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No Capital Gains Allowance for American Adversaries Act
10/22/2024, 7:53 PM
Summary of Bill S 5233
Bill 118 s 5233, also known as the No Capital Gains Allowance for American Adversaries Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to prevent individuals or entities from countries that are considered adversaries of the United States from receiving a capital gains tax allowance.
Under current tax laws, individuals and entities are able to receive a capital gains tax allowance, which allows them to pay a lower tax rate on profits made from the sale of assets such as stocks or real estate. However, this bill seeks to restrict this allowance for individuals or entities from countries that are deemed adversaries of the US.
The bill aims to increase financial pressure on countries that are considered adversaries of the US, such as Russia, China, Iran, and North Korea. By restricting the capital gains tax allowance for individuals and entities from these countries, the US government hopes to deter them from engaging in activities that are harmful to US interests. Overall, the No Capital Gains Allowance for American Adversaries Act is a measure aimed at using the US tax code to further US foreign policy objectives and increase pressure on countries that are considered adversaries.
Under current tax laws, individuals and entities are able to receive a capital gains tax allowance, which allows them to pay a lower tax rate on profits made from the sale of assets such as stocks or real estate. However, this bill seeks to restrict this allowance for individuals or entities from countries that are deemed adversaries of the US.
The bill aims to increase financial pressure on countries that are considered adversaries of the US, such as Russia, China, Iran, and North Korea. By restricting the capital gains tax allowance for individuals and entities from these countries, the US government hopes to deter them from engaging in activities that are harmful to US interests. Overall, the No Capital Gains Allowance for American Adversaries Act is a measure aimed at using the US tax code to further US foreign policy objectives and increase pressure on countries that are considered adversaries.
Congressional Summary of S 5233
No Capital Gains Allowance for American Adversaries Act
This bill treats gains and dividends derived from transactions involving countries of concern as ordinary income. The bill defines countries of concern to include China (including Hong Kong and Macao and excluding Taiwan), Russia, Belarus, Iran, and North Korea.
Read the Full Bill
Current Status of Bill S 5233
Bill S 5233 is currently in the status of Bill Introduced since September 25, 2024. Bill S 5233 was introduced during Congress 118 and was introduced to the Senate on September 25, 2024. Bill S 5233's most recent activity was Read twice and referred to the Committee on Finance. as of September 25, 2024
Bipartisan Support of Bill S 5233
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 5233
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 5233
No Capital Gains Allowance for American Adversaries Act
No Capital Gains Allowance for American Adversaries Act
A bill to amend the Internal Revenue Code of 1986 to treat certain gains and dividends derived from counties of concern as ordinary income.
Comments

Amyra Bruce
685
1 year ago
This bill sucks big time.

Brayden Adcock
599
1 year ago
I support this bill because it prevents our adversaries from benefiting from capital gains in the United States. It's important to protect our economy and national security from those who seek to harm us. How will this bill impact the stock market in the short term?
Sponsors and Cosponsors of S 5233
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