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<keyword id="5565" type="LOCATION" weightage="20" keywordseo="South-Korea">South Korea</keyword> plans to impose a 20 percent income tax on capital gains from <keyword id="6994688" type="UNKNOWN" weightage="20" keywordseo="cryptocurrency-transactions">cryptocurrency transactions</keyword> starting next year as planned, the government announced on Friday, despite growing investor calls for delaying the <keyword id="11339452" type="UNKNOWN" weightage="20" keywordseo="taxation-plan">taxation plan</keyword>. The government announced the plan after discussing the matter during a vice-ministerial interagency meeting chaired by Koo Yoon-cheol, head of the government policy coordination under the Prime Minister's Office. Gains from cryptocurrency transactions will be classified as "miscellaneous income" and will be subject to a 20 percent tax starting next year. <keyword id="11339451" type="UNKNOWN" weightage="20" keywordseo="virtual-asset-gains">Virtual asset gains</keyword> must be reported when filing for general income taxes in May 2023, reports Yonhap news agency. The Financial Service Commission (<keyword id="166109" type="COMPANY" weightage="20" keywordseo="FSC">FSC</keyword>), the nation's financial regulator, was also designated as the top government office tasked with overseeing and regulating the virtual asset market. The science ministry was chosen to handle the promotion and growth of the related blockchain industry. Authorities also decided to extend the government's special campaign period for monitoring and clamping down on illegal activities in the virtual asset market until September. Last month, <keyword id="25455" type="COMPANY" weightage="20" keywordseo="finance">Finance</keyword> Minister Hong Nam-ki said the government will press ahead with taxation on transactions of cryptocurrency, which financial authorities categorise as "virtual assets," not virtual currencies. The government also reiterated its stance that "virtual assets cannot be recognised as (real) currency or financial products" and that "no one can ensure" the currently-traded market value of virtual assets. Authorities also plan to restrict cyrptocurrency-related business operators from making transactions using their own companies, in order to prevent price manipulation and unfair activities. According to FSC, the number of domestic cryptocurrency trading companies stood at around 60 as of May 20. Of those, 20 companies have received <keyword id="5902261" type="COMPANY" weightage="20" keywordseo="Information-security-management-system">Information Security Management System</keyword> certifications to prove their information protection systems are secure. Four firms were found to have adopted systems using real-name withdrawal accounts. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/twitter-is-at-odds-with-india-in-the-battle-to-control-online-speech/articleshow/83030224.cms">Twitter is at odds with the Indian government over new laws — reigniting the age old battle of national interest versus freedom of speech</a> <a href="https://www.businessinsider.in/stock-market/news/mukesh-ambanis-reliance-industries-share-price-sees-the-fourth-best-weekly-gains-in-2021/articleshow/83031946.cms">Despite the nearly 6% rally, this is only the fourth best week for Reliance Industries’ shares this year</a>

South Korea plans to levy 20% income tax on cryptocurrency transactions from next year

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson Reuters</div></div></div><ul><li>Households making between $200,000 and $500,000 could be the biggest "losers" of the Senate Republicans' tax reform plan.</li><li>About a quarter of those households would pay more in 2019.</li><li>Fewer households with income over $1 million would pay more - of those, only 18% would see a tax increase in 2019.</li></ul> Households making between $200,000 and $500,000 might be the biggest so-called "losers" of the Senate Republicans' recently released tax reform plan.People who earn between $200,000 and $500,000 would see the most tax increases under the Senate's proposal, according to the nonpartisan <a href="https://www.wsj.com/public/resources/documents/taxchange.pdf">Joint Committee on Taxation</a>, which was cited by the <a href="https://www.wsj.com/livecoverage/tax-bill-2017/card/1510537865">Wall Street Journal</a>.About a quarter of households earning an income in that range would pay more in 2019 under the plan, the committee said. And one in three would get a tax increase by 2023. Fewer households with income over $1 million would end up paying more under the proposal - only 18% would see a tax increase, while 82% would get a tax cut.Overall, every income group gets a tax cut under this plan, but there is some variation within the brackets. The Joint Committee on Taxation said that over half of US households would get a tax cut in 2019 under the Senate's plan, about 9% would see a tax increase, and the rest would see a change of less than $100.The Joint Committee on Taxation's assessment doesn't factor in the estate tax, the WSJ said.Senate Republicans last week debuted <a href="http://www.businessinsider.com/trump-gop-tax-reform-senate-bill-text-details-rate-2017-11">their own</a> tax legislation that contained some substantial departures from the House Republicans' <a href="http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10">version</a> unveiled earlier this month.Among the notable <a href="http://www.businessinsider.com/trump-gop-tax-reform-senate-bill-text-details-rate-2017-11">changes</a>, the Senate bill proposes delaying the massive corporate tax rate cut until 2019, <a href="http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-house-senate-comparison-2017-11">keeping the number of individual tax brackets at seven</a>, and eliminating the <a href="http://www.businessinsider.com/trump-gop-tax-plan-elimination-of-salt-deducation-2017-11">state and local tax deduction</a> completely.Both of the House and Senate's plans <a href="http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-house-senate-comparison-2017-11">propose</a> eliminating the personal exemption and increasing the standard deduction.<h3><a href="https://www.wsj.com/livecoverage/tax-bill-2017/card/1510537865" target="_blank" rel="noopener noreferrer">Check out the full report at the Wall Street Journal »</a></h3> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-tax-plan-reform-change-take-home-pay-calculator-brackets-2017-11">Here's how to figure out exactly how your take-home pay could change under Trump's new tax plan</a></h3> <div> </div> </div>

