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Donald Trump’s tax reform plan could exempt roughly 93.2 million Americans, or just under half of the U.S. electorate, from part of their income taxes. The Republican nominee has proposed eliminating taxes on tips and Social Security benefits. Trump also said he would think about exemptions for firefighters, police, and military personnel, according to CNBC. JUST IN: Donald Trump's tax plans could exempt 93 million Americans from income taxes, CNBC reports. — Watcher.Guru (@WatcherGuru) October 21, 2024 Trump plans to transition away from the income tax system and replace it with the revenue he expects to generate from his hardline tariff proposals. His tariffs would cause American companies to pay extra for imports. He pledged to impose a 20% universal tariff on all imports from all countries. This includes a specific 60% rate for Chinese imports. “In the old days when we were smart, when we were a smart country, in the 1890s and all, this is when the country was relatively the ...

El Salvador is dropping the income tax from 30% to 0% for international investments and money transfers. El Salvador ’s Congress approved the reform on Tuesday to remove income Taxes previously imposed on money from abroad. The move was made to attract more foreign investment to the growing economy. El Salvador drops income tax from 30% to 0% for international investments and money transfers. pic.twitter.com/w6t1A4hJox — Watcher.Guru (@WatcherGuru) March 13, 2024 According to El Salvador lawmakers, money flows from abroad in forms such as remittances and investments in companies will now be exempt from Taxes . Before the reform was passed, incomes equal to or greater than $150,000 had to pay a rate of 30%. This rate was paid upon entering the country. “The initiative aims to stimulate domestic and foreign investment to boost the economy and generate better and more employment opportunities,” said lawmaker Suecy Callejas in Congress when defendin...

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or bu...

Technology innovations such as software programming, coding, apps and AI development, and computing and communications hardware manufacturing will be exempted from taxes in El Salvador. El Salvador, the first country to establish Bitcoin (BTC) as a legal tender, has decided to eliminate all Taxes on technology innovations. The move runs parallel to establishing the National Bitcoin Office (ONBTC) of El Salvador, also known as “the Bitcoin office.“ When legalizing Bitcoin on Sept. 7, 2021, Salvadoran President Nayib Bukele saw the technology as a means to counter hyperinflation and dependence on the U.S. dollar. Over the past 18 months, El Salvador restrategized Bitcoin investments and utilized capital gains in numerous instances to rebuild the nation. Moving ahead with the strategy, Bukele believed in winding down tax requirements to expedite technological development. As promised, on April 1, Bukele officially sent a bill to Congress — effectively eliminating all income, property, an...

With 2022 coming to a close, crypto investors can now use Accointing’s crypto tax software to calculate their net tax for all transactions from this year. While 2022 has been a year to forget for most crypto investors, the daunting task of filing crypto tax returns before the end of December remains. Many investors worry about unrealized losses on their crypto portfolio, while a failure to report crypto assets and transactions on tax returns could land North American investors into hot water with the IRS. To aid in filing your crypto taxes, cryptocurrency portfolio tracking and tax platform Accointing by Glassnode offers an easy solution to instantly import and review all crypto transactions and fill your crypto taxes in just a couple of clicks. What is more, its tax loss harvesting tool helps investors minimize what they owe in taxes. How to optimize your crypto tax return? Most crypto assets, especially cryptocurrencies like Bitcoin, have seen significant price erosion in 2022. Some...