Prevent Presidential Profiteering Act

Summary#

This bill adds a new chapter to the tax code that creates a special tax on civil damages received by a person who has served as President. The tax equals 100 percent of the amount a covered person receives as damages (by settlement, verdict, judgment, or otherwise) from any civil action filed by that person against the United States or its agencies. "Covered person" includes the President, the President's spouse and certain relatives, and any person controlled by those individuals. The tax applies to damages tied to civil actions filed, settled, or decided while the person was serving as President. The bill also says these amounts are not included in regular gross income and updates a separate tax provision to reference the new chapter. The changes apply to amounts received after the date the bill becomes law.

What it means for you#

• If you are a person who has served as President, your spouse, a close relative defined under tax rules, or someone controlled by those people, and you receive damages from a civil action you filed against the United States during the President's time in office, that damage payment would be taxed at 100 percent under this bill.
• For most people who are not a President, a covered family member, or a controlled person, this bill would not apply.

Expenses#

• The bill imposes a 100 percent tax on qualified civil action amounts as described above.
• No publicly available information on estimated revenue, enforcement costs, or other budget effects is included in the bill text or metadata provided.

Proponents' View#

No publicly available information.

Opponents' View#

No publicly available information.