If Trump's new tax plan passes and you make $500,000 a year, you're about to get screwed

<ul class="summary-list"><li>The Joint Committee on Taxation first estimated <keyword id="11896865" type="UNKNOWN" weightage="60" keywordseo="democrats" source="Orion">Democrats</keyword>' economic plan will cut <keyword id="11898253" type="UNKNOWN" weightage="60" keywordseo="taxes" source="Orion">taxes</keyword> for the rich.</li><li>But the committee issued a correction on Tuesday saying the bill will raise taxes for the rich, instead.</li></ul>A nonpartisan congressional taxation committee backtracked on its initial estimate of President Joe <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword>'s <keyword id="12054670" type="UNKNOWN" weightage="60" keywordseo="build-back-better" source="Orion">Build Back Better</keyword> Plan on Tuesday. Instead of cutting taxes for the wealthy, as was first projected, Biden's plan will raise their taxes — even while keeping President Donald Trump's tax cuts.The Joint Committee on Taxation issued a correction that noted Democrats' economic spending plans will raise average taxes for Americans' with incomes over $1 million by 3.2 percentage points. This contrasted the committee's initial estimate that Democrats' plan would cut taxes for the rich by 1.7 percentage points, as NBC's Sahil Kapur reported.This finding will help Democrats, and Biden, tout the Build Back Better social-spending bill that passed the House last week. But it now heads to the Senate, where it will likely face changes at the hands of centrist Democratic holdouts Joe Manchin and Kyrsten Sinema, particularly when it comes to tax provisions in the bill.As Insider's Joseph Zeballos-Roig <a href="https://www.businessinsider.com/5-measures-biden-spending-build-back-better-knocked-out-senate-2021-11">reported</a>, a group of House Democrats <a href="https://www.businessinsider.com/democrats-salt-cap-biden-spending-bill-tax-cut-democrats-wealthy-2021-11">want to raise the total</a> amount of state and local taxes (SALT) that people can shave off their federal taxes to $80,000 from $10,000, the cap created under Trump. While some Senate Democrats, like Vermont Sen. Bernie Sanders, have balked at the idea because it would it largely benefits wealthier Americans in high-tax states like New York and California, Manchin was the lone Democrat who <a href="https://www.nlc.org/article/2017/10/20/capito-manchin-versus-cantwell-van-hollen-threatening-salt/">backed a GOP proposal</a> to <a href="https://www.congress.gov/congressional-record/2017/10/19/senate-section/article/S6593-8">establish the cap</a> in late 2017. "At a time of massive income and wealth inequality, the last thing we should be doing is giving more tax breaks to the very rich," Sanders <a href="https://twitter.com/SenSanders/status/1455639109104459786?s=20">wrote</a> on Twitter. "Democrats campaigned and won on an agenda that demands that the very wealthy finally pay their fair share, not one that gives them more tax breaks."The final version of the bill, and what tax provisions end up in it, remain to be seen as the Senate works to get the social-spending package, with climate measures and universal pre-K, signed into law before Christmas. And along with the lifting the <keyword id="11956946" type="UNKNOWN" weightage="60" keywordseo="salt-cap" source="Orion">SALT cap</keyword>, four weeks of paid leave and medicare expansion is also on the chopping block.

