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.
- Mark-to-market requirement forces annual revaluation and recognition of unrealized gains, creating liquidity pressure and potential forced asset sales to pay tax on paper gains.
- Definition of 'qualified capital asset' (assets in blind trust) may incentivize Presidents to divest holdings into trusts, but does not prevent beneficial ownership or indirect control.
- Bill applies only to sitting Presidents, not former Presidents or other federal officials, creating a narrow, person-specific tax that may be viewed as bill of attainder under Article I.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
The bill addresses a genuine conflict-of-interest risk by discouraging a sitting President from profiting off asset appreciation during their term, which serves the public interest in preventing self-dealing. However, the retroactive effective date (2024) and 100% confiscatory rate raise constitutional concerns (takings clause, ex post facto) that could render the provision unenforceable or invite costly litigation, creating uncertainty rather than a clear public benefit.
Who stands to gain
- U.S. Treasury (tax revenue)
Named in the bill
Internal Revenue Code of 1986, U.S. President, qualified blind trust, 5 U.S.C. § 13104(3), House Committee on Ways and Means
Where it stands
- Jun 29, 2026 — Introduced · Congress.gov: “Introduced in House”
- Jun 29, 2026 — Referred to House Committee on Ways and Means · Congress.gov: “Referred to the House Committee on Ways and Means”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (2,682 characters) on Aug 12, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-10-20.
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