Pro-Crypto Republican Senator Cynthia Lummis van Wyoming presses the American treasury to illuminate crypto tax laws as a means for the evening field with foreign companies.
In a new thread on the social media platform X, Lummis says that the competitive advantage of the US in digital finances is in danger because American companies are taxed more than their foreign counterparts, a Maas in the law and the Republican Senator Bernie Moreno from Ohio try to close.
“Our lead in digital financing is in danger if American companies are taxed more than foreign competitors. [Representative Bernie Moreno] And I insisted on the American treasury to eliminate an unintended tax burden for American digital activa companies. To lead the world in digital assets, we need a level playing field. “
In their letter to Treasury Secretary Scott Bessent, Lummis and Moreno say that at that time the Biden administration signed the law on inflation reduction in the law, they created a new tax known as the Corporate Alternative Minimum Tax (CamT), which created a tax burden of 15%.
“Companies that have sufficiently valued digital assets to be subject to CAMT now have to pay tax on non -realized profit in the value of that digital assets …
Neither the congress nor the Financial Account Standards Board (FASB) has planned this result – it is the unintended result of a tax obligation on decisions by a private organization aimed at accounting standards for financial statements, no principles of tax. “
According to Lummis, the treasury must use its authority to change the law by changing the tax burden due or by excluding non -realized profits from the formula, because, as things are now, companies can be discouraged to keep large amounts of crypto assets.
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