S. 647: Wall Street Tax Act of 2019

116th Congress · introduced 2019-03-05 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2019-03-05 · official record
Who proposed it: Sen. Schatz, Brian [D-HI] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Wall Street Tax Act of 2019

Plain summary

Wall Street Tax Act of 2019 This bill imposes a 0.1% excise tax on certain financial transactions such as the purchase of stocks, bonds, and derivatives. The tax applies to the purchase of a security if (1) such purchase occurs on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) the purchaser or seller is a U.S. person. A "security" includes a share of stock in a corporation; a partnership or beneficial ownership interest in a partnership or trust; a note, bond, debenture, or other evidence of indebtedness; and derivatives that meet specified criteria. The tax applies to transactions with respect to a derivative if (1) the derivative is traded on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) any party with rights under the derivative is a U.S. person. The bill exempts from such tax (1) initial issues of securities; and (2) any note, bond, debenture, or other evidence of indebtedness which is traded on or is subject to the rules of, a qualified board or exchange located in the United States, and has a fixed maturity of not more than 100 days. The tax applies to transactions by a controlled foreign corporation and must be paid by its U.S. shareholders.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Wall Street Tax Act of 2019

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Schatz, Brian [D-HI] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Chris Van Hollen (D-MD), Jeff Merkley (D-OR), Kirsten E. Gillibrand (D-NY), Elizabeth Warren (D-MA)

Sponsor's campaign money: Sen. Schatz, Brian [D-HI] reported raising $1.8 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116s647.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/s>

Record fed-us-cong116-s647 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116