Tax on Wall Street Speculation Act

S 1990, the Tax on Wall Street Speculation Act, imposes a small tax (0.005% to 0.5%) on most financial trades, including stocks, bonds, derivatives, and digital assets. The tax applies to transactions cleared in the U.S. or involving U.S. persons, with rates varying by security type (e.g., 0.5% for stocks, 0.005% for digital assets), and is paid by exchanges or brokers, not individual traders. It includes exemptions for initial stock sales, short-term debt, and securities lending, while providing a tax credit for eligible low-income individuals (over 18, not students, with modified AGI under $50,000). The bill aims to generate revenue from frequent trading, with the credit offsetting costs for qualifying individuals. The tax takes effect for transactions after December 31, 2023.