Bill > HR6411

This bill, the Inclusive Prosperity Act, proposes to amend the Internal Revenue Code to impose a tax on the transfer of ownership of various financial instruments, including stocks, partnership or trust interests, debt instruments (excluding tax-exempt municipal bonds), and derivative financial instruments, which are broadly defined to include options and futures. This new tax, referred to as a "trading transaction tax," would apply to transactions occurring or cleared in the United States, or involving U.S. persons, with varying tax rates depending on the type of security. Importantly, the bill also includes a provision to offer a tax credit to individual taxpayers whose modified adjusted gross income, which is adjusted gross income with certain items added back and tax-exempt interest included, does not exceed $50,000 (or $75,000 for joint filers), for the amount of this financial transaction tax they have paid, aiming to offset the impact on lower and middle-income individuals.