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US tax laws on cryptos to stimulate economic development
In the recent years, the federal government and states of the US have been working meticulously to grasp the concept of cryptocurrencies and apply them to conventional finance laws like taxes. Indistinguishably, the US tax laws are designed for attempts of achieving healthy economic results.
As per the sources of Internal Revenue Service (IRS), majority of the cryptocurrency aspirants in the US, know that the digital currencies are categorized in the class of property for Federal tax purposes. Principally, this means that current property transaction laws concern to the transactions using virtual currencies.
Tax and GDP are always inter-related, under expenditure approach, higher tax collections would instinctively constitute to a higher GDP number (a higher GDP is an indicator that there has been an augmented overall development in the country and hence a higher per capita income).
Tax-GDP ratio is the effective approaches used to evaluate a country's economic development and is ascertained by dividing the tax revenue collected by the Government from the GDP of that country.
Universally the prime objective of overall tax legislation is to raise funds for the government treasury, which in turn to utilize these mobilized funds to achieve some ultimate economic objective. In that context of digital currencies, the trajectory offers revenue raising opportunity for the government.
Hence, the US tax policies for revenues generated by the digital asset class should emphasize on facilitating and encouraging the deployment of blockchain and cryptocurrency resources instead of treating them as a hindrance to growth, said BX3 Capital partner Michael Minihan, who has more than experience as an international tax practitioner.
He further clarified, the essence of the newly invented technology blockchain and the swift spike in cryptocurrency revolution has got the potential to transform the global economy. Historical leaders of the world's most revolutionary innovation have called and continue to call the US their home. With accountability of the largest and most robust capital markets in the world's, it is clear that the US possesses all of the key resources to lead the global economic transformation.
The Internal Revenue Code and noted at least six pages, out of the estimated 70,000 pages of documentation, were dedicated on digital assets. The TAX guidance on cryptocurrency is nearing its fifty years even as the crypto space has been evolving regularly, Minihan adds.
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