Inclusive Prosperity Act

Inclusive Prosperity Act

This Bill has:
2% Democratic Support in the Senate
12% Democratic Support in the House
    














    This bill was introduced by Keith Ellison in the house and by Bernie Sanders in the senate.
    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. The tax would reduce harmful financial market speculation, discourage high-volume, high-speed trading, and slow down the proliferation of ever more complex derivatives.
Senate Bill: S 805
Democratic Support: 1
Introduced by: Sen. Sanders, Bernard [I-VT] (Introduced 04/03/2017)
Latest Action: 04/03/2017 Read twice and referred to the Committee on Finance.

Cosponsors: 0

Keith Ellison introduces the Inclusive Prosperity Act in 2013