Democrats are actually raising taxes on the ultrawealthy, even though they're keeping a Trump tax cut

New Delhi, Nov 27 () The Union Cabinet on Wednesday approved the signing of the Double Taxation Avoidance Agreement (DTAA) and protocol between India and Chile for elimination of double taxation.
 The Union Cabinet chaired by Prime Minister Narendra Modi also approved the prevention of fiscal evasion and avoidance with respect to taxes on income between the two countries, an official statement said.
 Government said the DTAA will facilitate elimination of double taxation.
 "Clear allocation of taxing rights between contracting states through the agreement will provide tax certainty to investors and businesses of both countries while augmenting the flow of investment through fixing of tax rates in source State on interest, royalties and fees for technical services," it said.
 The release said that the agreement and protocol implements the minimum standards and other recommendations of G-20 OECD Base Erosion Profit Shifting (BEPS) Project.
 "Inclusion of Preamble Text, a Principal Purpose Test, a general anti-abuse provision in the Agreement along with a Simplified Limitation of Benefits Clause as per BEPS Project will result in curbing of tax planning strategies which exploit gaps and mismatches in tax rules," it noted.
 After Cabinet approval, necessary formalities for bringing the Agreement and Protocol into force will be completed, it said.
 Implementation would be watched and reported by the ministry, said the statement. KPM DRR

Govt approves pact between India-Chile for avoidance of double taxation

<keyword id="60111" type="CITY" weightage="60" keywordseo="Louisiana">Louisiana</keyword> Governor <keyword id="25397" type="PERSON" weightage="60" keywordseo="Bobby-Jindal">Bobby Jindal</keyword> has <a href="http://taxvox.taxpolicycenter.org/2013/01/14/should-louisiana-dump-its-income-tax-for-a-bigger-sales-tax/">proposed an overhaul</a> of taxation for the state of Louisiana that has many worried about the impact it could have on that state's low income citizens. 
Jindal is proposing ending Louisiana's state individual and corporate income <keyword id="6368033" type="UNKNOWN" weightage="60" keywordseo="Taxes">taxes</keyword>. The plan would be revenue neutral by raising sales and excise taxes. 
Louisiana's <a href="http://www.rev.state.la.us/sections/business/corp.aspx">corporate income tax rate</a> is progressive, ranging from 4 percent for businesses that make less than $25,000 per year up to 8 percent top rate for high earning corporations. 
The state's <a href="http://www.revenue.louisiana.gov/sections/individual/indincome.aspx">individual income tax rate</a> ranges from 2 to 6 percent on a progressive scale. 
<a href="http://www.nola.com/politics/index.ssf/2013/01/eliminating_louisianas_income.html">Louisiana has the third highest combined state and local sales tax</a> already at 8.86 percent — a 4 percent state sales <keyword id="45031" type="PERSON" weightage="60" keywordseo="Tax">tax</keyword> and an average local sales tax of 4.86 percent. 
The suggestion is to increase the state sales tax to as high as seven percent. 
The plan is consistent with <a href="http://economics.about.com/cs/taxpolicy/a/fairtax_4.htm">the libertarian "FairTax" proposal.</a> It's recieved heaping praise from the <a href="http://www.bayoubuzz.com/buzz/item/257657-jindal-louisiana-gop-others-praise-push-governors-tax-reform">Louisiana GOP,</a> the conservative <a href="http://www.kalb.com/story/20567442/foundation-praises-jindals-tax-proposal">Tax Foundation</a> and state legislators.
However, making the primary state tax a consumption tax rather than an income tax could have a number of potentially undesirable effects on the state. 
First, this type of tax compels citizens to save rather than spend, which has the potential to slow an economy. People spending money cause a state's economy to grow as economic activity accelerates.
Secondly, this tax could <a href="http://www.nola.com/politics/index.ssf/2013/01/eliminating_louisianas_income.html">compel citizens to buy out-of-state</a> when making significant purchases, potentially harming sectors of the Louisiana internal economy. 
But even more significantly, this action makes the state taxation scheme more regressive. A regressive tax means there is a higher effective rate of taxation the less money a taxpayer has.
Here's what <a href="http://taxvox.taxpolicycenter.org/2013/01/14/should-louisiana-dump-its-income-tax-for-a-bigger-sales-tax/">the Tax Policy Center</a> had to say about the potential severity of the impact on the poorest:
The higher tax burden for low-income households is no small concern. Last year <a href="http://lfo.louisiana.gov/files/revenue/REC_Fcsts_12_13_12_FY13_FY17.pdf">Louisiana collected</a> $2.9 billion through the individual and corporate income taxes and another $2.6 billion through the general sales tax. [...] For households that don’t pay income taxes and save little or no income, this amounts to close to a 4 percentage point drop in after-tax income—about the same magnitude of tax pain for these households as <a href="http://www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=3524&amp;DocTypeID=2">going off the fiscal cliff</a>.
A November 2009 <a href="http://www.itepnet.org/whopays3.pdf">study from the Institute on Taxation and Economic Policy</a> found that sales and excise taxes hit the lowest economic quintile much harder than the highest quintile. Even more, it found that state income taxes were more a progressive tax system, where the effective tax rate increases as income increases. 
See this chart for more detail:
<div class="image-container" style="width:590px"><div class="image"></div><a href="http://www.itepnet.org/whopays3.pdf">ITEP</a></div>
You'll notice that a state increasing the rate of the red bar (sales tax) and removing the blue bar (income tax) would adversely impact the lowest quintiles. Such a policy would increase the burden that the lowest income residents have while decreasing the burden that the highest income residents have. 
Now, here's that same chart, only specifically for Louisiana in 2007:
 
