H.R.755 - Investing in Our Future Act of 2011

To amend the Internal Revenue Code of 1986 to impose an excise tax on currency transactions. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to impose an excise tax on currency transactions. as introduced.
  • Short: Investing in Our Future Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/17/11
 
 
 
 
 
 
 

Official Summary

Investing in Our Future Act of 2011- Amends the Internal Revenue Code to impose an excise tax on currency transactions exceeding $10,000 equal to 0.005% of the value of the currency acquired in the transaction (currency transaction tax). Establishes in the Treasury: (1) the Child Care Assis

Official Summary

Investing in Our Future Act of 2011- Amends the Internal Revenue Code to impose an excise tax on currency transactions exceeding $10,000 equal to 0.005% of the value of the currency acquired in the transaction (currency transaction tax). Establishes in the Treasury:
(1) the Child Care Assistance Trust Fund, which shall be funded with 10% of the revenues from the currency transactions tax and which shall be used to provide increased allocations to states for child care assistance;
(2) the Multilateral Global Health Trust Fund, which shall be funded with 25% of the revenues from such tax and from which the Secretary of State shall make grants to assist developing countries in addressing HIV/AIDS, tuberculosis, malaria, maternal mortality, family planning, neglected diseases, and other health issues; and
(3) the Global Climate Change Adaptation and Mitigation Trust Fund, which shall be funded with 25% of the revenues from such tax and which shall be used for contributions to the Green Climate Fund, and the Adaptation Fund, established pursuant to the United Nations Framework Convention on Climate Change. Requires remaining tax revenues to be used for federal budget deficit reduction or reduction of the federal debt.

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