Search Results: keywords:"ordinary income"

  • H. R. 7760 — To amend the Internal Revenue Code of 1986 to treat certain gains and dividends derived from counties of concern as ordinary income.
    Status:Introduced in House
    Words:1,078

    H.R. 7760, known as the "No Capital Gains Allowance for American Adversaries Act," aims to change how certain financial gains are taxed. The bill proposes that profits made from sales and dividends connected to companies based in countries like China, Russia, and others...

    Simple Explanation

    The bill wants to change how money earned from certain countries like China and Russia is taxed to make sure it's treated the same as regular earnings, which could mean paying more taxes. It also asks the government to tell people about this change and list the companies affected.

  • S. 5233 — To amend the Internal Revenue Code of 1986 to treat certain gains and dividends derived from counties of concern as ordinary income.
    Status:Introduced in Senate
    Words:1,063

    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.

  • S. 4123 — To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
    Status:Introduced in Senate
    Words:8,858

    The bill S. 4123 aims to amend the Internal Revenue Code of 1986 to establish rules for the tax treatment of personal service income earned through pass-thru entities. Specifically, it addresses the taxation of partnership interests transferred in connection with providing...

    Simple Explanation

    The bill wants to change how people pay taxes on money they earn by doing work for certain businesses, making sure it's fair and easy to understand. It says that some of this money, usually taxed less, should be taxed like regular income instead.

  • H. R. 9956 — To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
    Status:Introduced in House
    Words:8,644

    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.