Ripple CTO: 'All the Evidence' Suggests XRP and Bitcoin Are Similar, Contrary to SEC

finance.yahoo.com
4 min read
fairly difficult
David Schwartz also suggested rumors of a Coinbase relisting of XRP could account for the crypto's recent rally.
Bloomberg

(Bloomberg) -- Treasury Secretary Janet Yellen unveiled a detailed sales pitch for the Biden administration's proposed new corporate-tax code, a plan that she said would be fairer to all Americans, remove incentives for companies to shift investments and profit abroad and raise more money for critical needs at home.Expanding on the tax proposals released last week in President Joe Biden's $2.25 trillion economic package, the Treasury said the changes, over a decade, would bring back about $2 trillion in corporate profits into the U.S. tax net, with about $700 billion in federal revenue streaming in from ending incentives to shift profits overseas.All told, the extra tax take of about $2.5 trillion over 15 years would pay for Biden's eight-year spending initiative, which is aimed at infrastructure, green investments and social programs that would support a larger labor force, according to the Treasury. Few major corporations would be untouched, with tech giants such as Apple Inc. and Microsoft Corp. likely to pay more."Our tax revenues are already at their lowest levels in generations, and as they continue to drop lower we will have less money to invest in roads, bridges, broadband and R&D," Yellen told reporters during a phone briefing, referring to research and development. "By choosing to compete on taxes, we've neglected to compete on the skill of our workers and the strength of our infrastructure. It's a self-defeating competition."Key ElementsThe Treasury released a 17-page report Wednesday that will likely serve as a road map for administration officials and lawmakers seeking to navigate the combined package of spending and tax proposals through Congress in coming months.The key elements of the corporate tax plan include raising the U.S. corporate rate to 28% from 21%, and imposing minimum taxes on both foreign earnings as well as the domestic profits that corporations report to shareholders, changes that would significantly increase the taxes…
Jamie Crawley
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