H.R. 9529: No Official Presidential Returns On Furtive Individual Trades Act

This bill would change federal tax law so that, during any tax year when a person serves as President of the United States, capital gains on most investments would be taxed at 100% instead of the normal capital gains tax rates.

What counts as the covered gains

The bill focuses on net capital gain earned while serving as President. In plain terms, this means profit from selling capital assets such as stocks, bonds, or other investments, after subtracting losses, for any tax year that overlaps with a presidential term.

How the tax would work

For those gains, the bill would treat the tax owed as equal to the full amount of the gain. In other words, if a covered gain is $100, the tax on that gain would be $100, leaving no after-tax profit from that gain under this rule.

Special rule for assets still held at year-end

The bill also includes a mark-to-market rule for certain assets. If the President still owns a capital asset at the end of a covered tax year, the asset would be treated as if it were sold at its fair market value on the last business day of that year. Any gain or loss would be recognized for that year, even if the asset was not actually sold.

Exception for certain assets

Some assets would be excluded from this special rule if they are qualified capital assets. Under the bill, that generally means assets that the President holds only through a qualified blind trust during the time in office. Gains from those assets would not be subject to the same treatment described above.

When it would apply

The bill would apply to tax years beginning after December 31, 2024.

Relevant Companies

None found