<div class="image-container" style="width:590px"><div class="image"></div><a href="http://www.itepnet.org/whopays3.pdf">ITEP</a></div>
Here's a look at how Louisiana' existing taxation rate impacts each group. Notice that killing the income tax rate would harm the lowest quintile. 
Even more, killing the income tax rate and jacking up the sales and excise tax rates on goods would increase the effective tax burden on the poorest Louisianans and would cut the wealthiest Louisianans' tax rate significantly. 
<div class="image-container float_right" style="width:590px"><div class="image"></div><a href="http://www.itepnet.org/whopays3.pdf">ITEP</a></div>
Jindal's argument is that this policy will make Louisiana more competitive compared to neighboring states when it comes to taxation. He believes that the businesses that Louisiana will attract will be economically beneficial to the state, even though the consumption tax could slow down spending in Louisiana.
All told, Jindal's policy may or may not be good for the state's economy. But it's certainly not good for the poorest, and it's exceptionally good for the rich.

Bobby Jindal's New Tax Plan Could Crush Poor People In Louisiana

<ul class="summary-list"><li>The Senate recently proposed using taxes on the cryptocurrency industry to partially fund the <keyword id="595080" type="PERSON" weightage="60" keywordseo="infrastructure-plan">infrastructure plan</keyword>.</li><li id="recirc"><a href="https://www.businessinsider.com/?hprecirc-bullet"></a>The Joint Committee on Taxation estimates that taxes on <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> could raise $28 billion over a decade. </li><li>It's the latest move by the government to regulate and clarify the rapidly growing cryptocurrency space.</li></ul>Strengthening tax enforcement on the cryptocurrency industry could generate billions in revenue to fund the Senate's bipartisan infrastructure package, according to government estimates. Last week, the Senate released a proposal to increase the requirements for crypto brokers and investors to report their transactions to the IRS. The tax increases could raise $28 billion to fund the infrastructure plan, according to the <a href="https://www.nytimes.com/2021/07/30/us/politics/infrastructure-deal-cryptocurrency.html?campaign_id=4&amp;emc=edit_dk_20210802&amp;instance_id=36891&amp;nl=dealbook&amp;regi_id=61427258&amp;segment_id=65129&amp;te=1&amp;user_id=6ce77f080f3d64e6312881475ed3b6767f080f3d64e6312881475ed3b676">New York Times</a>, which cited an estimate by the Joint Committee on Taxation. The tax revenue is just a small fraction of the $550 billion in federal funding Congress is seeking to build out public transit, bridges, water, and other physical projects. It's also the latest move by the government to regulate and clarify the rapidly growing cryptocurrency space. On Thursday, <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-regulation-rep-don-beyer-bill-digital-asset-market-structure-2021-7">Representative Don Beyer</a> introduced a <a href="https://beyer.house.gov/uploadedfiles/beyer_028_xml.pdf" target="_blank" rel="noopener">bill</a> in the House that aims to create a widespread framework for regulating digital assets. The bill seeks to provide a regulatory definition for the top 90% of all <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> by market capitalization.

