summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security: (1) if such purchase occurs on a trading facility located in the United States, or (2) the purchaser or seller is a U.S. person. Defines "security" to include: (1) stocks, partnership interests, notes, bonds, debentures, or other evidences of indebtedness; and (2) interests in a derivative financial instrument (i.e., any option, forward contract, futures contract, notional principal contract, or any similar financial instrument). Exempts from such tax: (1) initial issues of securities; (2) any note, bond, debenture, or other evidence of indebtedness which has a fixed maturity of not more than 100 days; and (3) securities traded pursuant to certain lending arrangements.
AI Summary
This bill, titled the Wall Street Trading and Speculators Tax Act, proposes to amend the Internal Revenue Code to implement a new excise tax of 0.03% on the purchase of a "security," which broadly includes stocks, partnership interests, debt instruments like notes and bonds, and derivative financial instruments such as options, futures, and forward contracts. This tax would apply to purchases made on trading facilities located within the United States or when either the buyer or seller is a U.S. person. However, the bill outlines several exceptions, exempting initial issuances of securities, certain short-term debt instruments with a maturity of 100 days or less, and securities involved in specific lending arrangements. The tax is intended to apply to transactions occurring after December 31, 2012.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 11/02/2011)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/senate-bill/1787/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-112s1787is/pdf/BILLS-112s1787is.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112s1787is/pdf/BILLS-112s1787is.pdf.pdf |
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