Senators Cynthia Lummis and Bernie Moreno urged the U.S. Treasury Department to exclude unrealized gains on digital assets from corporate taxation, arguing that the current framework would result in unfair tax burdens

News event
Claim

Event date

May 12, 2025

Quotes that support claims

In a May 12 letter, Senators Cynthia Lummis and Bernie Moreno suggested Bessent had the authority to change the definition of “adjusted financial statement income” under existing US law in a way that could reduce what digital asset companies pay in taxes. The proposed adjustment was suggested as a way to modify a provision of the Inflation Reduction Act, signed into law in 2022.
In a letter sent on Tuesday by the two lawmakers to Treasury Secretary Scott Bessent, Lummis and Moreno argued that the corporate alternative minimum tax alongside new accounting standards would create unfair taxes on unrealized gains

Tags

05/12/2025
Week 20 of 2025