H.B. #0001 - Passive Business Income Seizure and Repeal Act 2024

[Mike]

UNITED STATES HOUSE OF REPRESENTATIVES
HOUSE BILL #0001

INTRODUCED BY REPRESENTATIVE HENRY MORGAN
NOVEMBER 19, 2024

PASSIVE BUSINESS INCOME SEIZURE AND REPEAL ACT 2024

AN ACT
To repeal passive business income and seize excessive capital gains to prevent an economic crisis.

IN THE UNITED STATES HOUSE OF REPRESENTATIVES:


CHAPTER I. GENERAL PROVISIONS

SECTION I. SHORT TITLE

(a) This bill shall be cited as the Passive Business Income Seizure and Repeal Act 2024.


SECTION II. DECLARATIONS AND FINDINGS

(a) It is the findings of the Treasury that reckless passive business income stimulus introduced by Congress before the 2024 election has skyrocketed and is highly beneficial to a minority of business owners.

(b) The Treasury notes that this risks creating severe economic inequality and is a gross misappropriation of funds.

(c) The Treasury notes that there is a genuine risk of an economic crisis if not repealed and seized immediately.

(d) The Treasury notes that some business owners will face seizures of money gained through businesses as a result, but cites the situation's urgency and the national interest.


SECTION III. PASSIVE INCOME STIMULUS

(a) Passive income stimulus shall be repealed per this bill.

(b) Provision of further federal stimulus shall cease immediately upon passage of this bill.


CHAPTER II. FINANCIAL SEIZURE

SECTION I. PASSIVE INCOME GAIN SEIZURES

(a) All passive income gains via the federal passive income stimulus earned after November 9, 2024, shall be seized by the Department of the Treasury immediately.

(b) Businesses shall not rely on federal stimulus but on private sector investment to promote economic growth and business prosperity.

UNITED STATES CONGRESS: EMERGENCY SESSION NOVEMBER 2024.