H. R. Currency Related Bills

FYI, none of the below House bills have passed through the senate and been signed by the president!

Bill Text
113th Congress (2013-2014)
S.1114.IS

S.1114

Currency Exchange Rate Oversight Reform Act of 2013 (Introduced in Senate - IS)

SEC. 3. REPORT ON INTERNATIONAL MONETARY POLICY AND CURRENCY EXCHANGE RATES.

    (a) Reports Required-
      (1) IN GENERAL- Not later than March 15 and September 15 of each calendar year, the Secretary, after consulting with the Chairman of the Board of Governors of the Federal Reserve System and the Advisory Committee on International Exchange Rate Policy, shall submit to Congress and make public, a written report on international monetary policy and currency exchange rates.
      (2) CONSULTATIONS- On or before March 30 and September 30 of each calendar year, the Secretary shall appear, if requested, before the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate and the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives to provide testimony on the reports submitted pursuant to paragraph (1).
    (b) Content of Reports- Each report submitted under subsection (a) shall contain the following:
      (1) An analysis of currency market developments and the relationship between the United States dollar and the currencies of major economies and trading partners of the United States.
      (2) A review of the economic and monetary policies of major economies and trading partners of the United States, and an evaluation of how such policies impact currency exchange rates.
      (3) A description of any currency intervention by the United States or other major economies or trading partners of the United States, or other actions undertaken to adjust the actual exchange rate relative to the United States dollar.
      (4) An evaluation of the domestic and global factors that underlie the conditions in the currency markets, including--
        (A) monetary and financial conditions;
        (B) accumulation of foreign assets;
        (C) macroeconomic trends;
        (D) trends in current and financial account balances;
        (E) the size, composition, and growth of international capital flows;
        (F) the impact of the external sector on economic growth;
        (G) the size and growth of external indebtedness;
        (H) trends in the net level of international investment; and
        (I) capital controls, trade, and exchange restrictions.
      (5) A list of currencies designated as fundamentally misaligned currencies pursuant to section 4(a)(2), and a description of any economic models or methodologies used to establish the list.
      (6) A list of currencies designated for priority action pursuant to section 4(a)(3).
      (7) An identification of the nominal value associated with the medium-term equilibrium exchange rate, relative to the United States dollar, for each currency listed under paragraph (6).
      (8) A description of any consultations conducted or other steps taken pursuant to section 5, 6, or 7, including any actions taken to eliminate the fundamental misalignment.
      (9) A description of any determination made pursuant to section 9(a).
    (c) Consultations-
      (1) IN GENERAL- The Secretary shall consult with the Chairman of the Board of Governors of the Federal Reserve System and the Advisory Committee on International Exchange Rate Policy with respect to the preparation of each report required under subsection (a).
      (2) COMMENTS- Not later than the date that is 15 days before the date each report is due under subsection (a), the Chairman of the Board of Governors of the Federal Reserve System and the Advisory Committee on International Exchange Rate Policy shall submit to the Secretary any comments of the Chairman or Advisory Committee on the report.
      (3) CONSIDERATION- The Secretary shall review and consider all comments received from the Chairman and the Advisory Committee under paragraph (2) before submitting the report required under subsection (a).

SEC. 4. IDENTIFICATION OF FUNDAMENTALLY MISALIGNED CURRENCIES.

    (a) Identification-
      (1) IN GENERAL- The Secretary shall analyze on a semiannual basis the prevailing real effective exchange rates of foreign currencies.
      (2) DESIGNATION OF FUNDAMENTALLY MISALIGNED CURRENCIES- With respect to the currencies of countries that have significant bilateral trade flows with the United States, and currencies that are otherwise significant to the operation, stability, or orderly development of regional or global capital markets, the Secretary shall determine whether any such currency is in fundamental misalignment and shall designate such currency as a fundamentally misaligned currency.
      (3) DESIGNATION OF CURRENCIES FOR PRIORITY ACTION- The Secretary shall designate a currency identified under paragraph (2) for priority action if the country that issues such currency is--
        (A) engaging in protracted large-scale intervention in the currency exchange market, particularly if accompanied by partial or full sterilization;
        (B) engaging in excessive and prolonged official or quasi-official accumulation of foreign exchange reserves and other foreign assets, for balance of payments purposes;
        (C) introducing or substantially modifying for balance of payments purposes a restriction on, or incentive for, the inflow or outflow of capital, that is inconsistent with the goal of achieving full currency convertibility; or
        (D) pursuing any other policy or action that, in the view of the Secretary, warrants designation for priority action.
    (b) Reports- The Secretary shall include a list of any foreign currency designated under paragraph (2) or (3) of subsection (a) and the data and reasoning underlying such designations in each report required by section 3.

SEC. 5. NEGOTIATIONS AND CONSULTATIONS.

    (a) In General- Upon designation of a currency pursuant to section 4(a)(2), the Secretary shall seek to consult bilaterally with the country that issues such currency in order to facilitate the adoption of appropriate policies to address the fundamental misalignment.
    (b) Consultations Involving Currencies Designated for Priority Action- With respect to each currency designated for priority action pursuant to section 4(a)(3), the Secretary shall, in addition to seeking to consult with a country pursuant to subsection (a)--
      (1) seek the advice of the International Monetary Fund with respect to the findings of the Secretary in the report submitted to Congress pursuant to section 3(a); and
      (2) encourage other governments, whether bilaterally or in appropriate multinational fora, to join the United States in seeking the adoption of appropriate policies by the country described in subsection (a) to eliminate the fundamental misalignment.

SEC. 6. FAILURE TO ADOPT APPROPRIATE POLICIES.

    (a) Determination and Measures Required-
      (1) DETERMINATION- Not later than 90 days after the date on which a currency is designated for priority action pursuant to section 4(a)(3), the Secretary shall determine whether the country that issues the currency has adopted appropriate policies, and taken identifiable action, to eliminate the fundamental misalignment.
      (2) NOTIFICATION AND PUBLICATION- The Secretary shall promptly notify Congress of the determination under paragraph (1) and publish notice of the determination in the Federal Register.
      (3) MEASURES- If the Secretary determines that the country that issues the currency described in paragraph (1) has failed to adopt appropriate policies, or take identifiable action, to eliminate the fundamental misalignment, the measures specified in subsection (b) shall apply with respect to the country until a notification described in section 7(b) is published in the Federal Register.
    (b) Measures Specified- The measures specified in this subsection are, with respect to a country, the following:
      (1) ADJUSTMENT UNDER ANTIDUMPING LAW- For purposes of an antidumping investigation under subtitle B of title VII of the Tariff Act of 1930 (19 U.S.C. 1673 et seq.) or a review under subtitle C of such Act (19 U.S.C. 1675 et seq.), the following shall apply:
        (A) IN GENERAL- The administering authority shall ensure a fair comparison between the export price and the normal value by adjusting the price used to establish export price or constructed export price to reflect the fundamental misalignment of the currency of the country.
        (B) SALES SUBJECT TO ADJUSTMENT- The adjustment described in subparagraph (A) shall apply with respect to subject merchandise sold on or after the date that is 30 days after the date the currency of the country is designated for priority action pursuant to section 4(a)(3).
      (2) FEDERAL PROCUREMENT-
        (A) IN GENERAL- The President shall prohibit the procurement by the Federal Government of products or services from the country.
        (B) EXCEPTION- The prohibition provided for in subparagraph (A) shall not apply with respect to a country that is a party to the Agreement on Government Procurement.
      (3) REQUEST FOR IMF ACTION- The United States shall inform the Managing Director of the International Monetary Fund of the failure of the country to adopt appropriate policies, or to take identifiable action, to eliminate the fundamental misalignment, and the actions the country is engaging in that are identified in section 4(a)(3), and shall request that the Managing Director of the International Monetary Fund--
        (A) consult with the country regarding the observance of the obligations of the country under article IV of the International Monetary Fund Articles of Agreement, including through special consultations, if necessary; and
        (B) not later than 180 days after the date of the request, formally report the results of such consultations to the Executive Board of the International Monetary Fund.
      (4) OPIC FINANCING- The Overseas Private Investment Corporation shall not approve any new financing (including insurance, reinsurance, or guarantee) with respect to a project located within the country.
      (5) MULTILATERAL BANK FINANCING-
        (A) IN GENERAL- The Secretary shall instruct the United States Executive Director at each multilateral bank to oppose the approval of any new financing (including loans, other credits, insurance, reinsurance, or guarantee) to the government of the country or for a project located within the country.
        (B) MULTILATERAL BANK- The term `multilateral bank' includes each of the international financial institutions described in section 1701(c)(2) of the International Financial Institutions Act (22 U.S.C. 262r).
    (c) Waiver-
      (1) IN GENERAL- The President may waive any action provided for under subsection (a) or (b) if the President determines that--
        (A) taking the action would cause serious harm to the national security of the United States; or
        (B) it is in the vital economic interest of the United States to do so and taking the action would have an adverse impact on the United States economy greater than the benefits of the action.
      (2) NOTIFICATION- The President shall promptly notify Congress of a determination under paragraph (1) (and the reasons for the determination, if made under paragraph (1)(B)) and shall publish notice of the determination (and the reasons for the determination, if made under paragraph (1)(B)) in the Federal Register.
    (d) Reports- The Secretary shall describe any action or determination pursuant to subsection (a), (b), or (c) in the first semiannual report required by section 3 after the date of the action or determination.

