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This bill would impose a tax on trading securities — particularly stocks, bonds, and derivatives. This tax is commonly referred to as a ‘Robin Hood Tax’ on Wall Street. The tax is designed to reduce risky transactions in financial markets and high-frequency trading.

Stock trades would be taxed at 0.5 percent, bond trades would be taxed at 0.1 percent rate, and derivative trades would be taxed at 0.005 percent. So for example, a stock trade of $1000 would be be subject to a $5 tax, and a derivatives trade of the same amount would have a five cent tax imposed on it.

There would be several exceptions to the transaction tax, including:

Initial issuances of securities;
Short-term debt securities — like notes, bonds, or debentures — that have a fixed maturity of 60 days or less.

This bill outlines penalties for failing to include covered transaction information on a tax return. The Commissioner could rescind the penalties in-part or in-full if those graces promote compliance with this law. Any determinations made by the Commissioner would not be subject to judicial review.

","official_title":"A bill to impose a tax on certain trading transactions to invest in our families and communities, improve our infrastructure and our environment, strengthen our financial security, expand opportunity and reduce market volatility.","short_title":"Inclusive Prosperity Act of 2017","popular_title":null,"short_summary":"Inclusive Prosperity Act of 2017\n\n This bill amends the Internal Revenue Code to: (1) impose an excise tax on the transfer of ownership in certain securities (covered transaction), including any share of stock in a corporation, any partnership or beneficial interest in a partnership or trust, any note, bond, debenture, or other evidence of indebtedness (excluding tax-exempt municipal bonds), or derivative financial instruments; (2) impose a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement; and (3) allow an individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) a tax credit for the amount of tax paid on covered transactions.","summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable.","impact":"People and companies that engage in covered transactions of securities, the IRS, the Commissioner of Internal Revenue.","argument_for":"Some traders on Wall Street have gotten rich through high-frequency trades and risky, speculative investment decisions that endangered the economy. 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Robin Hood Tax: Should Stock, Bond, and Derivative Transactions be Taxed?