Tax on Wall Street Speculation Act

Summary

Tax on Wall Street Speculation Act This bill imposes an excise tax on the transfer of ownership in certain securities (covered transactions), including any share of stock in a corporation; any partnership or beneficial interest in a partnership or trust; any note, bond, debenture, or other evidence of indebtedness (excluding tax-exempt municipal bonds); and derivative financial instruments or digital assets. The bill includes exceptions for initial issues, certain traded short-term indebtedness, and securities lending arrangements. The bill also (1) imposes a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement, and (2) allows an individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) a tax credit for the amount of tax paid on covered transactions.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 June 2023

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 June 2023

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 14 June 2023

  Open at official source

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