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H.R.3313 - Wall Street Trading and Speculators Tax Act
To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.
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Mr. DEFAZIO (for himself, Mr. BRALEY of Iowa, Mr. JOHNSON of Georgia, Mr. SARBANES, Mr. FILNER, Ms. SUTTON, Mr. BLUMENAUER, Ms. SLAUGHTER, Ms. HIRONO, Mr. WELCH, Mr. CONYERS, Ms. EDWARDS, and Mr. HINCHEY) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. TRANSACTION TAX.
‘Subchapter C--Tax on Trading Transactions
‘SEC. 4475. TAX ON TRADING TRANSACTIONS.
‘(b) Rate of Tax- The tax imposed under subsection (a) with respect to any covered transaction shall be 0.03 percent of the specified base amount with respect to such covered transaction.CommentsClose CommentsPermalink
‘(2) DERIVATIVE FINANCIAL INSTRUMENT- The term ‘derivative financial instrument’ includes any option, forward contract, futures contract, notional principal contract, or any similar financial instrument.CommentsClose CommentsPermalink
which is based on any current objectively determinable information which is not within the control of any of the parties to the contract or instrument and is not unique to any of the parties’ circumstances.CommentsClose CommentsPermalink
‘(B) CERTAIN DEEMED EXCHANGES- In the case of a distribution treated as an exchange for stock under section 302 or 331, the corporation making such distribution shall be treated as having purchased such stock for purposes of this section.CommentsClose CommentsPermalink
‘(1) EXCEPTION FOR INITIAL ISSUES- No tax shall be imposed under subsection (a) on any covered transaction with respect to the initial issuance of any security described in subparagraph (A), (B), or (C) of subsection (e)(1).CommentsClose CommentsPermalink
‘(3) EXCEPTION FOR SECURITIES LENDING ARRANGEMENTS- No tax shall be imposed under subsection (a) on any covered transaction with respect to which gain or loss is not recognized by reason of section 1058.CommentsClose CommentsPermalink
‘(B) in the case of a purchase not described in subparagraph (A) which is executed by a broker (as defined in section 6045(c)(1)) which is a United States person, such broker.CommentsClose CommentsPermalink
‘(2) SPECIAL RULES FOR DIRECT, ETC., TRANSACTIONS- In the case of any transaction to which paragraph (1) does not apply, the tax imposed by this section shall be paid by--CommentsClose CommentsPermalink
‘(h) Certain Payments Treated as Separate Transactions- Except as otherwise provided by the Secretary, any payment with respect to a security described in subparagraph (D), (E), or (F) of subsection (e)(1) shall be treated as a separate transaction for purposes of this section, including--CommentsClose CommentsPermalink
‘(1) any net initial payment, net final or terminating payment, or net periodical payment with respect to a notional principal contract (or similar financial instrument),CommentsClose CommentsPermalink
‘(i) Administration- The Secretary shall carry out this section in consultation with the Securities and Exchange Commission and the Commodity Futures Trading Commission.CommentsClose CommentsPermalink
‘(2) prescribe such regulations as are necessary or appropriate to prevent avoidance of the purposes of this section, including the use of non-United States persons in such transactions.’.CommentsClose CommentsPermalink
(b) Clerical Amendment- The table of subchapters for chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subchapter B the following new item:CommentsClose CommentsPermalink