Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
Protecting American Savers and Retirees Act This bill repeals the excise tax on the repurchase of corporate stock (commonly known as a stock buyback) enacted by the Inflation Reduction Act of 2022.Under current law, a domestic corporation whose stock is traded on an established securities market (e.g., the New York Stock Exchange or NASDAQ) is required to pay an excise tax (that is not deductible) on the repurchase of its stock in the amount of 1% of the fair market value of such stock. (Some exceptions apply.)