CONGRESS FOR VOTERS

RepublicanBill · H.R. 684· House(119-HR-684)

Protecting American Savers and Retirees Act

Rep. Kustoff
Age: 60 years
Tennessee
Introduced
1/23/2025
Last activity
1/23/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
David Kustoff
Cosponsors
None
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the ``Protecting American Savers and Retirees Act'', seeks to amend the Internal Revenue Code of 1986. The primary purpose is to repeal the existing excise tax on the repurchase of corporate stock. This change involves repealing Chapter 37 of the Internal Revenue Code of 1986. A clerical amendment will also be made to the table of chapters for subtitle D. These changes are intended to take effect for taxable years beginning after December 31, 2024.

Yes· 3 of 7

  • Would people with substantial wealth be better off under this?+4

    Stock repurchases are often utilized by high-net-worth individuals through their corporate holdings.

  • Would billionaires be better off under this?+4

    Wealthy shareholders benefit from the elimination of taxes on corporate stock repurchases.

  • Would high-income households be better off under this?+3

    The repeal of a tax on stock repurchases generally benefits stockholders, who tend to be higher income earners.

The opposite

  • Does this raise the taxes companies pay?-5

    The bill repeals the excise tax on the repurchase of corporate stock, which reduces the tax burden on companies.

  • Does this reduce what the federal government spends?-1

    Repealing an excise tax reduces federal tax revenue.