The proposal for “enhanced cooperation in the area of financial transaction tax” is specifically designed to be global in its reach, and, as such, it would collect revenue from financial markets and investors around the world. That means a U.S. investor, who had no say in the adoption of this tax, and would receive no benefit from its collection, will be paying into the EU coffers. The formulation of this novel excise tax is both unprecedented and inconsistent with existing norms of international tax law and long-standing treaty commitments.