To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Wall Street Trading and Speculators Tax Act''.
SEC. 2. TRANSACTION TAX.
(a) In General.--Chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after subchapter B the following new subchapter:
``Subchapter C--Tax on Trading Transactions
``Sec. 4475. Tax on trading transactions.
``SEC. 4475. TAX ON TRADING TRANSACTIONS.
``(a) Imposition of Tax.--There is hereby imposed a tax on each covered transaction with respect to any security. ``(b) Rate of Tax.--The tax imposed under subsection (a) with respect to any covered transaction shall be 0.03 percent of the specified base amount with respect to such covered transaction. ``(c) Specified Base Amount.--For purposes of this section, the term `specified base amount' means-- ``(1) except as provided in paragraph (2), the fair market value of the security (determined as of the time of the covered transaction), and ``(2) in the case of any payment described in subsection (h), the amount of such payment. ``(d) Covered Transaction.--For purposes of this section, the term `covered transaction' means-- ``(1) except as provided in paragraph (2), any purchase if-- ``(A) such purchase occurs or is cleared on a facility located in the United States, or ``(B) the purchaser or seller is a United States person, and ``(2) any transaction with...