US Congress Senate Bill 410 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on February 28 2013 - 25% progression, died in committee
Action: 2013-02-28 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if: (1) such purchase occurs or is cleared 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; (2) interests in a derivative financial instrument (i.e., any option, forward contract, futures contract, or any similar financial instrument) and (3) any notional principal contract. Exempts from such tax: (1) initial issues of securities; (2) any note, bond, debenture, or other evidence of indebtedness which is traded on a trading facility located in the United States and has a fixed maturity of not more than 100 days; and (3) securities traded pursuant to certain lending arrangements. Makes such tax applicable to transactions by controlled foreign corporations and payable by its U.S. shareholders. Allows an offset against such tax for contributions to certain tax-favored accounts, including tax-exempt retirement plans, Archer medical savings accounts, health savings accounts, and qualified tuition plans and Coverdell education savings accounts.

Wall Street Trading and Speculators Tax Act

Sen. Tom Harkin [D-IA]

Sen. Bernard Sanders [I-VT]

Sen. Sheldon Whitehouse [D-RI]

Date	Chamber	Action
2013-02-28	Senate	Read twice and referred to the Committee on Finance.

HB880 (Same As) 2013-02-28 - Referred to the House Committee on Ways and Means.
SB277 (Related) 2013-02-11 - Read twice and referred to the Committee on Finance.
HB1579 (Related) 2013-04-16 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/410/all-info
Text	https://www.congress.gov/113/bills/s410/BILLS-113s410is.pdf