Taxes on digital assets could raise an estimated $28 billion to help fund the sweeping infrastructure bill moving through Congress, report says

<ul class="summary-list"><li>US Treasury Secretary <keyword id="116249" type="PERSON" weightage="60" keywordseo="Janet-Yellen">Janet Yellen</keyword> on Monday called for a minimum global rate of <keyword id="118200" type="ORGANIZATION" weightage="60" keywordseo="corporate-tax">corporate tax</keyword>.</li><li>Germany's finance minister Olaf Scholz said Tuesday he supported the plan.</li><li>Scholz said a taxation deal could be agreed among more than 140 countries by this summer.</li></ul>Germany has backed US Treasury Secretary Janet Yellen's proposal for a global minimum rate of corporate income <keyword id="45031" type="PERSON" weightage="60" keywordseo="Tax">tax</keyword>, and said a deal could be done by summer.German finance minister Olaf Scholz told <a href="https://www.reuters.com/article/imf-worldbank-taxation-germany/germanys-scholz-greets-u-s-move-to-work-on-global-corporate-minimum-tax-rate-idINL8N2LZ29K">Reuters</a> on Tuesday that he was in "high spirits" about the potential deal, which could "put an end to the worldwide race to the bottom in taxation."He said the new deal, which he predicted could be agreed by 140 countries by summer, must include rules on big digital tech companies doing business abroad.Yellen on Monday argued for a <a href="https://www.businessinsider.com/janet-yellen-corporate-tax-global-minimum-overhaul-oecd-treasury-2021-3">global minimum corporate-tax rate</a>. This would prevent multinational companies from taking advantage of lower taxes overseas, she said.In a speech to the Chicago Council on Global Affairs, Yellen said the <keyword id="10092361" type="UNKNOWN" weightage="60" keywordseo="biden-administration">Biden administration</keyword> was working with G20 countries to agree to a global minimum <keyword id="955358" type="ORGANIZATION" weightage="60" keywordseo="Corporate-Tax-Rate">corporate tax rate</keyword> to stop "the race to the bottom," whereby countries lower their taxes to attract more business."Competitiveness is about more than how US-headquartered companies fare against other companies in global merger and acquisition bids. It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods," <a href="https://markets.businessinsider.com/currencies/news/stock-market-sectors-investors-careful-janet-yellen-bitcoin-cryptocurrencies-stimulus-2021-2-1030102060">Yellen</a> said.She had discussed global tax issues with more than 140 countries via the Organization for Economic Cooperation and Development (OECD), <a href="https://www.businessinsider.com/janet-yellen-corporate-tax-global-minimum-overhaul-oecd-treasury-2021-3">Insider reported Sunday</a>.Read more: <a href="https://www.businessinsider.com/biden-yellen-white-collar-crime-money-laundering-treasury-fincen-doj-2020-12">The Biden administration is well positioned to fight white-collar crime as trillions of dollars in dirty money courses through the US financial system</a>The international tax would apply to all multinational corporations, regardless of where their headquarters are, Yellen said."Over the last four years, we have seen first-hand what happens when America steps back from the global stage," Yellen said. "'America first' must never mean 'America alone.'"Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth, and prosperity," Yellen added.The Biden administration wants to help set the global minimum tax rate at 21%, as well as increase the US corporate tax rate from 21% to 28% via the <a href="https://www.businessinsider.com/biden-2-trillion-infrastructure-plan-roads-bridges-broadband-power-2021-3">Made In America Tax Plan</a>. This could help fund his <a href="https://www.businessinsider.com/biden-infrastructure-bill-package-4-trillion-with-tax-hikes-2021-3">$4 trillion infrastructure plan</a> to rebuild roads, bridges, and electric grids in America.