SEC. 7. PERSISTENT FAILURE TO ADOPT APPROPRIATE POLICIES.

    (a) Determination and Measures Required-
      (1) DETERMINATION- Not later than 360 days after the date on which a currency is designated for priority action pursuant to section 4(a)(3), the Secretary shall determine whether the country that issues the currency has adopted appropriate policies, and taken identifiable action, to eliminate the fundamental misalignment.
      (2) NOTIFICATION AND PUBLICATION- The Secretary shall promptly notify Congress of the determination under paragraph (1) and shall publish notice of the determination in the Federal Register.
      (3) MEASURES- If the Secretary determines that the country that issues the currency has failed to adopt appropriate policies, or take identifiable action, to eliminate the fundamental misalignment, in addition to the measures specified in section 6(b), the following measures shall apply with respect to the country until a notification described in subsection (b) is published in the Federal Register:
        (A) ACTION AT THE WTO- The United States Trade Representative shall request consultations in the World Trade Organization with the country regarding the consistency of the actions of the country with its obligations under the WTO Agreement.
        (B) REMEDIAL INTERVENTION-
          (i) IN GENERAL- The Secretary shall consult with the Board of Governors of the Federal Reserve System to consider undertaking remedial intervention in international currency markets in response to the fundamental misalignment of the currency designated for priority action, and coordinating the intervention with other monetary authorities and the International Monetary Fund. In doing so, the Secretary shall consider the impact of the intervention on domestic economic growth and stability, including the impact on interest rates.
          (ii) NOTICE TO COUNTRY- At the same time the Secretary takes action under clause (i), the Secretary shall notify the country that issues the currency of the consultations under clause (i).
    (b) Notification- The Secretary shall promptly notify Congress when a country that issues a currency designated for priority action pursuant to section 4(a)(3) adopts appropriate policies, or takes identifiable action, to eliminate the fundamental misalignment, and publish notice of the action of that country in the Federal Register.
    (c) Waiver-
      (1) IN GENERAL- The President may waive any action provided for under this section, or extend any waiver provided for under section 6(c), if the President determines that--
        (A) taking the action would cause serious harm to the national security of the United States; or
        (B) it is in the vital economic interest of the United States to do so, and that taking the action would have an adverse impact on the United States economy substantially out of proportion to the benefits of the action.
      (2) NOTIFICATION- The President shall promptly notify Congress of a determination under paragraph (1) (and the reasons for the determination, if made under paragraph (1)(B)) and shall publish notice of the determination (and the reasons for the determination, if made under paragraph (1)(B)) in the Federal Register.
    (d) Disapproval of Waiver- If the President waives an action pursuant to subsection (c)(1)(B), or extends a waiver provided for under section 6(c)(1)(B), the waiver shall cease to have effect upon the enactment of a resolution of disapproval described in section 8(a)(2).
    (e) Reports- The Secretary shall describe any action or determination pursuant to subsection (a), (b), or (c) in the first semiannual report required by section 3 after the date of such action or determination.

SEC. 8. CONGRESSIONAL DISAPPROVAL OF WAIVER.

    (a) Resolution of Disapproval-
      (1) INTRODUCTION- If a resolution of disapproval is introduced in the House of Representatives or the Senate during the 90-day period (not counting any day which is excluded under section 154(b)(1) of the Trade Act of 1974 (19 U.S.C. 2194(b)(1))), beginning on the date on which the President first notifies Congress of a determination to waive action with respect to a country pursuant to section 7(c)(1)(B), that resolution of disapproval shall be considered in accordance with this subsection.
      (2) RESOLUTION OF DISAPPROVAL- In this subsection, the term `resolution of disapproval' means only a joint resolution of the two Houses of the Congress, the sole matter after the resolving clause of which is as follows: `That Congress does not approve the determination of the President under XXXXXXXXXXX of the Currency Exchange Rate Oversight Reform Act of 2013 with respect to XXXXXX, of which Congress was notified on XXXXX.', with the first blank space being filled section 7(c)(1)(B) or section 6(c)(1)(B), whichever is applicable, the second blank space being filled with the name of the appropriate country, and the third blank space being filled with the appropriate date.
      (3) PROCEDURES FOR CONSIDERING RESOLUTIONS-
        (A) INTRODUCTION AND REFERRAL- Resolutions of disapproval--
          (i) in the House of Representatives--
            (I) may be introduced by any Member of the House of Representatives;
            (II) shall be referred to the Committee on Financial Services and to the Committee on Rules; and
            (III) may not be amended by either Committee; and
          (ii) in the Senate--
            (I) may be introduced by any Member of the Senate;
            (II) shall be referred to the Committee on Banking, Housing, and Urban Affairs; and
            (III) may not be amended.
        (B) COMMITTEE DISCHARGE AND FLOOR CONSIDERATION- The provisions of subsections (c) through (f) of section 152 of the Trade Act of 1974 (other than paragraph (3) of subsection (f)) (19 U.S.C. 2192 (c) through (f)) (relating to committee discharge and floor consideration of certain resolutions in the House and Senate) apply to a resolution of disapproval under this section to the same extent those subsections apply to joint resolutions under such section 152.
    (b) Rules of House of Representatives and Senate- This section is enacted by Congress--
      (1) as an exercise of the rulemaking power of the House of Representatives and the Senate, respectively, and as such is deemed a part of the rules of each House, respectively, and the rules provided for in this section supersede other rules only to the extent that they are inconsistent with those other rules; and
      (2) with the full recognition of the constitutional right of either House to change the rules provided for in this section (so far as relating to the procedures of that House) at any time, in the same manner, and to the same extent as any other rule of that House.
      _______________________________________________________________________________________________________________________________________

Bill Text
113th Congress (2013-2014)
H.R.4602.IH

H.R.4602 -- Virtual Currency Tax Reform Act (Introduced in House - IH)

HR 4602 IH

113th CONGRESS
2d Session
H. R. 4602

To change the tax status of virtual currencies from property to foreign currency

IN THE HOUSE OF REPRESENTATIVES

May 7, 2014

Mr. STOCKMAN introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To change the tax status of virtual currencies from property to foreign currency

    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 `Virtual Currency Tax Reform Act'.

SEC. 2. CONGRESSIONAL FINDINGS.

    Congress finds that classifying virtual currencies as property subjects users to capital gains tax on any transaction using the virtual currency based on any gain or loss relative to the change in the virtual currency's value from the time of purchase.

SEC. 3. DEFINITIONS.

    `Virtual currency' is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.

SEC. 4. GENERAL AUTHORIZATION.

