Darkness before…what? Bipartisan negotiators had hoped to have an agreement by yesterday on a big infrastructure bill. Instead, public feuding continued over how to fund the measure and how to spend the money. Making matters worse, former president Trump has weighed in, urging Hill Republicans to walk away from talks until 2022. Majority Leader Chuck Schumer says he may keep the Senate in session through the weekend to get a vote to at least start debate.
San Francisco County Transportation Authority considers “congestion tax” on drivers. The authority is studying a congestion pricing plan to tax drivers in the busiest parts of downtown San Francisco. The plan is not likely to be released for three to five years, and would need to be approved by the San Francisco Board of Supervisors and the California legislature. It likely would require those who earn $100,000 or more to pay a $650 fee to enter congested traffic zones during rush hour. Those with lower-incomes, disabilities, and zone residents would receive discounts.
Russia would pay big under the EU’s proposed carbon border tax. RBC News reported that the European Union’s planned carbon border tax would cost Russian exporters at least €1.1 billion.
US tax rules can benefit cryptocurrency holders. The IRS classifies digital currencies as property, so losses are treated differently than losses on stocks or mutual funds. That means investors can sell bitcoin and buy it right back, and not comply with the required same 30 day “wash sale” rule that applies when selling stocks or mutual funds. This gives cryptocurrency investors a small reason to celebrate when the crypto market is down.
As for South Korea’s tax rules… South Korea plans to crack down on tax evasion by cryptocurrency holders and high-income earners. The government would allow the tax authority to seize crypto assets starting next year, even if they are stored in digital wallets. Right now, such seizures are possible only if the assets are held in exchanges.
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