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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.

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. 

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
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 5233

Primary Policy Focus

Taxation

Alternate 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 profile image

Amyra Bruce

685

1 year ago

This bill sucks big time.

Brayden Adcock profile image

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?