    The Internal Revenue Service shall treat virtual currencies as a foreign currency for Federal tax purposes.

SEC. 5. MORATORIUM.

      (1) For a period of five years following the date of the enactment of this Act, the Federal Government shall not impose, assess, collect, or attempt to collect capital gains tax on virtual currencies.
      (2) Nothing in this Act shall prevent, impair or impede the operation of any government agency, authority, or instrumentality, whether of the Federal Government or of any State or political subdivision thereof, to enforce currently existing criminal, civil, or taxation statutes and regulations.

SEC. 6. EFFECTIVE DATE.

The provisions of this Act shall take effect at the beginning of the fiscal year following enactment
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Bill Text
113th Congress (2013-2014)
S.410.IS

S.410 -- Wall Street Trading and Speculators Tax Act (Introduced in Senate - IS)

S 410 IS

113th CONGRESS
1st Session
S. 410

To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.

IN THE SENATE OF THE UNITED STATES

February 28, 2013

Mr. HARKIN (for himself, Mr. WHITEHOUSE, and Mr. SANDERS) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

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 respect to a security described in subparagraph (D), (E), or (F) of subsection (e)(1), if--
        `(A) such security is traded or cleared on a facility located in the United States, or
        `(B) any party with rights under such security is a United States person.
    `(e) Security and Other Definitions- For purposes of this section--
      `(1) IN GENERAL- The term `security' means--
        `(A) any share of stock in a corporation,
        `(B) any partnership or beneficial ownership interest in a partnership or trust,
        `(C) any note, bond, debenture, or other evidence of indebtedness,
        `(D) any evidence of an interest in, or a derivative financial instrument with respect to, any security or securities described in subparagraph (A), (B), or (C),
        `(E) any derivative financial instrument with respect to any currency or commodity, and
        `(F) any notional principal contract.
      `(2) DERIVATIVE FINANCIAL INSTRUMENT- The term `derivative financial instrument' includes any option, forward contract, futures contract, or any similar financial instrument.
      `(3) NOTIONAL PRINCIPAL CONTRACT- Except as otherwise provided by the Secretary, the term `notional principal contract' means any financial instrument which requires two or more payments at specified intervals calculated by reference to a specified index upon one or more notional principal amounts. An amount shall not fail to be treated as a payment described in the preceding sentence merely because such amount is fixed on one date and paid or otherwise taken into account on a different date.
      `(4) SPECIFIED INDEX- The term `specified index' means any 1 or more of any combination of--
        `(A) a fixed rate, price, or amount, or
        `(B) a variable rate, price, or amount,
        `(C) any index based on any objectively determinable information (including the occurrence or nonoccurrence of any event) which is not within the control of any of the parties to the instrument and is not unique to any of the parties' circumstances, and
        `(D) any other index as the Secretary may prescribe.
      `(5) TREATMENT OF EXCHANGES-
        `(A) IN GENERAL- An exchange shall be treated as the sale of the property transferred and a purchase of the property received by each party to the exchange.
        `(B) CERTAIN DEEMED EXCHANGES- In the case of a distribution treated as an exchange for stock under section 302 or 331, the corporation making such distribution shall be treated as having purchased such stock for purposes of this section.
    `(f) Exceptions-
      `(1) EXCEPTION FOR INITIAL ISSUES- No tax shall be imposed under subsection (a) on any covered transaction with respect to the initial issuance of any security described in subparagraph (A), (B), or (C) of subsection (e)(1).
      `(2) EXCEPTION FOR CERTAIN TRADED SHORT-TERM INDEBTEDNESS- A note, bond, debenture, or other evidence of indebtedness which--
        `(A) is traded on a trading facility located in the United States, and
        `(B) has a fixed maturity of not more than 100 days,
      shall not be treated as described in subsection (e)(1)(C).
      `(3) EXCEPTION FOR SECURITIES LENDING ARRANGEMENTS- No tax shall be imposed under subsection (a) on any covered transaction with respect to which gain or loss is not recognized by reason of section 1058.
    `(g) By Whom Paid-
      `(1) IN GENERAL- The tax imposed by this section shall be paid by--
        `(A) in the case of a transaction which occurs or is cleared on a facility located in the United States, such facility, and
        `(B) in the case of a purchase not described in subparagraph (A) which is executed by a broker (as defined in section 6045(c)(1)) which is a United States person, such broker.
      `(2) SPECIAL RULES FOR DIRECT, ETC., TRANSACTIONS- In the case of any transaction to which paragraph (1) does not apply, the tax imposed by this section shall be paid by--
        `(A) in the case of a transaction described in subsection (d)(1)--
          `(i) the purchaser if the purchaser is a United States person, and
          `(ii) the seller if the purchaser is not a United States person, and
        `(B) in the case of a transaction described in subsection (d)(2)--
          `(i) the payor if the payor is a United States person, and
          `(ii) the payee if the payor is not a United States person.
    `(h) Certain Payments Treated as Separate Transactions- Except as otherwise provided by the Secretary, any payment with respect to a security described in subparagraph (D), (E), or (F) of subsection (e)(1) shall be treated as a separate transaction for purposes of this section, including--
      `(1) any net initial payment, net final or terminating payment, or net periodical payment with respect to a notional principal contract (or similar financial instrument),
      `(2) any payment with respect to any forward contract (or similar financial instrument), and
      `(3) any premium paid with respect to any option (or similar financial instrument).
    `(i) Application to Transactions by Controlled Foreign Corporations-
      `(1) IN GENERAL- For purposes of this section, a controlled foreign corporation shall be treated as a United States person.
      `(2) SPECIAL RULES FOR PAYMENT OF TAX ON DIRECT, ETC., TRANSACTIONS- In the case of any transaction which is a covered transaction solely by reason of paragraph (1) and which is not described in subsection (g)(1)--
        `(A) PAYMENT BY UNITED STATES SHAREHOLDERS- Any tax which would (but for this paragraph) be payable under subsection (g)(2) by the controlled foreign corporation shall, in lieu thereof, be paid by the United States shareholders of such controlled foreign corporation as provided in subparagraph (B).
        `(B) PRO RATA SHARES- Each such United States shareholder shall pay the same proportion of such tax as--
          `(i) the stock which such United States shareholder owns (within the meaning of section 958(a)) in such controlled foreign corporation, bears to
          `(ii) the stock so owned by all United States shareholders in such controlled foreign corporation.
        `(C) DEFINITIONS- For purposes of this subsection, the terms `United States shareholder' and `controlled foreign corporation' have the meanings given such terms in sections 951(b) and 957(a), respectively.
    `(j) Administration- The Secretary shall carry out this section in consultation with the Securities and Exchange Commission and the Commodity Futures Trading Commission.
    `(k) Guidance; Regulations- The Secretary shall--
      `(1) provide guidance regarding such information reporting concerning covered transactions as the Secretary deems appropriate, and
      `(2) prescribe such regulations as are necessary or appropriate to prevent avoidance of the purposes of this section, including the use of non-United States persons in such transactions.'.
    (b) Credit With Respect to Certain Tax-Favored Accounts To Offset Transaction Tax-
      (1) IN GENERAL- Subpart C of part IV of subchapter A of chapter 1 of such Code is amended by inserting after section 36B the following new section:

`SEC. 36C. OFFSET FOR TRANSACTION TAX WITH RESPECT TO CERTAIN TAX-FAVORED ACCOUNTS.

