S.2927 - Wall Street Fair Share Act

A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to fund job creation and deficit reduction, and for other purposes. view all titles (3)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain securities transactions to fund job creation and deficit reduction, and for other purposes. as introduced.
  • Popular: Wall Street Fair Share Act as introduced.
  • Short: Wall Street Fair Share Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/23/09
 
 
 
 
 
 
 

Official Summary

Wall Street Fair Share Act - Amends the Internal Revenue Code to impose an excise tax on securities trading facilities, brokers, and purchasers for certain securities transactions. Sets such tax at .25% of the fair market value of the security traded. Defines \"security\" to include stock i

Official Summary

Wall Street Fair Share Act - Amends the Internal Revenue Code to impose an excise tax on securities trading facilities, brokers, and purchasers for certain securities transactions. Sets such tax at .25% of the fair market value of the security traded. Defines \"security\" to include stock in a corporation, partnership interests, debt instruments, or interests in certain derivative financial instruments. Exempts from such tax an initial issue of securities, transactions in certain retirement, education, and health savings accounts, and transactions in mutual funds. Allows the purchaser of securities a credit against the excise tax for the lesser of the tax incurred or $250 ($500 for married couples filing joint tax returns). Requires withholding of excise tax amounts by the transferor of securities subject to the tax.

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