The post Doubts Arise: Is the Warren Cryptocurrency Wealth Tax Letter Legitimate? appeared first on Coinpedia Fintech News
A letter proposed by U.S. Senator Elizabeth Warren addressed to President Joe Biden has been circulating online, proposing a wealth tax on cryptocurrency holders and mandatory reporting to the Internal Revenue Service (IRS).
This letter, allegedly advocating for a “Cryptocurrency Reporting and Wealth Tax Act,” has however raised doubts regarding the authenticity of the letter, sparking discussions and concerns within the cryptocurrency community.
Doubts About the Letter’s Authenticity
The letter which seems to be genuine at first glance, advocates for mandatory reporting of cryptocurrency holdings exceeding $1,000 to the Internal Revenue Service (IRS). Additionally, it suggests imposing a 1% wealth tax on holdings over $500,000 for individuals and entities.
The proposed legislation emphasizes transparency and tax compliance in the cryptocurre
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