    `(a) In General- There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to 0.03 percent of the qualified tax-favored account contributions of the taxpayer for the taxable year.
    `(b) Qualified Tax-Favored Account Contributions- For purposes of this section, the term `qualified tax-favored account contributions' means, with respect to any taxable year, the sum of--
      `(1) with respect to qualified retirement plans (as defined in section 4974(c)) of the taxpayer, the amount contributed to such plans for such taxable year to the extent that such contributions are allowable as a deduction or are excludable from gross income (or, in the case of a Roth IRA (as defined in section 408A(b)), the amount contributed),
      `(2) with respect to Archer MSAs of the taxpayer, the amount allowed as a deduction under section 220 for such taxable year,
      `(3) with respect to health savings accounts of the taxpayer, the amount allowed as a deduction under section 223 for such taxable year, plus
      `(4) with respect to qualified tuition programs (as defined in section 529) and Coverdell education savings accounts (as defined in section 530) with respect to which the taxpayer is the designated beneficiary (or, in the case of a designated beneficiary with respect to whom another taxpayer is allowed a deduction under section 151, such other taxpayer in lieu of such designated beneficiary), the amount contributed for such taxable year.'.
      (2) CONFORMING AMENDMENTS-
        (A) Section 1324(b)(2) of title 31, United States Code, is amended by inserting `, 36C' after `36B'.
        (B) The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before the item relating to section 37 the following new item:
      `Sec. 36C. Offset for transaction tax on contributions to certain tax-favored accounts.'.
    (c) Information Reporting With Respect to Controlled Foreign Corporations- Subparagraph (B) of section 6038(a)(1) is amended by inserting `and transactions which are covered transactions for purposes of section 4475 by reason of the application of section 4475(i)(1) to such corporation' before the semicolon at the end.
    (d) Clerical Amendment- The table of subchapters for chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subchapter B the following new item:
      `Subchapter C. Tax on trading transactions.'.
    (e) Effective Date- The amendments made by this section shall apply to transactions after December 31, 2013.

___________________________________________________________________________________________________________________

Bill Text
113th Congress (2013-2014)
H.R.880.IH

H.R.880 -- Wall Street Trading and Speculators Tax Act (Introduced in House - IH)

HR 880 IH

113th CONGRESS
1st Session
H. R. 880

To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.

IN THE HOUSE OF REPRESENTATIVES

February 28, 2013

Mr. DEFAZIO (for himself, Ms. SLAUGHTER, Ms. NORTON, Mr. SCOTT of Virginia, Mr. CAPUANO, Ms. PINGREE of Maine, Mr. MCGOVERN, Mr. CONYERS, Mr. HUFFMAN, Mr. GRIJALVA, Mr. WELCH, Ms. SCHAKOWSKY, Mrs. NAPOLITANO, Ms. EDWARDS, Mr. SARBANES, Mr. MICHAUD, Ms. BROWN of Florida, Mr. ELLISON, Ms. CHU, Ms. DELAURO, and Mr. BLUMENAUER) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

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 respect to a security described in subparagraph (D), (E), or (F) of subsection (e)(1), if--
        `(A) such security is traded or cleared on a facility located in the United States, or
        `(B) any party with rights under such security is a United States person.
    `(e) Security and Other Definitions- For purposes of this section--
      `(1) IN GENERAL- The term `security' means--
        `(A) any share of stock in a corporation,
        `(B) any partnership or beneficial ownership interest in a partnership or trust,
        `(C) any note, bond, debenture, or other evidence of indebtedness,
        `(D) any evidence of an interest in, or a derivative financial instrument with respect to, any security or securities described in subparagraph (A), (B), or (C),
        `(E) any derivative financial instrument with respect to any currency or commodity, and
        `(F) any notional principal contract.
      `(2) DERIVATIVE FINANCIAL INSTRUMENT- The term `derivative financial instrument' includes any option, forward contract, futures contract, or any similar financial instrument.
      `(3) NOTIONAL PRINCIPAL CONTRACT- Except as otherwise provided by the Secretary, the term `notional principal contract' means any financial instrument which requires two or more payments at specified intervals calculated by reference to a specified index upon one or more notional principal amounts. An amount shall not fail to be treated as a payment described in the preceding sentence merely because such amount is fixed on one date and paid or otherwise taken into account on a different date.
      `(4) SPECIFIED INDEX- The term `specified index' means any 1 or more of any combination of--
        `(A) a fixed rate, price, or amount, or
        `(B) a variable rate, price, or amount,
        `(C) any index based on any objectively determinable information (including the occurrence or nonoccurrence of any event) which is not within the control of any of the parties to the instrument and is not unique to any of the parties' circumstances, and
        `(D) any other index as the Secretary may prescribe.
      `(5) TREATMENT OF EXCHANGES-
        `(A) IN GENERAL- An exchange shall be treated as the sale of the property transferred and a purchase of the property received by each party to the exchange.
        `(B) CERTAIN DEEMED EXCHANGES- In the case of a distribution treated as an exchange for stock under section 302 or 331, the corporation making such distribution shall be treated as having purchased such stock for purposes of this section.
    `(f) Exceptions-
      `(1) EXCEPTION FOR INITIAL ISSUES- No tax shall be imposed under subsection (a) on any covered transaction with respect to the initial issuance of any security described in subparagraph (A), (B), or (C) of subsection (e)(1).
      `(2) EXCEPTION FOR CERTAIN TRADED SHORT-TERM INDEBTEDNESS- A note, bond, debenture, or other evidence of indebtedness which--
        `(A) is traded on a trading facility located in the United States, and
        `(B) has a fixed maturity of not more than 100 days,
      shall not be treated as described in subsection (e)(1)(C).
      `(3) EXCEPTION FOR SECURITIES LENDING ARRANGEMENTS- No tax shall be imposed under subsection (a) on any covered transaction with respect to which gain or loss is not recognized by reason of section 1058.
    `(g) By Whom Paid-
      `(1) IN GENERAL- The tax imposed by this section shall be paid by--
        `(A) in the case of a transaction which occurs or is cleared on a facility located in the United States, such facility, and
        `(B) in the case of a purchase not described in subparagraph (A) which is executed by a broker (as defined in section 6045(c)(1)) which is a United States person, such broker.
      `(2) SPECIAL RULES FOR DIRECT, ETC., TRANSACTIONS- In the case of any transaction to which paragraph (1) does not apply, the tax imposed by this section shall be paid by--
        `(A) in the case of a transaction described in subsection (d)(1)--
          `(i) the purchaser if the purchaser is a United States person, and
          `(ii) the seller if the purchaser is not a United States person, and
        `(B) in the case of a transaction described in subsection (d)(2)--
          `(i) the payor if the payor is a United States person, and
          `(ii) the payee if the payor is not a United States person.
    `(h) Certain Payments Treated as Separate Transactions- Except as otherwise provided by the Secretary, any payment with respect to a security described in subparagraph (D), (E), or (F) of subsection (e)(1) shall be treated as a separate transaction for purposes of this section, including--
      `(1) any net initial payment, net final or terminating payment, or net periodical payment with respect to a notional principal contract (or similar financial instrument),
      `(2) any payment with respect to any forward contract (or similar financial instrument), and
      `(3) any premium paid with respect to any option (or similar financial instrument).
    `(i) Application to Transactions by Controlled Foreign Corporations-
      `(1) IN GENERAL- For purposes of this section, a controlled foreign corporation shall be treated as a United States person.
      `(2) SPECIAL RULES FOR PAYMENT OF TAX ON DIRECT, ETC., TRANSACTIONS- In the case of any transaction which is a covered transaction solely by reason of paragraph (1) and which is not described in subsection (g)(1)--
        `(A) PAYMENT BY UNITED STATES SHAREHOLDERS- Any tax which would (but for this paragraph) be payable under subsection (g)(2) by the controlled foreign corporation shall, in lieu thereof, be paid by the United States shareholders of such controlled foreign corporation as provided in subparagraph (B).
        `(B) PRO RATA SHARES- Each such United States shareholder shall pay the same proportion of such tax as--
          `(i) the stock which such United States shareholder owns (within the meaning of section 958(a)) in such controlled foreign corporation, bears to
          `(ii) the stock so owned by all United States shareholders in such controlled foreign corporation.
        `(C) DEFINITIONS- For purposes of this subsection, the terms `United States shareholder' and `controlled foreign corporation' have the meanings given such terms in sections 951(b) and 957(a), respectively.
    `(j) Administration- The Secretary shall carry out this section in consultation with the Securities and Exchange Commission and the Commodity Futures Trading Commission.
    `(k) Guidance; Regulations- The Secretary shall--
      `(1) provide guidance regarding such information reporting concerning covered transactions as the Secretary deems appropriate, and
      `(2) prescribe such regulations as are necessary or appropriate to prevent avoidance of the purposes of this section, including the use of non-United States persons in such transactions.'.
    (b) Credit With Respect to Certain Tax-Favored Accounts To Offset Transaction Tax-
      (1) IN GENERAL- Subpart C of part IV of subchapter A of chapter 1 of such Code is amended by inserting after section 36B the following new section:

`SEC. 36C. OFFSET FOR TRANSACTION TAX WITH RESPECT TO CERTAIN TAX-FAVORED ACCOUNTS.

