WASHINGTON — Rep. Keith Ellison, D-Minn., introduced a bill Wednesday that would establish a tax on the trading of stocks and other financial products.

The Inclusive Prosperity Act, billed as a "Wall Street sales tax," would impose a 0.5% sale tax on brokers carrying out trades on stocks, and a smaller amount on financial transactions, including the trading of bonds and derivatives.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.