D-NY), fellow Financial Services Committee Member.

“[Our markets] are the envy of the world and I think we want to keep them that way. Generally, when you tax something you discourage it. And so, I’m not a big fan of taxing our financial markets in this way,” stated Rose.

Varney: “There’s not much you can do about it because you’re in the minority…”

Rose responded, “Probably it would be tough for us to stop it in the House but of course, thankfully, the American people have entrusted the Republicans with control of the Senate and the presidency, so I am confident this will not become law.”

The tax proposal Varney and Rose discussed is sponsored by Representative Peter DeFazio (D-Ore.) and co-sponsored by Representative Alexandria Ocasio-Cortez. The sponsors’ intent may be to discourage bad actors, but the bill, like any tax hike, will distort markets and have unintended negative consequences, particularly for market-makers who operate in good faith. Ultimately, the costs will be passed down to businesses, retail investors, and eventually consumers. This would be another Democrat-led tax on lawful American businesses that would undermine the most envied and liquid markets in the world.

Representative John Rose is a member of the House Financial Services Committee and represents Tennessee’s Sixth Congressional District.

Click here for full clip.