    `(a) In General- There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to 0.03 percent of the qualified tax-favored account contributions of the taxpayer for the taxable year.
    `(b) Qualified Tax-Favored Account Contributions- For purposes of this section, the term `qualified tax-favored account contributions' means, with respect to any taxable year, the sum of--
      `(1) with respect to qualified retirement plans (as defined in section 4974(c)) of the taxpayer, the amount contributed to such plans for such taxable year to the extent that such contributions are allowable as a deduction or are excludable from gross income (or, in the case of a Roth IRA (as defined in section 408A(b)), the amount contributed),
      `(2) with respect to Archer MSAs of the taxpayer, the amount allowed as a deduction under section 220 for such taxable year,
      `(3) with respect to health savings accounts of the taxpayer, the amount allowed as a deduction under section 223 for such taxable year, plus
      `(4) with respect to qualified tuition programs (as defined in section 529) and Coverdell education savings accounts (as defined in section 530) with respect to which the taxpayer is the designated beneficiary (or, in the case of a designated beneficiary with respect to whom another taxpayer is allowed a deduction under section 151, such other taxpayer in lieu of such designated beneficiary), the amount contributed for such taxable year.'.
      (2) CONFORMING AMENDMENTS-
        (A) Section 1324(b)(2) of title 31, United States Code, is amended by inserting `, 36C' after `36B'.
        (B) The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before the item relating to section 37 the following new item:
      `Sec. 36C. Offset for transaction tax on contributions to certain tax-favored accounts.'.
    (c) Information Reporting With Respect to Controlled Foreign Corporations- Subparagraph (B) of section 6038(a)(1) is amended by inserting `and transactions which are covered transactions for purposes of section 4475 by reason of the application of section 4475(i)(1) to such corporation' before the semicolon at the end.
    (d) Clerical Amendment- The table of subchapters for chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subchapter B the following new item:
      `Subchapter C. Tax on trading transactions.'.
    (e) Effective Date- The amendments made by this section shall apply to transactions after December 31, 2013.

____________________________________________________________________________________________________

Bill Text
113th Congress (2013-2014)
H.R.1276.IH

H.R.1276 -- Currency Reform for Fair Trade Act (Introduced in House - IH)

HR 1276 IH

113th CONGRESS
1st Session
H. R. 1276

To amend title VII of the Tariff Act of 1930 to clarify that countervailing duties may be imposed to address subsidies relating to a fundamentally undervalued currency of any foreign country.

IN THE HOUSE OF REPRESENTATIVES

March 20, 2013

Mr. LEVIN (for himself, Mr. BROOKS of Alabama, Mrs. CAPITO, Mr. COBLE, Mr. CONYERS, Mr. COOPER, Mr. CUMMINGS, Mr. DEFAZIO, Mr. DINGELL, Mr. ENYART, Mr. GRIFFITH of Virginia, Mr. GRIJALVA, Mr. HARPER, Mr. HIGGINS, Mr. ELLISON, Mr. FOSTER, Mr. JOHNSON of Ohio, Mr. JONES, Ms. KAPTUR, Mr. LIPINSKI, Mr. LYNCH, Mr. MCHENRY, Mr. MCKINLEY, Mr. MEEHAN, Mr. MICHAUD, Mr. GEORGE MILLER of California, Mr. MURPHY of Pennsylvania, Mr. OWENS, Mr. POCAN, Mr. RANGEL, Mr. RYAN of Ohio, Ms. SCHWARTZ, Ms. SHEA-PORTER, Ms. SLAUGHTER, Mr. THOMPSON of Pennsylvania, Mr. TURNER, Mr. VISCLOSKY, Mr. WELCH, and Mr. YOUNG of Alaska) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend title VII of the Tariff Act of 1930 to clarify that countervailing duties may be imposed to address subsidies relating to a fundamentally undervalued currency of any foreign country.

    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 `Currency Reform for Fair Trade Act'.

SEC. 2. CLARIFICATION REGARDING DEFINITION OF COUNTERVAILABLE SUBSIDY.

    (a) Benefit Conferred- Section 771(5)(E) of the Tariff Act of 1930 (19 U.S.C. 1677(5)(E)) is amended--
      (1) in clause (iii), by striking `and' at the end;
      (2) in clause (iv), by striking the period at the end and inserting `, and'; and
      (3) by inserting after clause (iv) the following new clause:
          `(v) in the case in which the currency of a country in which the subject merchandise is produced is exchanged for foreign currency obtained from export transactions, and the currency of such country is a fundamentally undervalued currency, as defined in paragraph (37), the difference between the amount of the currency of such country provided and the amount of the currency of such country that would have been provided if the real effective exchange rate of the currency of such country were not undervalued, as determined pursuant to paragraph (38).'.
    (b) Export Subsidy- Section 771(5A)(B) of the Tariff Act of 1930 (19 U.S.C. 1677(5A)(B)) is amended by adding at the end the following new sentence: `In the case of a subsidy relating to a fundamentally undervalued currency, the fact that the subsidy may also be provided in circumstances not involving export shall not, for that reason alone, mean that the subsidy cannot be considered contingent upon export performance.'.
    (c) Definition of Fundamentally Undervalued Currency- Section 771 of the Tariff Act of 1930 (19 U.S.C. 1677) is amended by adding at the end the following new paragraph:
      `(37) FUNDAMENTALLY UNDERVALUED CURRENCY- The administering authority shall determine that the currency of a country in which the subject merchandise is produced is a `fundamentally undervalued currency' if--
        `(A) the government of the country (including any public entity within the territory of the country) engages in protracted, large-scale intervention in one or more foreign exchange markets during part or all of the 18-month period that represents the most recent 18 months for which the information required under paragraph (38) is reasonably available, but that does not include any period of time later than the final month in the period of investigation or the period of review, as applicable;
        `(B) the real effective exchange rate of the currency is undervalued by at least 5 percent, on average and as calculated under paragraph (38), relative to the equilibrium real effective exchange rate for the country's currency during the 18-month period;
        `(C) during the 18-month period, the country has experienced significant and persistent global current account surpluses; and
        `(D) during the 18-month period, the foreign asset reserves held by the government of the country exceed--
          `(i) the amount necessary to repay all debt obligations of the government falling due within the coming 12 months;
          `(ii) 20 percent of the country's money supply, using standard measures of M2; and
          `(iii) the value of the country's imports during the previous 4 months.'.
    (d) Definition of Real Effective Exchange Rate Undervaluation- Section 771 of the Tariff Act of 1930 (19 U.S.C. 1677), as amended by subsection (c) of this section, is further amended by adding at the end the following new paragraph:
      `(38) REAL EFFECTIVE EXCHANGE RATE UNDERVALUATION- The calculation of real effective exchange rate undervaluation, for purposes of paragraph (5)(E)(v) and paragraph (37), shall--
        `(A)(i) rely upon, and where appropriate be the simple average of, the results yielded from application of the approaches described in the guidelines of the International Monetary Fund's Consultative Group on Exchange Rate Issues; or
        `(ii) if the guidelines of the International Monetary Fund's Consultative Group on Exchange Rate Issues are not available, be based on generally accepted economic and econometric techniques and methodologies to measure the level of undervaluation;
        `(B) rely upon data that are publicly available, reliable, and compiled and maintained by the International Monetary Fund or, if the International Monetary Fund cannot provide the data, by other international organizations or by national governments; and
        `(C) use inflation-adjusted, trade-weighted exchange rates.'.