Germany backed Janet Yellen's call for a minimum global corporate tax rate, and said 140 countries could agree a deal by summer

<ul class="summary-list"><li>Americans living abroad shouldn't owe taxes on the same income in two countries, Donald Trump said.</li><li>"I support ending the double taxation of overseas Americans," he told The Wall Street Journal.</li></ul>Americans living abroad shouldn't be taxed twice on the same income by two different countries, <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">Donald Trump</a> said."I support ending the double taxation of overseas Americans," the former president<a target="_blank" class="" href="https://www.wsj.com/politics/policy/donald-trump-tax-plan-americans-abroad-a74bfbdd"> told The Wall Street Journal</a> in a statement.The Republican presidential candidate appeared to endorse residence-based taxation over citizenship-based taxation. The US lays claim to its citizens' global income even if they <a target="_blank" class="" href="https://www.businessinsider.com/digital-nomad-visa-tax-rules-for-traveling-working-remotely-internationally-2023-1">live and work in another country</a>, whereas most developed countries tax income depending on where it's earned.The unusual policy dates back to the 1860s, when lawmakers introduced it to fund the Civil War.Trump has dangled a variety of tax changes to drum up votes as he vies to secure a second term in office by winning the November 5 election. He's<a target="_blank" class="" href="https://www.businessinsider.com/tax-tips-overtime-trump-proposals-income-money-election-2024-10"> suggested</a> eliminating taxes on tips, overtime pay, and Social Security benefits. He already plans to <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">extend</a> his 2017 tax cuts, many of which are set to expire in 2025.US tax policy is an annoyance for many Americans living overseas, who can wind up owing US taxes in addition to those they pay in their country of residence. It's worth noting people don't owe anything to the IRS on the first $126,500 they earn abroad, and can receive tax credits for some payments they make overseas. They also have the option of <a target="_blank" class="" href="https://www.businessinsider.com/how-to-renounce-us-citizenship-2018-8">renouncing their citizenship</a>.A shift to taxing Americans based on where they live could spur some <a target="_blank" class="" href="https://www.businessinsider.com/us-millionaires-going-abroad-look-for-american-dream-report-2023-2">wealthy citizens to move</a> to low-tax countries — similar to British and other European expats relocating to places like Dubai or Monaco.Tax policy has become a key talking point in the presidential race, with Vice President Kamala Harris, Trump's Democratic rival, <a target="_blank" class="" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">promising tax credits</a> for new parents and first-time home buyers.There were about 4.4 million US citizens living overseas in 2022, and about 2.8 million of those were eligible to vote, according to the latest figures from the Federal Voting Assistance Program."Fellow Americans living abroad, your vote is more important than ever," Trump told the Journal.

Americans living overseas face being taxed twice. Donald Trump wants to change that.

Mark Wilson/Getty ImagesSenate Majority Leader Mitch McConnell at a press conference in December.The Congressional Budget Office will release its score for the Senate's healthcare bill early next week.The report from the CBO and the Joint Committee on taxation will estimate changes to the number of people with healthcare coverage, changes to the federal deficit, and other potential effects of the Better Care Reconciliation Act released by Senate Republicans on Thursday."CBO and the staff of the Joint Committee on Taxation are in the process of preparing an estimate for the Senate health care plan and aim to release it early next week," read <a href="https://www.cbo.gov/publication/52843">the release from the CBO.</a> "The estimate will be published on CBO's website."<a href="http://www.businessinsider.com/cbo-score-house-gop-healthcare-bill-ahca-macarthur-upton-amendments-2017-5">The score for the House's healthcare bill</a>, the American Health Care Act, projected 23 million fewer Americans would have health insurance under the AHCA than under the current system. It also estimated that the bill would cut the federal deficit by $119 billion over t10n years. The Senate bill must cut at least that much from the deficit to qualify under the reconciliation process. <h3>NOW WATCH: <a href="http://www.businessinsider.com/vladimir-putin-megyn-kelly-heated-exchange-trump-russia-ties-sergey-kislyak-jared-kushner-2017-6">'Do you even understand what you're asking?': Putin and Megyn Kelly have a heated exchange over Trump-Russia ties</a></h3> Please enable Javascript to watch this video

