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119-hr-9075119th CongressWALLET

Tax the Grift Act

Sponsored By: Representative Pocan, Mark [D-WI-2]

Introduced

Summary

100% tax on settlement payments from funds set up after a presidential lawsuit against the IRS. This bill would create a new tax chapter that targets payments from those specific qualified settlement funds and changes how those payments are reported and deducted.

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  • People or entities that receive a payment from a qualified settlement fund would face a tax equal to 100% of that payment. Those payments would also be excluded from gross income for Chapter 1 purposes.
  • The bill adds a new Chapter 50B to the tax code and treats the new tax as a Subtitle A tax for administrative rules. It also amends section 275(a)(6) to block deduction treatment for these payments.
  • The rule would apply to amounts received after the law takes effect.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

New 100% tax on settlement payments

This bill would tax 100% of any "qualified settlement fund payment" you get in a tax year. A "qualified settlement fund payment" would be money from a fund set up because the President sued the IRS. For Chapter 1, the bill would exclude those payments from gross income but still impose the separate 100% tax. It would also disallow some deductions for these amounts and make the tax follow normal filing and collection rules. These rules would apply to amounts you receive after the bill is enacted.

Sponsors & CoSponsors

Sponsor

Pocan, Mark [D-WI-2]

WI • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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