SEC. 3. REPORT ON IMPLEMENTATION OF ACT.

    (a) In General- Not later than 9 months after the date of the enactment of this Act, the Comptroller General of the United States shall submit to Congress a report on the implementation of the amendments made by this Act.
    (b) Matters To Be Included- The report required by subsection (a) shall include a description of the extent to which United States industries that have been materially injured by reason of imports of subject merchandise produced in foreign countries with fundamentally undervalued currencies have received relief under title VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.), as amended by this Act.

SEC. 4. APPLICATION TO GOODS FROM CANADA AND MEXICO.

    Pursuant to article 1902 of the North American Free Trade Agreement and section 408 of the North American Free Trade Agreement Implementation Act of 1993 (19 U.S.C. 3438), the amendments made by section 2 of this Act shall apply to goods from Canada and Mexico.

_________________________________________________________________________________________________________________

Bill Text
113th Congress (2013-2014)
H.R.1576.IH

H.R.1576 -- Dollar Bill Act of 2013 (Introduced in House - IH)

HR 1576 IH

113th CONGRESS
1st Session
H. R. 1576

To stimulate the economy, provide for a sound United States dollar by defining a value for the dollar, to remove the authority of Federal Reserve banks to pay earnings on certain balances maintained at such banks, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

April 16, 2013

Mr. POE of Texas introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To stimulate the economy, provide for a sound United States dollar by defining a value for the dollar, to remove the authority of Federal Reserve banks to pay earnings on certain balances maintained at such banks, and for other purposes.

    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 `Dollar Bill Act of 2013'.

SEC. 2. FINDINGS.

    Congress finds the following:
      (1) Article I, section 8 of the Constitution of the United States provides that the Congress shall have Power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.
      (2) Congress effectively delegated the power to regulate the value of United States money and foreign money to the Federal Reserve System via the Federal Reserve Act of 1913.
      (3) The value of the United States dollar has fallen dramatically relative to gold, crude oil, other real commodities and major foreign currencies.
      (4) The value of the United States dollar has become unstable and uncertain.
      (5) The Board of Governors of the Federal Reserve System has not produced a stable and reliable value for the United States dollar.
      (6) The Board of Governors of the Federal Reserve System cannot reasonably be expected to produce a stable and reliable value for the United States dollar.
      (7) An unstable dollar slows the growth of the economy by increasing the cost of capital, increasing the risks attendant to long-term capital investment, and increasing the effective rate of the corporate income tax.
      (8) An unstable dollar reduces the real earnings of American workers.
      (9) An unstable dollar reduces the real value of financial assets held by the public.
      (10) An unstable dollar reduces the real value of pension plans and retirement accounts upon which Americans depend for their security.
      (11) An unstable dollar damages the economic and political standing of the United States in the world community.
      (12) An unstable dollar gives rise to anxiety, uncertainty, and risk among the financial markets and the public.

SEC. 3. DIRECTIVES TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

    (a) In General- Before the end of the 30-day period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System shall designate a specific week (the `Target Week') starting no earlier than 90 days from the date of the enactment of this Act and ending no later than 120 days from the enactment of this Act. After designating the Target Week, the Board of Governors of the Federal Reserve System shall then employ a random process to select a specific day, hour, minute, and second during the Target Week (the `Target Moment'), which shall not be publicly disclosed. At the Target Moment, the Board of Governors of the Federal Reserve System shall make the value of the U.S. dollar equal to the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc., as of the Target Moment and maintain the value of the United States dollar within plus or minus 2 percent of such price (the `Target Range') thereafter.
    (b) Target- The Board of Governors of the Federal Reserve System shall maintain the value of the United States dollar within the Target Range directly, via open market operations, and not indirectly, as in the current practice of targeting the Federal Funds rate.
    (c) Promotion of Stable and Effective Financial Markets- The Board of Governors of the Federal Reserve System shall use the banking and bank regulatory powers of the Board to maintain and promote stable and effective financial markets during and after the transition to a defined value for the United States dollar.

SEC. 4. TAX DEPRECIATION.

    Effective January 1, 2013, all entities that depreciate capital assets for tax purposes shall be entitled to 100 percent expensing of all capital investment for tax purposes in the year that the investment is made.

SEC. 5. DIRECTIVE TO THE CONGRESSIONAL BUDGET OFFICE.

    In addition to the scoring that the Congressional Budget Office will do of the tax changes provided in this Act in the normal course of events, the Congressional Budget Office shall also calculate the impact on Federal revenues on a present value basis. This calculation shall be done in the manner that such calculations are done by the Social Security Trustees, and shall take into account the following:
      (1) That first year expensing of capital investment accelerates, but does not change the total amount of the depreciation that taxpayers take based upon their investments.
      (2) Capital investments by businesses have historically earned much higher returns than the interest rate on government bonds.

SEC. 6. CONFLICT OF LAWS PROVISION.

    In the event that any provisions of this Act are found to be in conflict with those of the Full Employment and Balanced Growth Act of 1978, the provisions of this Act shall supersede the provisions of such Act to the extent of the conflict.

SEC. 7. REMOVAL OF FEDERAL RESERVE BANK AUTHORITY TO PAY EARNINGS ON RESERVES.

    (a) In General- Section 19(b)(12) of the Federal Reserve Act (12 U.S.C. 461(b)(12)) is amended--
      (1) in the heading of such paragraph, by striking `EARNINGS' and inserting `NO EARNINGS';
      (2) in subparagraph (A), by striking `may receive earnings to be paid by the Federal Reserve bank at least once each calendar quarter, at a rate or rates not to exceed the general level of short-term interest rates' and inserting `may not receive earnings paid by the Federal Reserve bank';
      (3) by striking subparagraph (B); and
      (4) by redesignating subparagraph (C) as subparagraph (B).
    (b) Effective Date- The amendments made under this section shall take effect after the end of the 30-day period beginning on the date of the enactment of this Act.

    ______________________________________________________________________________________________________________________________________________

Bill Text
113th Congress (2013-2014)
H.R.1579.IH

H.R.1579 -- Inclusive Prosperity Act of 2013 (Introduced in House - IH)

HR 1579 IH

113th CONGRESS
1st Session
H. R. 1579

To impose a tax on certain trading transactions to strengthen our financial security, reduce market volatility, expand opportunity, and stop shrinking the middle class.

IN THE HOUSE OF REPRESENTATIVES

April 16, 2013

Mr. ELLISON (for himself, Mr. BLUMENAUER, Ms. CHU, Mr. CONYERS, Ms. EDWARDS, Mr. GRIJALVA, Ms. LEE of California, Mr. MCGOVERN, and Ms. NORTON) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To impose a tax on certain trading transactions to strengthen our financial security, reduce market volatility, expand opportunity, and stop shrinking the middle class.

    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 `Inclusive Prosperity Act of 2013'.

SEC. 2. FINDINGS.

