SB 105-14: Financial Transaction Tax Act (Passed)

[WD]

Motioning for a final vote

[The world will shine with light in our nightmare]

A final vote is now open. Senators, please vote Aye, Nay, or Abstain.

We will pick up business on all other bills after the election.

AN ACT
To impose a tax on certain trading transactions

Be it enacted by the Senate of the Republic of Atlasia assembled

Section I. Title

1. This act may be cited as the Financial Transaction Tax Act.

Section II. Purpose

1. To impose a tax on trading transactions to invest in our country, to expand opportunities for our people, and to reduce market volatility.


Section III. Tax on Trading transactions

A.) There is hereby imposed a tax on the transfer of ownership in 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 the applicable percentage of the specified base amount with respect to such covered transaction. The applicable percentage shall be—


   (1) 0.5 percent in the case of any share of stock in a corporation or any partnership or beneficial ownership interest in a partnership or trust.

   (2) 0.10 percent in the case of any note, bond, debenture, or other evidence of indebtedness, other than a State or local bond the interest of which is excluded from gross income.

   (3) 0.005 percent in the case of any evidence of an interest in, or a derivative financial instrument, any derivative financial instrument with respect to any currency or commodity including notional principal contracts, and any other derivative financial instrument any payment with respect to which is calculated by reference to any specified index.

Section IV. Exemptions

The provisions of this act shall not apply to the first $10,000 worth of covered transactions made by an individual in any given year.

Section V. Effective Date

The provisions of this act shall apply to taxable years beginning after December 31, 2022.

[The world will shine with light in our nightmare]

Aye

[KoopaDaQuick 🇵🇸]

aye

[WD]

Aye

[GM Team Member and Senator WB]

Aye. I will admit AGA's arguments do still give me some pause here but WD's arguments have helped assuage those concerns.

[Senator-elect Spark]

Nay

[AGA]

Nay

[Saint Milei]

nay

[If my soul was made of stone]

AYE

[S019]

AYE

[Kuumo]

Aye

[Joseph Cao]

Abstain.

[Southern Senator North Carolina Yankee]

Aye

While I still have some concerns about the impact of this on middle class investors, I have believed for a decent time that we need to reign in the globally minded investor class and refocus, within reasonable limits, economic activity internally.

[OSR stands with Israel]

Nay

[The world will shine with light in our nightmare]

Due to the elections, I am extending the vote period. Senators have 24 more hours.

[Left Wing]

Aye

[OBD]

Aye

[The world will shine with light in our nightmare]

With twelve votes in favor, zero opposed, zero abstentions, and six members not voting, the bill is passed.

Vote on the Financial Transaction Tax Act:

Aye (10): Scott, KoopaDaQuick, Western Democrat, Weatherboy, discovolante, S019, Kuumo, North Carolina Yankee, FalterinArc, OBD
Nay (4): Spark, AGA, DeadPrez, Old School Republican
Abstain (1): Joseph Cao,

Didn't vote (3): Muad'dib, Pericles, tack50

[The world will shine with light in our nightmare]

AN ACT
To impose a tax on certain trading transactions

Be it enacted by the Senate of the Republic of Atlasia assembled

Section I. Title

1. This act may be cited as the Financial Transaction Tax Act.

Section II. Purpose

1. To impose a tax on trading transactions to invest in our country, to expand opportunities for our people, and to reduce market volatility.


Section III. Tax on Trading transactions

A.) There is hereby imposed a tax on the transfer of ownership in 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 the applicable percentage of the specified base amount with respect to such covered transaction. The applicable percentage shall be—


   (1) 0.5 percent in the case of any share of stock in a corporation or any partnership or beneficial ownership interest in a partnership or trust.

   (2) 0.10 percent in the case of any note, bond, debenture, or other evidence of indebtedness, other than a State or local bond the interest of which is excluded from gross income.

   (3) 0.005 percent in the case of any evidence of an interest in, or a derivative financial instrument, any derivative financial instrument with respect to any currency or commodity including notional principal contracts, and any other derivative financial instrument any payment with respect to which is calculated by reference to any specified index.

Section IV. Exemptions

The provisions of this act shall not apply to the first $10,000 worth of covered transactions made by an individual in any given year.

Section V. Effective Date

The provisions of this act shall apply to taxable years beginning after December 31, 2022.

Passed 10-4-1-3 in the Atlasian Senate assembled,

Scott, President pro tempore