Tax on Wall Street Speculation Act

The Tax on Wall Street Speculation Act would impose a tax on certain financial transactions involving securities like stocks, bonds, and derivatives. The tax rate would vary depending on the security type, ranging from 0.005% for derivatives to 0.5% for stocks and bonds. Transactions occurring on U.S. trading facilities or involving U.S. persons would be subject to the tax, with payment responsibilities falling on trading facilities, brokers, or parties to the transaction. The bill also includes a credit against income tax for eligible individuals who pay the transaction tax, with income limits of $50,000 for single filers. The tax would apply to transactions after December 31, 2023.