A member of the House of Representatives suggested legislation aimed at preventing investors from using the US landing lands as a tax coding.
According to a report on April 21, Bloomberg, New York Representative Nidia Villazkuiz foot Fair taxes of digital assets in the Puerto Rico Law, a draft law that can change the current laws in the region to require some investors to pay local and federal taxes on capital gains, including the digital assets. It is said that the legislation will add a text to the Law of the internal revenue of Puerto Rico, which makes income from encrypted currencies subject to federal tax laws.
“This wave of encryption investors did not help recover Portorico or have strengthened the local economy,” said Representative Villazkuiz. “Instead, housing costs are raised, the local population is paid, and added pressure to an island where nearly 40 % of people live in poverty – all of which are while it cost federal government billions in missing tax revenues.”
Puerto Rico is well known as a tax haven for many people in the encryption industry since the region began to allow exemptions in 2012 under Law 20 and honor 22 of the tax incentives law – it was later united as ACT 60. The island has attracted investors, including the founder The effect on the Internet.
Related to: NFT Trader faces imprisonment for $ 13 million tax fraud on Cryptopung profits
According to what was reported, Representative Villazkuiz’s office said that Portorico may lose approximately $ 4.5 billion of revenues from 2020 to 2026 due to the incentive tax incentives. On the other hand, the governor of Puerto Rico Jennifer Gonzalez Colon has suggested the expanded law 60, which was expired in 2035, until the end of 2055, but it requires applicants to be subjected to 4 % of the capital profit tax rate, smaller than the typical range to 37 % in the United States. https://www.youtube.com/watch? It is not clear whether the legislation proposed by Representative Villazkuiz, a democratic, will have sufficient political support to pass it in the House of Representatives or the Senate -controlled by Republicans. Both rooms are likely to consider the floor vote for Stablecoin legislation and an organizational framework for encryption in the coming months. magazine: It leaves Win XRP Ripple and the industry with no legal coding group
Missing the incoming of the encryption tax
Related Articles
