Higher Taxes on Gains from Investments in Adversary Countries.
This bill changes how capital gains and dividends from investments linked to China, Russia, Iran, North Korea, and Belarus are taxed. Profits from selling stocks or other property connected to these nations will be treated as ordinary income, resulting in higher tax rates for investors. Furthermore, inheriting these assets will lose a key tax benefit (the step-up in basis).
Key points
Gains from selling stocks and other property linked to China, Russia, Iran, North Korea, and Belarus will be taxed as ordinary income, not capital gains.
Dividends from companies connected to these countries will lose preferential tax treatment, increasing the tax burden for investors.
Heirs will not be able to use the tax benefit of the step-up in basis when inheriting these specific assets.
The Securities and Exchange Commission (SEC) must publish a publicly available list of securities subject to these new, higher tax rates.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.