Search Results for keywords:"tax loopholes"

Search Results: keywords:"tax loopholes"

H. R. 9985 — To subject certain private funds to joint and several liability with respect to the liabilities of firms acquired and controlled by those funds, and for other purposes.
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October 11, 2024
Status:Introduced in House
Congress:118
Words:25,331
H.R. 9985, known as the "Stop Wall Street Looting Act," aims to hold private investment funds accountable by imposing joint and several liability on these funds for the debts and liabilities of companies they control. The bill includes provisions to prevent private funds from financially...
Simple Explanation
In a story where strange rules are written for how people who put money into businesses must be more honest and careful, this rule tries to stop money from being used in tricky ways that can hurt companies and workers. It says that the people controlling the money have to share the blame if something goes wrong, and also need to tell everyone exactly what they are doing with their money to make sure it’s fair.
H. R. 2423 — To amend the Internal Revenue Code of 1986 to modify the application of the base erosion and anti-abuse tax with respect to certain entities connected to jurisdictions which have implemented an extraterritorial tax.
March 27, 2025
Status:Introduced in House
Congress:119
Words:868
The bill, titled the “Unfair Tax Prevention Act,” aims to amend the Internal Revenue Code of 1986. It proposes changes to the base erosion and anti-abuse tax rules for foreign-owned entities connected to countries with extraterritorial tax systems. Specifically, it modifies how these entities...
Simple Explanation
This bill wants to change some tax rules for big companies from other countries, so they can't use tricky ways to pay less tax in the U.S. It tries to make sure these companies pay what they should, even if the details are a bit tricky to understand.
S. 445 — To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities.
February 06, 2025
Status:Introduced in Senate
Congress:119
Words:8,860
S. 445, known as the “Carried Interest Fairness Act of 2025,” aims to amend the Internal Revenue Code of 1986 to change how personal service income earned from pass-thru entities is taxed. Specifically, it addresses the taxation of income derived from partnership interests...
Simple Explanation
S. 445 wants to make sure money made from managing other people's investments is taxed like regular paycheck money instead of lower tax rates, closing some tricky loopholes to make it fair and clear.
H. R. 10503 — To amend the Internal Revenue Code of 1986 to determine global intangible low-taxed income without regard to certain income derived from services performed in the Virgin Islands.
December 18, 2024
Status:Introduced in House
Congress:118
Words:627
H.R. 10503, known as the "Restore Economic Vitality and Investment in the Virgin Islands Act" or "REVIVE VI Act," aims to amend the Internal Revenue Code of 1986. This amendment seeks to exclude certain income from global intangible low-taxed income calculations, specifically...
Simple Explanation
The REVIVE VI Act is a plan to change the tax rules so that money made by some companies for work done in the Virgin Islands doesn't count when figuring out how much low-taxed money they have. This change is for certain people and companies in the U.S. who have shares in those Virgin Islands companies.
H. R. 2534 — To ensure high-income earners pay a fair share of Federal taxes.
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April 01, 2025
Status:Introduced in House
Congress:119
Words:1,348
H.R. 2534, known as the "Paying a Fair Share Act of 2025," aims to ensure that high-income taxpayers in the United States contribute a reasonable portion of their income as federal taxes. The bill proposes a new "Fair Share Tax" for individuals with an adjusted gross income over $1 million,...
Simple Explanation
The "Paying a Fair Share Act of 2025" is a plan to make sure very rich people in the U.S. pay more taxes to help the government, and it wants to change the rules so that everyone feels like the rich are paying what they should.

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