The Senate healthcare bill will face its biggest test early next week

New Delhi, Feb 1 () Startups on Saturday welcomed the Budget proposal of relaxing ESOPs taxation, but said linking it to Section 80-IAC will limit its impact to a small section of startups.
"The relaxation for ESOP taxation was welcome but linking it to Sec 80-IAC makes it meaningless as it impacts only a 100 odd startups. We had requested for this to apply to all DPIIT (Department for Promotion of Industry and Internal Trade) registered startups. I do hope they correct that urgently," Indian Angel Network Chairman Saurabh Srivastava said in a statement.
During her Budget speech, Finance Minister Nirmala Sitharaman proposed easing of tax payments for startups - a decision which has been hailed by budding entrepreneurs.
"In order to give a boost to startup ecosystem, I propose to ease the burden of taxation on the employees by deferring the tax payment by five years or till they leave the company or when they sell, whichever is earliest," she said while presenting the Union Budget for 2020-21.
Employee stock option plan (ESOP) is a significant component of compensation for these employees, she said. Currently, it is taxable.
"This leads to cash flow problem for the employees who do not sell their shares immediately and continue to hold the same for long term," she said.
During their formative years, startups generally use ESOPs to attract and retain highly talented employees, she added.
Orios Venture Partners' Rehan Yar Khan said it is good that entry level capital gains had been differed to five year, exit or sale, whichever sooner. "Not Good: Yet need to pay entry level capital gains in 5 yrs if yet with company. The exemption only applies to Startups registered with IMB," he tweeted.
LocalCircles head Sachin Taparia tweeted: "This benefit seems to be extended to only startups incorporated after April 1, 2016. Needs to be extended to all startups that are eligible for #angeltax benefit. Also, need to make #esop taxable at sale without the 2 other conditions of 5 years or employee exit". SR BAL

Startups hail Budget for relaxing ESOPs norm

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> marked its seventh loss in the last eight days by sliding below $50,000 on Friday.</li><li>Other digital currencies declined after <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> was said to be eyeing a hike in tax rates on the rich.</li><li>That drop led to $260 billion being wiped off the cryptocurrency market cap.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slid below $50,000 on Friday, extending losses for a seventh day in a row, while simultaneous drops in other digital currencies erased $260 billion off the total value of the cryptocurrency market.The world's most widely traded digital asset fell 4% to around $49,130, <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> fell 7% to around $2,220, <a href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a> fell 17% to $0.17, and <a href="https://markets.businessinsider.com/currencies/xrp-usd">XRP</a> dropped 8%.The <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> market has come under fresh pressure after reports that US President Joe Biden is looking to <a href="https://www.businessinsider.com/biden-plan-tax-rich-investors-fund-education-nyt-reports-2021-4">double the capital gains tax rate</a> on wealthy investors.Biden's proposals are aimed at funding expanded childcare and education programs. Federal tax rates, including an existing surtax on investment income, could be as high as 43% for those earning <a href="https://www.businessinsider.com/biden-reportedly-plans-nearly-double-capital-gains-tax-for-wealthy-2021-4">more than $1 million</a>, according to Bloomberg.The Internal Revenue Service has been executing tax collection on crypto gains. Crypto is taxed as property, not currency. The agency began requiring crypto investors to <a href="https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions">disclose transactions</a> on their 2019 tax returns, asking whether they "received, sold, sent, exchanged or otherwise acquired any financial interest in any digital currency.""It is clear that bitcoin is more sensitive to capital gains tax threats than most 'asset' classes," Jeffrey Halley, a senior market analyst at OANDA, said. "The threat of regulation, either directly in developed <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> or indirectly via the taxman, has always been crypto's Achilles' heel. Yes, you could store those juicy capital gains offshore as a US citizen, but we know how the G-Man treats tax evaders. It is not pretty."JPMorgan warned this week there could be <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-momentum-slow-for-months-below-60000-level-2021-4-1030328868">further downside for bitcoin</a> if it fails to climb back above the $60,000-level. Guggenheim's Scott Minerd also recently said <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-correction-guggenheim-scott-minerd-cryptocurrency-token-2021-4-1030330199">bitcoin could pull back</a> to $20,000 or $30,000 after rising much too fast in a short period of time.

Bitcoin slides below $50,000 with $260 billion wiped off the crypto market as Biden's tax proposals crush risk appetite

<div class="image-container float_right" style="width:400px"><div class="image"></div>eschipul at <a href="http://www.flickr.com/photos/eschipul/2096701632/">www.flickr.com</a></div>As part of <keyword id="555950" type="PERSON" weightage="60" keywordseo="Paul-Ryan">Paul Ryan</keyword>'s plan, the top tax rate would be substantially reduced.
Currently the highest tax bracket is 39.6%.
These bullet points are from Paul Ryan's plan:
<ul>
<li>Simplify the tax code to make it fairer to American families and businesses. </li>
<li>Reduce the amount of time and resources necessary to comply with tax laws. </li>
<li>Substantially lower tax rates for individuals, with a goal of achieving a top individual rate of 25 percent. </li>
<li>Consolidate the current seven individual-income-tax brackets into two brackets with a first bracket of 10 percent. </li>
<li>Repeal the Alternative Minimum Tax. </li>
<li>Reduce the corporate tax rate to 25 percent. </li>
<li>Transition the tax code to a more competitive system of international taxation.</li>
</ul>
<a href="http://www.businessinsider.com/paul-ryans-budget-plan-2013-3">For more from the plan, see here &gt;</a>

