Contact Congress about S. 1990: Wall Street Tax Act of 2023

Many trades tied to U.S. markets or U.S. people would cost a little more. Some lower- and middle-income individual investors could get that tax back through a new tax credit.

Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.

Wall Street Tax Act of 2023 is a Senate bill in Congress.

Who this affects: This bill mainly affects people and firms that trade financial assets tied to the United States. Brokers, exchanges, and trading platforms would need systems to collect, pay, and report the tax. Individual investors could face higher trading costs, but some lower- and middle-income people could claim a credit. High-volume traders and firms that trade often would likely feel the tax most because it applies to each covered transaction.

Why this matters: This bill matters because it would make many U.S.-linked financial trades cost more. That could raise federal revenue and could slow some very short-term trading. It could also affect trading volume, prices, and market liquidity, meaning how easy it is to buy or sell without moving the price. The bill does not say exactly how markets would respond.

Key provisions in S. 1990

• The bill taxes ownership transfers in covered securities. That includes stocks, partnership and trust interests, most taxable bonds, derivatives, and digital assets.
• Most stock, ownership interest, and digital asset trades would face a 0.5% tax. Certain debt trades would face a 0.10% tax, and derivatives would face a 0.005% tax based on the value of what they track.
• The tax applies when a trade happens or clears on a U.S. trading facility. It also applies when the buyer, seller, or certain derivative party is a U.S. person.
• Some transactions are left out. These include the first issuance of a security, some U.S.-traded debt with 60 days or less left, and qualifying securities-lending deals.
• When people exchange securities, the bill treats each side as both selling and buying. Each side can owe tax.

How Modern Action helps you take action on S. 1990

You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.

Questions people ask about S. 1990

What is S. 1990?

Many trades tied to U.S. markets or U.S. people would cost a little more. Some lower- and middle-income individual investors could get that tax back through a new tax credit.

How do I support or oppose S. 1990?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about S. 1990?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

Can Modern Action explain S. 1990 before I act?

Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.