S.1787 - Wall Street Trading and Speculators Tax Act

A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. as introduced.
  • Short: Wall Street Trading and Speculators Tax Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
11/02/11
 
 
 
 
 
 
 

Sponsor

Senator

Thomas Harkin

D-IA

View Co-Sponsors (3)

Official 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

Official 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.

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