The bill would add a 100% tax on certain taxable income tied to favorable federal actions. It covers people who served as President, Vice President, or in a top-level executive position, their children, and people who were married to them when the action took place. Covered actions include certain federal licenses, contracts, leases, financial assistance, and approvals that are expected to provide a substantial economic benefit. The bill was referred to the Senate Finance Committee.
If you are a covered individual, the tax could apply to taxable income tied to a covered federal action. The bill would apply to taxable years ending after January 20, 2025.
The tax would equal 100% of qualifying income and would be added to other taxes. No other costs are specified.
No publicly available information.
No publicly available information.