In a joint letter, financial industry trade associations asked U.S. Senate Majority Leader Senator Charles E. Schumer and Minority Leader Senator Mitch McConnell not to include proposed legislation titled the Modernization of Derivatives Tax Act of 2021 in any budget reconciliation process.
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In a letter addressed to Senate Committee on Finance Chair Ron Wyden and ranking member Michael Crapo, the Security Traders Association highlighted the negative impact proposed legislation on derivatives would have on investors.
The Congressional Research Service outlined the benefits and drawbacks of imposing additional data collection requirements with respect to cryptocurrency transfers.
In remarks following the G20 Finance Ministers and Central Bank Governors meetings, Secretary of the Treasury Janet L. Yellen stated that 132 countries are coming to a consensus around a global corporate minimum tax rate of at least 15 percent.
Senate Finance Committee Chair Ron Wyden (D-OR) intends to introduce a broad "mark-to-market" bill later this year that would require certain taxpayers to pay an annual tax on any unrealized gain on assets.