The Republican Party in the U.S. Senate is pushing to include Crypto Assets in the tax and spending bill.

[US Senate Republicans Push to Include Crypto Assets in Tax and Spending Bill] According to Semafor, Wyoming Republican Senator Cynthia Lummis is advocating for the addition of provisions in her party's tax and spending bill to reform the way the U.S. taxes crypto assets. The core content includes extending the securities transaction "wash sale rule" to the crypto assets sector, which is expected to generate billions of dollars in tax revenue while exempting Bitcoin miners from the obligation to report gains and losses. Lummis submitted a tax reform proposal co-drafted with Senator Kirsten Gillibrand to Senate Finance Committee Chairman Mike Crapo. Lummis highlighted the flaws in the current tax system that need to be fixed, while Gillibrand believes that the time is not yet ripe for legislation. Members of the Treasury Committee have consulted with President Trump on the content of the bill, and Senator Bill Cassidy of Louisiana revealed that the president is concerned about the "work account benefits" clause. If passed, the proposal would be the first systematic cryptoasset tax framework in the United States.

BTC-1.11%
TRUMP-6.13%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)