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S 1787 112th Congress Senate Taxation Financial services and investments Sales and excise taxes Securities

Wall Street Trading and Speculators Tax Act

Introduced: November 2, 2011 See on congress.gov
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 2, 2011
Read twice and referred to the Committee on Finance.
Nov 2, 2011
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now November 2, 2011

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1