The Tax the Grift Act would impose a 100 percent tax on any payments received from settlement funds created when the President of the United States sues the Internal Revenue Service in civil court. The bill would affect any individual or entity receiving money from such a settlement fund, essentially taxing away the entire settlement amount received. The legislation applies to any settlement payments received after the bill is enacted, with no specified funding requirements since the tax itself would generate revenue rather than require spending. The bill treats these settlement payments as taxable income subject to the new tax while excluding them from regular gross income calculations, creating a distinct tax category specifically for these presidential settlement payments against the IRS.
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