S. 1787 (112th): Wall Street Trading and Speculators Tax Act

Introduced:
Nov 02, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Thomas “Tom” Harkin
Junior Senator from Iowa
Party
Democrat
Text
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Last Updated
Nov 02, 2011
Length
8 pages
Related Bills
S. 410 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Feb 28, 2013

H.R. 3313 (identical)

Referred to Committee
Last Action: Nov 02, 2011

 
Status

This bill was introduced on November 2, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 02, 2011
Referred to Committee Nov 02, 2011
 
Full Title

A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.

Summary

No summaries available.

Cosponsors
3 cosponsors (2D, 1I) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


11/2/2011--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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