H. R. 10541, known as the “Trust and Modernization in Tax Governance Act” or the “TMTG Act,” aims to amend the Internal Revenue Code of 1986. It proposes a limit on the deferred recognition of gains for officers of the executive branch when they sell property to meet...
Simple Explanation
This bill is about making sure important government leaders, like the President, follow rules about selling things they own to avoid problems with their job. It says they can delay paying taxes on the money they make from selling these things, but only up to a big limit, which is meant to keep things fair and clear.