The bill H. R. 1857 aims to amend the Internal Revenue Code to allow certain assets, such as stocks, digital assets, and tangible property, to be adjusted for inflation when calculating gains or losses. This adjustment applies only to assets held for more than three years and...
Simple Explanation
The bill wants to change the rules about how people pay taxes when they sell things like stocks or digital assets, by letting them adjust the price they paid for them to account for inflation, but only if they've owned them for more than three years. This means if something has become worth more just because of inflation, they might not have to pay as much in taxes when they sell it.