Bill > HR1579

This bill, titled the Inclusive Prosperity Act of 2013, proposes to impose a tax on certain financial trading transactions to address issues stemming from the 2008 financial crisis, including lost wealth, market volatility, and economic inequality. Specifically, it introduces a new tax on the transfer of ownership of various financial instruments, such as stocks, bonds, and derivative financial instruments, with different tax rates applied based on the type of security. The tax is intended to curb excessive speculation and high-frequency trading, which are seen as contributing to market instability. While the tax applies to transactions occurring or cleared in the United States or involving U.S. persons, it includes exceptions for initial issuances of securities and certain short-term debt. Importantly, the bill also establishes a tax credit for individuals who pay this financial transaction tax, with limitations based on income, to ensure that the tax does not disproportionately burden average investors and to provide relief to eligible individuals. The revenue generated from this tax is intended to fund programs aimed at strengthening financial security, expanding opportunities for low- and moderate-income families, investing in infrastructure and job creation, and addressing climate change and global health issues.