Unfair Tax Prevention Act

Hozzl · 2023-12-15T16:00:42Z

Explore the details of House Bill 4695 Unfair Tax Prevention Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 4:00 PM

Summary of Bill HR 4695

The Unfair Tax Prevention Act, also known as Bill 118 hr 4695, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to prevent unfair tax practices and loopholes that allow certain individuals or corporations to avoid paying their fair share of taxes.

The bill includes provisions that would close loopholes in the tax code that allow for the manipulation of income and deductions in order to reduce tax liability. It also aims to increase transparency in the tax system by requiring individuals and corporations to disclose more information about their financial activities.

Additionally, the Unfair Tax Prevention Act includes measures to crack down on tax evasion and fraud. This includes increasing penalties for those who are found to be evading taxes and providing additional resources to the IRS to investigate and prosecute tax offenders. Overall, the Unfair Tax Prevention Act is designed to create a more fair and equitable tax system that ensures all individuals and corporations are paying their fair share. It is currently being debated in Congress and may undergo changes before being voted on.

Congressional Summary of HR 4695

Unfair Tax Prevention Act

This bill imposes reciprocal taxes on foreign jurisdictions that attempt to impose certain surtaxes on U.S. business operations.

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Current Status of Bill HR 4695

Bill HR 4695 is currently in the status of Bill Introduced since July 18, 2023. Bill HR 4695 was introduced during Congress 118 and was introduced to the House on July 18, 2023. Bill HR 4695's most recent activity was Referred to the House Committee on Ways and Means. as of July 18, 2023

Bipartisan Support of Bill HR 4695

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

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Policy Area and Potential Impact of Bill HR 4695

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 4695

Unfair Tax Prevention Act

To amend the Internal Revenue Code of 1986 to modify the application of the base erosion and anti-abuse tax with respect to certain entities connected to jurisdictions which have implemented an extraterritorial tax.