Congress proposes 100% tax on sitting president's investment gains—retroactively.
H.R. 9529 — NO PROFIT Act · Filed by Andrea Salinas (D-OR) · Introduced Jun 29, 2026 · Referred to committee
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What it does
This bill imposes a 100% tax on net capital gains realized by a sitting U.S. President from assets held outside a qualified blind trust during their term in office. The bill requires mark-to-market accounting (annual revaluation at fair market value) for non-exempt assets and applies retroactively to taxable years beginning after December 31, 2024.
Why we flagged it
The bill's operative mechanism is a 100% capital-gains tax applied exclusively to a sitting President's non-blind-trust assets. While framed as conflict-of-interest prevention, the design—retroactive application, confiscatory rate, and singular applicability—makes it functionally a punitive tax on one office-holder rather than a general governance rule.
What the text implies
- Retroactive effective date (2024) may trigger constitutional challenges under the Fifth Amendment takings clause and ex post facto prohibitions, creating litigation risk and potential unenforceability.
- 100% tax rate on capital gains is confiscatory and unprecedented in U.S. tax law; no comparable provision exists for other federal officials, raising equal-protection and due-process concerns.
The full analysis lists 5 implications of this text.
Who stands to gain
U.S. Treasury (tax revenue)