3.0.0 2621 2026-06-09T15:24:31Z 2026-08-27T16:28:34Z House H HR 2025-04-03 119 https://www.congress.gov/bill/119th-congress/house-bill/2621 [Congressional Record Volume 171, Number 60 (Thursday, April 3, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. COHEN:H.R. 2621.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8[Page H1418]]]> hswm00 Ways and Means Committee House Standing Referred To 2025-04-03T15:04:05Z Carried Interest Fairness Act of 2025 119 1091 HR 2025-02-06 Referred to the House Committee on Ways and Means. Related bill CRS Carried Interest Fairness Act of 2025 119 445 S 2025-02-06 Read twice and referred to the Committee on Finance. Related bill CRS Small Business Tax Relief Act 119 3275 HR 2025-05-08 Referred to the House Committee on Ways and Means. Related bill CRS 2025-04-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2025-04-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-04-03 Introduced in House IntroReferral 1000 9 Library of Congress C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 N C001072 Rep. Carson, André [D-IN-7] André Carson D IN 7 2025-04-03 True Taxation Taxation 2025-05-09T17:30:16Z 00 2025-04-03 Introduced in House 2026-06-09T15:21:45Z Reward Each American’s Labor And Make Every Rich Individual Contribute Again Act or the REAL AMERICA Act

This bill establishes new federal tax deductions for cash tips and qualified overtime compensation, excludes Social Security and Tier I railroad retirement benefits from gross income for federal tax purposes, and modifies the taxation of carried interest.

The bill allows individuals with a modified adjusted gross income (MAGI) of $450,000 or less ($900,000 or less for joint filers) to claim a federal tax deduction for (1) cash tips, and (2) qualified overtime compensation.

The bill excludes all Social Security and Tier I railroad retirement benefits from gross income. (Currently, a portion of such benefits is included in gross income, depending on the beneficiary’s MAGI.)

Under the bill, net capital gain and loss attributable to carried interest is recharacterized as ordinary and, thus, taxed at ordinary income tax rates. (Carried interest is currently taxed at capital gains tax rates, which may be lower than applicable ordinary income tax rates. Carried interest is the share of profits received by the general partner in a private equity firm or hedge fund from the assets managed by that general partner.)

The bill also

  • treats as ordinary the money (or fair market value of property) received by a partner in a sale or exchange of carried interest,
  • requires distributions of carried interest by a partnership in exchange for interest in other partnership property to be recognized ordinary gain, and
  • imposes self-employment taxes on carried interest income.
]]> REAL AMERICA Act Display Title 45 REAL AMERICA Act 2025-05-03T05:53:23Z Short Title(s) as Introduced 101 REAL AMERICA Act 2025-05-03T05:53:20Z Introduced in House IH Short Title(s) as Introduced 101 Reward Each American’s Labor And Make Every Rich Individual Contribute Again Act 2025-05-03T05:53:20Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to establish deductions for cash tips, repeal the inclusion of social security benefits in gross income, and for other purposes. 2025-05-03T05:49:36Z Introduced in House IH Introduced in House 2025-04-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr2621ih/xml/BILLS-119hr2621ih.xml 2025-04-03 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.