Here's The Huge Tax Cut That Rich People Will Get Under Paul Ryan's Budget

After winning over thousands of Indian-Americans at the <keyword id="8953" type="UNKNOWN" weightage="20" keywordseo="Madison-Square-Garden">Madison Square Garden</keyword> (MSG), Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> meets top American business big-wigs today in Washington to reposition India as the global brand. 
 
The world's largest democracy looks forward to attract more overseas investors in order to boost its economy and do away with the criticism that had mounted against it under the UPA regime. 
 A group of 11 CEOs– including Google's Eric Schmidt, Citigroup's Michael Corbat, <keyword id="44803" type="CITY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> co-CEO David Rubenstein, Cargill CEO David MacLennan, Merck CEO Kenneth Frazier, Caterpillar CEO Dough Oberhelman, MasterCard CEO Ajay Banga and <keyword id="54572" type="CITY" weightage="20" keywordseo="PepsiCo">Pepsico</keyword> CEO Indra Nooyi– meets PM Modi over breakfast today. 
	 Six others, who have one-on-one appointment with Modi, include Goldman Sachs's Lloyd Blankfein, Boeing's James McNerney, BlackRock's Laurence Fink, IBM's Ginni Rometty, General Electric's Jeff Immelt and Kohlberg Kravis Roberts (KKR) co-Chairmen and CEOs Henry Kravis and George Roberts, updated <keyword id="882197" type="PERSON" weightage="20" keywordseo="Syed-Akbaruddin">Syed Akbaruddin</keyword>, Ministry of External Affairs (MEA) spokesperson. 
	 
	Here, at Business Insider India, we predict what the Prime Minister would talk about during this much-anticipated meet. 
	 
	1) Turn India into a global manufacturing hub 
	Business is NaMo’s mantra, and that is what we expect him to create in his meetings with global CEOs. We expect that Prime Minister Narendra Modi will try garnering support for his 'Make in India' campaign, which aims to turn the Indian sub-continent into a global manufacturing hub. The ambitious plan entails increasing the growth rate in the manufacturing sector to 10% per year and raising its share to 25%in the overall GDP. If the plan falls in place, it will create job opportunities for over 10 million people residing in the country. 
	 
	2) May lift FDI cap to woo overseas investors To turn 'Make in India' campaign into a grand success, India needs long-term foreign capital or foreign direct investment (FDI) in different sectors. In the last decade, gross FDI inflows into the nation have averaged less than 2% of GDP and the new government will have to up that figure considerably. However, it still remains to be seen how <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword> would do that. Will it lift the FDI cap to woo investors? He surely can, but let’s see if he will. 
	 
	3) May try to bring clean energy in India 
	Modi might try to ensure gas supply from the US and seek aid in shale gas exploration. He might also try to bring in more investments in clean energy technology. India had recently done away with the anti-dumping duty on solar energy equipment to encourage the renewable energy sector, and now the focus is on tapping solar and wind energy. 
	 
	4) Could address taxation issues 
	The biggest task that Prime Minister Narendra Modi has at hand is to convince investors on India’s commitment to faster reforms, especially those related to labour laws, land acquisition and taxation. These taxation issues have been a sore point with global investors for long. The retrospective amendment, introduced in 2012, resulted in high-profile tax enforcement actions against global companies such as Vodafone. These episodes dented India’s appeal as an investment destination, contributing to an image of India as a country that pursues “tax terrorism”. 
	 
	5) Modi may clarify the new government's stand on <keyword id="6533263" type="ORGANIZATION" weightage="20" keywordseo="GAAR">GAAR</keyword> 
	To bring out the investor-friendly image of the ‘New India’ under the rule of the BJP government, Prime Minister Narendra Modi might use the opportunity to clarify the central government's stand on the General Anti-avoidance Rules (GAAR), which had sparked alarm among foreign investors. The provision included tightening rules on investments from countries that have double taxation treaties with India. 
	(Image: Press Information Bureau)

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