The bill H. R. 9956 aims to change how personal service income earned through pass-thru entities is taxed. It focuses on investments and partnerships, seeking to treat certain gains and income that partners earn in these situations as ordinary income rather than capital...
Simple Explanation
H. R. 9956 wants to change the rules so that people who earn money by working with certain business arrangements pay taxes like regular workers instead of getting special lower rates. This means they might have to pay more taxes on some of their money.