Tax on Presidential Damages
Official: Prevent Presidential Profiteering Act
This bill aims to tax any damages a President receives from lawsuits against the United States, ensuring that these amounts are not counted as income. It seeks to prevent any potential financial gain from such legal actions.
1. This bill imposes a 100% tax on damages received by the President from civil actions against the United States. 2. It applies to any former or current President and their family members. 3. The tax covers damages received through settlements, verdicts, or judgments. 4. The bill excludes these damages from the President's gross income for tax purposes. 5. It takes effect for amounts received after the bill is enacted.
This bill affects current and former Presidents and their immediate family members.