NO PROFIT Act
Sponsored By: Representative Salinas, Andrea [D-OR-6]
Introduced
Summary
100% tax on presidential net capital gains. The bill would make an individual serving as President pay a full tax on qualified net capital gains for any year they serve and require year-end mark-to-market accounting for assets not held in a qualified blind trust.
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- People who serve as President: Any "qualified net capital gain" in a taxable year that overlaps presidential service would be taxed at 100% for that year.
- Assets in qualified blind trusts vs. others: Capital assets held only in a qualified blind trust during the presidency count as "qualified capital assets" and are excluded from the special gain rule. Assets not in such trusts must be treated as if sold at fair market value on the last business day of the taxable year and gains or losses taken into account that year.
- Timing: The rule would apply to taxable years beginning after December 31, 2024.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
100% tax on Presidents' capital gains
If you serve as President, this bill would tax 100% of your "qualified net capital gain" for any taxable year you serve. "Qualified net capital gain" would be the excess of gains over losses from sales of capital assets that are not "qualified capital assets." An asset would be a "qualified capital asset" only if it was held only in a qualified blind trust (as defined in federal law) for all times you served. For assets not in such a trust that you still own at year end, the bill would treat them as sold at fair market value on the last business day and require you to recognize that gain or loss for the year. The rules would apply to taxable years beginning after December 31, 2024, and the bill would adjust later realized gains or losses so amounts taxed under these rules are not taxed again.
Sponsors & CoSponsors
Sponsor
Salinas, Andrea [D-OR-6]
OR • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov