American Legislator Goal Cropto investors using Puerto Rico as tax haven

Member of representative houses proposed legislation whose goal is to stop investors to use the American territory of Puerto Rico in the CRIPTO tax.

According to Bloomberg April 21, New York Representative Nidia Velazkuez introduced Fair Taxation of Digital Property in Puerto Rico Law on Puerto Rico, an account that could change existing laws in the territory to require certain investors to pay local and federal taxes on capital gains, including digital assets. Legislation would allegedly add text in internal revenue code Puerto Rico, bringing income from cryptocurremenics to federal tax laws.

“This wave of crypt’s investors did not help recover Puerto Rico or strengthened the local economy,” the tail said. Vazzkuez, according to Bloomberg. “Instead, it was guided by housing costs, suppressed local residents and added pressure on the island where almost 40% of people live in poverty – and as long as the federal government billion billions in lost tax revenues.”

Puerto Rico is Known as tax refuge For many people in the crypt industry, because territory began to allow exemption in 2012. year in 2012. years, and 22. tax code in incentives of tax incentives – later consolidated as an act of 60. Island 60. attracted investorsIncluding the founder of the capital of Pantera Dan Morehead, Venture Capitalist Brock Pierce and Online Ufanncker Logan Paul.

Related: NFT Trader is facing $ 13m tax collection prison on Criptopunk profit