TAXES »» CORPORATE TAXES »» WALL STREET TAX »» Apr 15, 2024

A financial transaction tax is a levy on specific financial transactions carried out by banks, brokerages and other financial institutions. This tax would apply to the sale or transfer of trillions of dollars of U.S. notes, bonds, securities, derivatives and debentures. Financial transaction taxes have been successful generating revenue elsewhere. In 2011, nearly $40 billion was generated in 40 other counties that taxed financial transactions. It is estimated a similar tax would generate at least $50 billion annually if enacted here. Consumer advocates say this small tax on Wall Street would be easy to implement and would reduce harmful market speculation, including speculation on essentials such as food and fuel. They also say that it will bring significant benefits to the U.S. economy by generating much-needed revenue. Critics claim Wall Street speculation has become a house of cards, a game of computer-driven bets on bets with robo-traders carrying out trades at blinding speed. They claim these types of transactions do not give value to our economy, only damage it. They say that a financial transaction tax could generate hundreds of billions of dollars that could be used for the needs of our communities and to help improve our economy. Pending Legislation: H.R.4870 - Wall Street Tax Act of 2023 Sponsor: Rep. Val Hoyle (OR) Status: House Committee on Ways and Means Chair: Rep. Jason Smith (MO) I oppose reforming current Wall Street tax policy and wish to donate resources to the campaign committee of Speaker Mike Johnson (LA). I support imposing a 0.1% excise tax on certain financial transactions such as the purchase of stocks, bonds, derivatives and debentures by: 1.) Taxing the purchase of a security if such purchase occurs on, or is subject to the rules of, a qualified board or exchange located in the United States, or the purchaser or seller is a U.S. person. 2.) Defining a "security" to be a share of stock in a corporation, a partnership or beneficial ownership interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, and derivatives. 3.) Exempting the bill from such tax for the initial issues of securities, and any note, bond, debenture, or other evidence of indebtedness which is traded on or is subject to the rules of, a qualified board or exchange located in the United States, and has a fixed maturity of not more than 100 days. 4.) Applying the tax to transactions by a controlled foreign corporation and to be paid by its U.S. shareholders. And wish to donate resources to the campaign committee of Rep. Jason Smith (MO) and/or to an advocate group currently working with this issue.

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I support imposing a 0.1% excise tax on certain financial transactions such as the purchase of stocks, bonds, derivatives and debentures by: 1.) Taxing the purchase of a security if such purchase occurs on, or is subject to the rules of, a qualified board or exchange located in the United States, or the purchaser or seller is a U.S. person. 2.) Defining a "security" to be a share of stock in a corporation, a partnership or beneficial ownership interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, and derivatives. 3.) Exempting the bill from such tax for the initial issues of securities, and any note, bond, debenture, or other evidence of indebtedness which is traded on or is subject to the rules of, a qualified board or exchange located in the United States, and has a fixed maturity of not more than 100 days. 4.) Applying the tax to transactions by a controlled foreign corporation and to be paid by its U.S. shareholders. And wish to donate resources to the campaign committee of Rep. Jason Smith (MO) and/or to an advocate group currently working with this issue.

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