Maddy summaryThe Ending the Carried Interest Loophole Act changes how the IRS treats partnership interests given to employees for their work, specifically targeting financial managers and investment professionals. Under the new rules, these individuals must pay ordinary income tax on the value of their partnership shares at the time they receive them, rather than waiting until they sell the shares to pay lower capital gains taxes. The law also establishes a 10-year window during which any future profits earned from these shares are taxed as ordinary income instead of capital gains. Additionally, the bill repeals an existing tax provision that previously allowed certain carried interest payments to be classified as capital gains.
Sponsored bills
Maddy summaryThe Consumer Protection Remedies Act of 2026 amends the Federal Trade Commission Act to expand the Commission's legal tools for addressing consumer violations. It allows the FTC to seek court orders for returning money to harmed consumers, canceling or fixing unfair contracts, and requiring companies to give up illegal profits gained from violations. These new remedies are limited to actions taken within the last 10 years, and time spent by the accused party outside the United States does not count toward this deadline. The changes apply to any legal case started on or after the bill becomes law.
Maddy summaryThis bill expands the Federal Communications Commission's existing rules against robocalls to cover all phone numbers, not just residential lines, and allows individuals to sue for violations regardless of how many calls they receive. It also clarifies the legal definition of an automatic dialing system to include machines that use pre-set lists of numbers or dial without human intervention. By removing the "residential" restriction, the law aims to protect both home and business phone users from unwanted automated calls.
Maddy summaryThe Stop CHEATERS Act directs the Internal Revenue Service to increase its enforcement efforts against high-income individuals and large corporations while also expanding taxpayer support services. To achieve this, the bill appropriates billions of dollars over several years to fund IRS investigations, hire additional staff, purchase vehicles, and modernize outdated technology systems. Additionally, the legislation requires the IRS Commissioner to submit regular reports to Congress detailing plans to shift auditing resources toward wealthy taxpayers and analyzing collection gaps across different income levels.
Maddy summaryThis bill, titled the "Keep Public Funds in Public Schools Act," repeals two sections of the Internal Revenue Code. It eliminates Section 25F, which provides a tax credit for contributions made to scholarship granting organizations. Additionally, the bill repeals Section 139K, which allows certain educational assistance to be excluded from an individual's gross income. These changes primarily affect taxpayers who currently claim these credits or exclusions, and organizations involved in scholarship grants or providing educational assistance. The amendments generally take effect for taxable years ending after December 31, 2026.
Maddy summaryThis joint resolution seeks to prohibit a specific foreign military sale of defense articles and services to Israel. The bill directly affects the proposed transaction involving 12,000 BLU-110A/B bomb bodies and related support services. It uses the congressional review process under the Arms Export Control Act to disapprove the sale without requiring new legislation. The measure would prevent the sale if passed by both the Senate and House of Representatives.
Maddy summaryThis bill (SJRES 32) prohibits a specific foreign military sale to Israel of defense articles and services, including D9R and D9T Caterpillar bulldozers, spare parts, technical support, and logistics services. It directly blocks the sale described in Transmittal No. 24-38, which was submitted to Congress under the Arms Export Control Act and published in the Congressional Record on March 3, 2025. The resolution uses Congress's statutory authority to disapprove the sale, preventing the U.S. government from proceeding with this transaction. The bill does not create new policy but stops a specific proposed transfer of military equipment.
Maddy summaryThe Senior Hunger Prevention Act of 2026 aims to improve food access for older adults, adults with disabilities, and kinship families by expanding and streamlining several federal nutrition programs. The bill extends SNAP certification periods, creates a standard medical expense deduction, and establishes simplified application processes for eligible seniors and individuals with disabilities. It also funds a new program to reimburse retail food stores for delivering groceries to these vulnerable populations and provides grants for outreach and application assistance. Additionally, the Act expands eligibility and increases funding for the Commodity Supplemental Food Program and the Seniors Farmers' Market Nutrition Program, including grants for market modernization and infrastructure development to support local food access.
Maddy summaryThe Security And Freedom Enhancement Act of 2026, known as the SAFE Act, introduces new rules for how U.S. intelligence agencies collect and use information about Americans and people in the United States. The bill requires the FBI to conduct regular audits of its data queries, obtain additional approvals before searching for information about elected officials and judges, and create detailed records of all searches. It also limits when government agencies can access Americans' communications without a warrant and restricts intelligence agencies from purchasing personal data from private companies about people in the United States. The law increases transparency by requiring more detailed reports to Congress and the public about surveillance activities, and it expands the role of independent reviewers in court proceedings related to intelligence gathering.
Maddy summaryThis joint resolution seeks to block a proposed sale of specific defense equipment and services from the United States to the United Arab Emirates. The bill directly affects the UAE government by prohibiting the transfer of 1,500 GBU-39/B Small Diameter Bombs, 2,400 JDAM guidance sets, and various related support items, software, and training materials. It operates by exercising Congress's authority under the Arms Export Control Act to disapprove foreign military sales that have been submitted for review. If passed, the sale of these listed defense articles and services would be prohibited.