Senators Offer Crypto Tax Relief Plan That Could Change the Game! 💰

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Well, well, well! Senators Cynthia Lummis and Bernie Moreno have decided it’s high time to offer a handout to crypto companies. And by “handout,” we mean a plan that would ease the burden of the Corporate Alternative Minimum Tax (CAMT). This brilliant little proposal is designed to get rid of taxes on crypto gains that haven’t even been realized yet. Because who doesn’t love being taxed on something you *haven’t* sold yet? 🙄

Now, CAMT, which was hatched as part of the 2022 Inflation Reduction Act, requires any corporation making over a cool $1 billion a year to fork over at least 15% of its revenue to Uncle Sam. How sweet of them! 💸

“Our edge in digital finance is at risk if U.S. companies are taxed more than foreign competitors. @berniemoreno & I urged the @USTreasury to lift an unintended tax burden on U.S. digital asset companies. To lead the world in digital assets, we need a level playing field.⬇️” — Senator Cynthia Lummis (@SenLummis) May 13, 2025

The new rule from the Financial Accounting Standards Board (FASB) requires companies to mark their digital assets—think Bitcoin, Ethereum, and whatever other digital gold they’re hoarding—to fair market value. And voila! You get taxed on all those unrealized gains, even if you don’t actually *sell* a single Satoshi. Makes perfect sense, right? 😑

Lummis and Moreno argue that this is a recipe for disaster and an unfair tax burden. In simpler terms, they’re saying this could scare off any self-respecting investor from putting money into US-based crypto firms. Their solution? Tell the Treasury to kindly exclude unrealized gains and losses from CAMT calculations. Problem solved! 🧐

Of course, the crypto industry isn’t exactly doing a happy dance over this. They’re worried that these tax burdens might push businesses overseas. (And they’ve got a point. No one likes paying taxes on imaginary money!) The IRS already gave a pass to the insurance sector back in 2023, so why not the crypto folks too? 🤷‍♀️

But wait—there’s more! Missouri, in its infinite wisdom, just passed House Bill 594, which would completely eliminate the state capital gains tax—yes, including on crypto. If the governor signs off on it, Missouri will be the first state to say “no thanks” to taxing your crypto windfall. They’re basically the Robin Hood of tax reform. 🏴‍☠️

As for federal crypto tax reform? Well, that’s still up in the air. But don’t be too surprised if, in the future, taxes are replaced by tariffs (yes, Donald Trump has even thrown that idea into the ring). Who knows, we might just be living in a crypto-friendly world sooner than we think. 👀

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2025-05-14 06:53