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118-s-1990Committee
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Tax on Wall Street Speculation Act

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Summary

Official CRS summary

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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Bill details

Congress
118
Bill type
s
Introduced
June 14, 2023
Sponsor
Not yet available
Last action
June 14, 2023— Read twice and referred to the Committee on Finance.

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