The bill 594 of the Missouri Representatives Chamber, a bill that would eliminate the capital gains tax in the state of the United States, has approved a vote in the State Representatives Chamber and now addresses the desk of the governor of Missouri Mike Kehoe for the firm.
According to lawyer Aaron Brogan, the bill stipulates an income tax deduction of 100% for any capital income income because the Missouri Tax Code does not explicitly distinguish between capital gains and income tax.
Brogan told Cointegraph that the specific mechanism for exempting taxes on capital gains described in HB 594 is unique and compared it with a similar deduction of income taxes in the Federal Fiscal Code. The lawyer explained:
“The most natural comparison is the deduction of the state and local tax (PALT) offered by the Federal Government, where the Internal Revenue Code (IRC) allows people to deduce a certain amount of taxes paid in state and local taxes. This is the inverse, which I had never seen before.”
The moment of the bill is significant, since it follows the proposals of the president of the United States, Donald Trump, to review the country’s income tax system through comprehensive reform.
Related: The US legislator addresses cryptographic investors who use Puerto Rico as a fiscal paradise
Trump proposes to eliminate the Federal Income Tax in the United States
Trump has proposed to compensate for federal income taxes or eliminate income tax and replace federal tax revenues with the money collected through import rates.
“When the tariffs are reduced, the income taxes of many people will be reduced substantially, perhaps even completely eliminated.
https://www.youtube.com/watch?v=nrizh5beklk
Trump added that the plan will create more jobs in the United States as factories return to avoid import tariffs in their finished products.
Despite this, the market reaction to tariffs has been overwhelmingly negative, with the stock market registering billions of dollars in losses in response to the holders of the rates and cryptography markets that throw hundreds of billions of value.
In addition, bond yields shot after rates ads, a sign that investors were rejecting US bonds, which are traditionally seen as a flight to security.
Magazine: Financial Nihilism in cryptography is over, it’s time to dream again