    Congress finds the following:
      (1) The global financial crisis cost Americans $19 trillion in lost wealth.
      (2) The global financial crisis was caused by financial firms taking great financial risks without disclosing those risks to their investors or their regulators, and by regulatory failures to adequately police the financial services markets for crime, unfair or deceptive practices, fraud, lack of transparency, and mismanagement.
      (3) Deceptive, illegal, and speculative financial practices have harmed public confidence in the integrity and fairness of many United States financial institutions, and threaten the basic strengths of the United States economic system.
      (4) American citizens provided the money to stabilize the financial sector, making $600 billion available to 800 financial institutions, automakers, and insurance companies.
      (5) The global financial crisis, along with the wars, unabated and unaddressed climate change, unsustainable tax cuts, and a continuing unemployment crisis, if unaddressed, will deprive a generation of a meaningful role in the larger economy.
      (6) Nurses, teachers, public safety officers, and other public sector workers have faced drastic funding cuts, harming our long-term public safety and prospects for economic growth.
      (7) Extreme weather events rooted in climate change, including flood, drought, fire, super storms like Sandy, as well as `slow-onset' events like sea level rise, are wreaking havoc in the United States and across the globe resulting in climate change impacts that jeopardize the lives and livelihoods of Americans, causing large-scale food and energy insecurity in developing countries, and extolling untold economic costs.
      (8) According to economists, a small tax on transfer of ownership of every financial trade could generate hundreds of billions annually in revenue, which when invested could help create sufficient jobs in both the public and private sectors to replace the 8 million jobs lost in the recent recession and add even more jobs on an ongoing basis, as well as provide urgently needed funding for programs to combat climate change and address global health and development issues.
      (9) A transactions tax will help limit high frequency trading which may be as high as 70 percent of the market and results in declining market stability through extreme price volatility, distorted market prices, and structural vulnerability to speculation far in excess of the liquidity needs of commercial hedgers.
      (10) A securities transfer tax would have a negligible impact on the average investor.
      (11) The United States had a transfer tax from 1914 to 1966: The Revenue Act of 1914 (Act of Oct. 22, 1914 (ch. 331, 38 Stat. 745)) levied a 0.2 percent tax on all sales or transfers of stock which was doubled in 1932 to help overcome the budgetary challenges during the Great Depression.
      (12) Forty nations have or have had some form of a financial transactions tax; it is endorsed by more than 1,000 economists; and 11 European countries are moving forward on implementing a coordinated financial transactions tax after European Union finance ministers signaled approval in January 2013.
      (13) Revenue generated by this tax will be available to--
        (A) strengthen financial security and expand opportunity for low- and moderate-income families, including strengthening the social safety net and expanding resources for child care, Social Security, and savings incentives; and
        (B) expand resources for State and Federal investments that protect our health and environment, investing in water and wastewater infrastructure, rebuild our crumbling physical infrastructure, and create good paying jobs by--
          (i) expanding and improving Medicare and Medicaid;
          (ii) investing in education, student debt relief, job training, public sector jobs, and green jobs;
          (iii) providing housing assistance to low-income households;
          (iv) investing in transportation including public mass transit and an infrastructure bank that promotes environmentally responsible domestic manufacturing and construction industries; and
          (v) protecting our environment and building a clean energy economy, including efforts to combat climate change and build resilience to its effects in the United States and in developing countries; and
        (C) fund international sustainable prosperity programs such as health care investments, AIDS treatment, research and prevention programs, climate change adaptation and mitigation efforts by developing countries, and international assistance.

SEC. 3. 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 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 a security described in subparagraph (A) or (B) of subsection (e)(1),
      `(2) 0.10 percent in the case of a security described in subparagraph (C) of subsection (e)(1), and
      `(3) 0.005 percent in the case of a security described in subparagraph (D), (E), or (F) of subsection (e)(1).
    `(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 respect to a security described in subparagraph (D), (E), or (F) of subsection (e)(1), if--
        `(A) such security is traded or cleared on a facility located in the United States, or
        `(B) any party with rights under such security is a United States person.
    `(e) Security and Other Definitions- For purposes of this section--
      `(1) IN GENERAL- The term `security' means--
        `(A) any share of stock in a corporation,
        `(B) any partnership or beneficial ownership interest in a partnership or trust,
        `(C) 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 under section 103(a),
        `(D) any evidence of an interest in, or a derivative financial instrument with respect to, any security or securities described in subparagraph (A), (B), or (C),
        `(E) any derivative financial instrument with respect to any currency or commodity including notional principal contracts, and
        `(F) any other derivative financial instrument any payment with respect to which is calculated by reference to any specified index.
      `(2) DERIVATIVE FINANCIAL INSTRUMENT- The term `derivative financial instrument' includes any option, forward contract, futures contract, notional principal contract, or any similar financial instrument.
      `(3) SPECIFIED INDEX- The term `specified index' means any 1 or more of any combination of--
        `(A) a fixed rate, price, or amount, or
        `(B) a variable rate, price, or amount, which is based on any current objectively determinable information which is not within the control of any of the parties to the contract or instrument and is not unique to any of the parties' circumstances.
      `(4) TREATMENT OF EXCHANGES-
        `(A) IN GENERAL- An exchange shall be treated as the sale of the property transferred and a purchase of the property received by each party to the exchange.
        `(B) CERTAIN DEEMED EXCHANGES- In the case of a distribution treated as an exchange for stock under section 302 or 331, the corporation making such distribution shall be treated as having purchased such stock for purposes of this section.
    `(f) Exceptions-
      `(1) EXCEPTION FOR INITIAL ISSUES- No tax shall be imposed under subsection (a) on any covered transaction with respect to the initial issuance of any security described in subparagraph (A), (B), or (C) of subsection (e)(1).
      `(2) EXCEPTION FOR CERTAIN TRADED SHORT-TERM INDEBTEDNESS- A note, bond, debenture, or other evidence of indebtedness which--
        `(A) is traded on a trading facility located in the United States, and
        `(B) has a fixed maturity of not more than 60 days,
      shall not be treated as described in subsection (e)(1)(C).
      `(3) EXCEPTION FOR SECURITIES LENDING ARRANGEMENTS- No tax shall be imposed under subsection (a) on any covered transaction with respect to which gain or loss is not recognized by reason of section 1058.
    `(g) By Whom Paid-
      `(1) IN GENERAL- The tax imposed by this section shall be paid by--
        `(A) in the case of a transaction which occurs or is cleared on a facility located in the United States, such facility, and
        `(B) in the case of a purchase not described in subparagraph (A) which is executed by a broker (as defined in section 6045(c)(1)), the broker.
      `(2) SPECIAL RULES FOR DIRECT, ETC., TRANSACTIONS- In the case of any transaction to which paragraph (1) does not apply, the tax imposed by this section shall be paid by--
        `(A) in the case of a transaction described in subsection (d)(1)--
          `(i) the purchaser if the purchaser is a United States person, and
          `(ii) the seller if the purchaser is not a United States person, and
        `(B) in the case of a transaction described in subsection (d)(2)--
          `(i) the payor if the payor is a United States person, and
          `(ii) the payee if the payor is not a United States person.
    `(h) Certain Payments Treated as Separate Transactions- Except as otherwise provided by the Secretary, any payment with respect to a security described in subparagraph (D), (E), or (F) of subsection (e)(1) shall be treated as a separate transaction for purposes of this section, including--
      `(1) any net initial payment, net final or terminating payment, or net periodical payment with respect to a notional principal contract (or similar financial instrument),
      `(2) any payment with respect to any forward contract (or similar financial instrument), and
      `(3) any premium paid with respect to any option (or similar financial instrument).
    `(i) Administration- The Secretary shall carry out this section in consultation with the Securities and Exchange Commission and the Commodity Futures Trading Commission.
    `(j) Guidance; Regulations- The Secretary shall--
      `(1) provide guidance regarding such information reporting concerning covered transactions as the Secretary deems appropriate, including reporting by the payor of the tax in cases where the payor is not the purchaser, and
      `(2) prescribe such regulations as are necessary or appropriate to prevent avoidance of the purposes of this section, including the use of non-United States persons in such transactions.
    `(k) Whistleblowers- See section 7623 for provisions relating to whistleblowers.'.
    (b) Penalty for Failure To Include Covered Transaction Information With Return- Part I of subchapter B of chapter 68 of the Internal Revenue Code of 1986 is amended by inserting after section 6707A the following new section:

`SEC. 6707B. PENALTY FOR FAILURE TO INCLUDE COVERED TRANSACTION INFORMATION WITH RETURN.

