American legislators discussed the cryptographic fiscal policy in the Senate Committee of the Financial Hearing on Wednesday, including possible tax exemptions for cryptographic transactions below a certain threshold and how the income of the rethinking services must be classified.
Lawrence Zlatkin, Vice President of Taxes of Crypto Exchange Coinbase, urged the Senate committee to consider a minimis tax exemption for cryptocurrency transactions below $ 300 to promote commercial use in payments and ensure that innovation occurs within the US. UU. Zlatkin said:
“The governing principle is a simple parity with traditional finances. The same fiscal rules must be applied to the same economic activity, whether it involves products, actions or tokens in a block chain. At this time, that parity does not exist. The lack of personalized rules has real consequences.”
Legislators also dealt with the way of closing the annual fiscal gap of approximately $ 700 billion through the application of strictest reports requirements for cryptocurrency transactions, minimizing tax exemptions and potentially classifying the income of income measurement services earned subject to tax under the leveling income tax system.
Fiscal policy is an important problem for cryptocurrency users, industry executives and companies that are not sure about the implications of their activities and if the Internal Revenue Service (IRS) will penalize them to interact with the digital economy.
Related: Finance Committee of the United States Senate to discuss cryptographic tax matters next week
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“Cryptocurrency holders do not pay at least $ 50 billion per year in taxes that must be,” said Massachusetts Senator Elizabeth Warren during the audience.
Warren argued that by forging special tax exemptions for cryptocurrencies, other classes of assets would suffer, since investors abandoned those classes of assets to take advantage of tax savings in cryptography.
“The Joint Tax Committee estimates that it is proposed alone would be a tax boost of $ 5.8 billion for cryptographic investors,” Warren added.
Senator Warren drew a link between special tax exemptions for cryptography and money laundering, arguing that exemptions would provide coverage to evade the sanctions and surveillance of the United States by the financial control of financial crimes (FINCEN).
She concluded by saying that special tax exemptions for digital assets should not be granted and that all money earned with cryptographic transactions must be imposed within the framework of existing policies that governs the basic values ​​and products.
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