Prevent Presidential Profiteering Act

The "Prevent Presidential Profiteering Act" introduces a new chapter to the Internal Revenue Code, establishing a 100 percent tax on specific damages. This tax applies to any individual who has served as President of the United States, their family members, and any controlled entities. It targets damages received from civil actions filed by these individuals against the United States government or its agencies. The tax is imposed only if the civil action was filed, settled, or resulted in a verdict during the individual's presidential term. Notably, any amounts subject to this 100 percent tax are explicitly excluded from gross income for regular income tax purposes, ensuring they are not taxed twice. Furthermore, this new tax cannot be deducted from income tax, and the provisions apply to all relevant amounts received after the bill's enactment.