    `(a) Imposition of Penalty- Any person who fails to include on any return or statement any information with respect to a covered transaction which is required pursuant to section 4475(j)(1) to be included with such return or statement shall pay a penalty in the amount determined under subsection (b).
    `(b) Amount of Penalty- Except as otherwise provided in this subsection, the amount of the penalty under subsection (a) with respect to any covered transaction shall be determined by the Secretary.
    `(c) Covered Transaction- For purposes of this section, the term `covered transaction' has the meaning given such term by section 4475(d).
    `(d) Authority To Rescind Penalty-
      `(1) IN GENERAL- The Commissioner of Internal Revenue may rescind all or any portion of any penalty imposed by this section with respect to any violation if rescinding the penalty would promote compliance with the requirements of this title and effective tax administration.
      `(2) NO JUDICIAL APPEAL- Notwithstanding any other provision of law, any determination under this subsection may not be reviewed in any judicial proceeding.
      `(3) RECORDS- If a penalty is rescinded under paragraph (1), the Commissioner shall place in the file in the Office of the Commissioner the opinion of the Commissioner with respect to the determination, including--
        `(A) a statement of the facts and circumstances relating to the violation,
        `(B) the reasons for the rescission, and
        `(C) the amount of the penalty rescinded.
    `(e) Coordination With Other Penalties- The penalty imposed by this section shall be in addition to any other penalty imposed by this title.'.
    (c) Clerical Amendments-
      (1) The table of sections for part I of subchapter B of chapter 68 of such Code is amended by inserting after item relating to section 6707A the following new item:
      `Sec. 6707B. Penalty for failure to include covered transaction information with return.'.
      (2) The table of subchapters for chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subchapter B the following new item:

`subchapter c. tax on trading transactions.'.

    (d) Effective Date- The amendments made by this section shall apply to transactions after December 31, 2013.

SEC. 4. OFFSETTING CREDIT FOR FINANCIAL TRANSACTION TAX.

    (a) In General- Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25D the following new section:

`SEC. 25E. FINANCIAL TRANSACTION TAX PAYMENTS.

    `(a) Allowance of Credit- In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the tax paid during the taxable year under section 4475.
    `(b) Limitation Based on Modified Adjusted Gross Income-
      `(1) IN GENERAL- Subsection (a) shall not apply to a taxpayer for the taxable year if the modified adjusted gross income of the taxpayer for the taxable year exceeds $50,000 ($75,000 in the case of a joint return and one-half of such amount in the case of a married individual filing a separate return).
      `(2) MODIFIED ADJUSTED GROSS INCOME- For purposes of paragraph (1), the term `modified adjusted gross income' means adjusted gross income--
        `(A) determined without regard to sections 86, 893, 911, 931, and 933, and
        `(B) increased by the amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax.
      `(3) INFLATION ADJUSTMENT-
        `(A) IN GENERAL- In the case of any taxable year beginning after 2014, each dollar amount referred to in paragraph (1) shall be increased by an amount equal to--
          `(i) such dollar amount, multiplied by
          `(ii) the cost-of-living adjustment determined under section (1)(f)(3) of the Internal Revenue Code of 1986 for the calendar year in which the taxable year begins, by substituting `2013' for `1992'.
        `(B) ROUNDING- If any amount as adjusted under clause (i) is not a multiple of $50, such amount shall be rounded to the nearest multiple of $50.
    `(c) Eligible Individual-
      `(1) IN GENERAL- The term `eligible individual' means, with respect to any taxable year, an individual who--
        `(A) has attained the age of 18 as of the last day of such taxable year, and
        `(B) is a citizen or lawful permanent resident (within the meaning of section 7701(b)(6)) as of the last day of such taxable year.
      `(2) CERTAIN INDIVIDUALS NOT ELIGIBLE- For purposes of paragraph (1), an individual described in any of the following provisions of this title for the preceding taxable year shall not be treated as an eligible individual for the taxable year:
        `(A) An individual who is a student (as defined in section 152(f)(2)) for the taxable year or the immediately preceding taxable year.
        `(B) An individual who is a taxpayer described in subsection (c), (d), or (e) of section 6402 for the immediately preceding taxable year.
        `(C) A married individual who files a separate return for the taxable year.'.
    (b) Clerical Amendment- The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item:
      `Sec. 25E. Financial transaction tax payments.'.
    (c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

________________________________________________________________________________________________________________

Bill Text
113th Congress (2013-2014)
H.J.RES.17.IH

H.J.RES.17 -- Proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by Congress) that the total amount of money expended... (Introduced in House - IH)

HJ 17 IH

113th CONGRESS
1st Session
H. J. RES. 17

Proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by Congress) that the total amount of money expended by the United States during any fiscal year not exceed the amount of certain revenue received by the United States during such fiscal year and not exceed 20 percent of the gross domestic product of the United States during the previous calendar year.

IN THE HOUSE OF REPRESENTATIVES

January 15, 2013

Mrs. ROBY introduced the following joint resolution; which was referred to the Committee on the Judiciary


JOINT RESOLUTION

Proposing an amendment to the Constitution of the United States which requires (except during time of war and subject to suspension by Congress) that the total amount of money expended by the United States during any fiscal year not exceed the amount of certain revenue received by the United States during such fiscal year and not exceed 20 percent of the gross domestic product of the United States during the previous calendar year.

    Resolved by the Senate and House of Representatives of the United States of America in Congress assembled (two-thirds of each House concurring therein), That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission by the Congress:

`Article--

    `Section 1. The total amount of money expended by the United States in any fiscal year shall not exceed the total amount of revenue received by the United States during such fiscal year, except revenue received from the issuance of bonds, notes, or other obligations of the United States.
    `Section 2. The total amount of money expended by the United States in any fiscal year shall not exceed the amount equal to 20 percent of the gross domestic product of the United States during the last calendar year ending before the beginning of such fiscal year.
    `Section 3. Prior to each fiscal year, the President shall transmit to Congress a proposed budget for the United States for that fiscal year in which total outlays of the United States do not exceed total revenue received by the United States.
    `Section 4. Sections 1 and 2 of this Article shall not apply during any fiscal year during any part of which the United States is at war as declared by Congress under section 8 of article I of the Constitution.
    `Section 5. Sections 1 and 2 of this Article may be suspended by a concurrent resolution approved by a three-fifths vote of the Members of the Senate and a two-thirds vote of the Members of the House of Representatives. Any suspension of sections 1 and 2 of this Article under this section shall be effective only during the fiscal year during which such suspension is approved.
    `Section 6. Congress shall have power to enforce this Article by appropriate legislation.
    `Section 7. This Article shall take effect on the first day of the first fiscal year beginning after the date of the adoption of this Article.'.
______________________________________________________________________________________________________________________________________________

Bill Text
113th Congress (2013-2014)
H.R.77.IH

H.R.77 -- Free Competition in Currency Act of 2013 (Introduced in House - IH)

HR 77 IH

113th CONGRESS
1st Session
H. R. 77

To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.

IN THE HOUSE OF REPRESENTATIVES

January 3, 2013

Mr. BROUN of Georgia introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.

    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 `Free Competition in Currency Act of 2013'.

SEC. 2. REPEAL OF LEGAL TENDER LAWS.

    (a) In General- Section 5103 of title 31, United States Code (relating to legal tender), is hereby repealed.
    (b) Clerical Amendment- The table of sections for subchapter I of chapter 51 of title 31, United States Code, is amended by striking the item relating to section 5103 and inserting the following new item:
      `5103. [Repealed].'.

SEC. 3. NO TAX ON CERTAIN COINS AND BULLION.

    (a) In General- Notwithstanding any other provision of law--
      (1) no tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person; and
      (2) no State may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.
    (b) Effective Date- This section shall take effect on December 31, 2013, but shall not apply to taxes or fees imposed before such date.

SEC. 4. REPEAL OF SUPERFLUOUS SECTIONS.

    (a) In General- Title 18, United States Code, is amended by striking sections 486 (relating to uttering coins of gold, silver, or other metal) and 489 (making or possessing likeness of coins).
    (b) Conforming Amendment to Table of Sections- The table of sections at the beginning of chapter 25 of title 18, United States Code, is amended by striking the items relating to the sections stricken by subsection (a).
    (c) Special Rule Concerning Retroactive Effect- Any prosecution under the sections stricken by subsection (a) shall abate upon the taking effect of this section. Any previous conviction under those sections shall be null and void.




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