Bill > S2491

This bill, the Wall Street Tax Act of 2023, proposes to impose a 0.1% tax on certain financial transactions, including purchases of stocks, bonds, and derivatives that are traded on U.S. exchanges or involve a U.S. person. The bill defines "covered transactions" subject to the tax and provides rules for determining who is responsible for paying the tax, with exchanges, brokers, and parties to the transactions all potentially liable. The bill also defines "derivatives" and provides some exceptions, such as for insurance contracts and real estate transactions that require physical delivery. The bill aims to raise revenue and potentially discourage certain types of high-frequency and speculative trading activities.