Change in capital gains tax: Missouri House Bill 594 moves towards the Governor's signature
Missouri House Bill 594, which aims to eliminate capital gains tax in the state of Missouri, has been passed by the House and is awaiting the signature of Governor Mike Kehoe.
According to legal expert Aaron Brogan, this bill allows for a complete tax exemption on capital income, as the Missouri tax code does not clearly differentiate between income tax and capital gains tax. This is a unique approach, similar to the state and local tax (SALT) deduction on the federal tax code, but in reverse.
The timing of the proposed bill is very important, especially after the income tax reform plans of former President Donald Trump. Trump proposed eliminating or reducing federal income tax, replacing it with revenue from import taxes. He emphasized that when import taxes are applied, income tax could be significantly reduced for those earning under 200,000 USD annually, while also creating new job opportunities as businesses return to the U.S. to avoid taxes.
However, the financial market has reacted negatively to the announcements about import taxes, as the stock market lost thousands of billions of USD in value, and the cryptocurrency market was not left out. Bond yields are high, indicating that investors are refusing to buy U.S. bonds, which are seen as a safe haven.
Note: This content is for market information only and is not investment advice.
Source: https://tintucbitcoin.com/du-luat-missouri-bo-thue-lai-von-cho-phe-duyet/
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