Republican Senators call the Treasury to reduce the encryption tax laws to a “level stadium” with foreign companies
The Republican Senator Centena Lomes of Wyoming is pressing the US Treasury to ease the encryption tax laws as a way to the evening out of the field with foreign companies.
In new string On the social media platform X, Lummis says that the competitive advantage of the United States in digital financing is more at risk of American companies than its foreign counterparts, a vulnerability that is trying to and the Republican Senator Bernie Moreno from Ohio closure.
“The advantage of digital financing is at risk if American companies are more than foreign than foreign competitors. [Representative Bernie Moreno] The US Treasury urged an unintended tax burden on American digital asset companies. To lead the world in digital assets, we need a level stadium. “
In their message to Treasury Secretary Scott Beesen, Lummis and Moreno say that when the Biden administration signed the law to reduce inflation in law, they created a new tax known as the minimum alternative tax of companies (CAMT), which imposed a 15 % tax burden on some companies, creating a defect for American companies.
“Companies who have enough digital assets that are subject to CamT must now pay the unreasonable gains in the value of those digital assets …
The Congress nor the Board of Financial Account Standards (FASB) did not plan for this result – it is the unintended result of tax responsibility on the decisions focused on a special organization focusing on financial data accounting standards, not tax principles. “
According to Lummis, the Treasury Ministry must use its authority to change the law either by changing the due tax burden or by excluding the unveiled gains from the formula, because, as is the case now, companies may be discharged from keeping large amounts of encryption assets.
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