The bill S. 5233, titled the “No Capital Gains Allowance for American Adversaries Act,” seeks to amend the Internal Revenue Code of 1986 to treat gains and dividends from certain countries of concern as ordinary income, not as capital gains. These countries include China...
Simple Explanation
The No Capital Gains Allowance for American Adversaries Act is a rule that treats money made from certain countries like China and Russia as regular earnings instead of special earnings, making taxes higher on them, starting January 2025.