Rob Portman
New House Financial Services Committee chair wants to delay crypto tax changes
The incoming United States House Financial Services Committee chair, Patrick McHenry, wants the Treasury to delay implementing a section of the Infrastructure Investment and Jobs Act that deals with digital assets and tax collection. McHenry sent a letter on Dec. 14 to U.S. Treasury Secretary Janet Yellen with questions and concerns about the scope of Section 80603 of the act. In the letter, he requested clarification over the “poorly drafted” and potentially privacy-compromising section that deals with the taxation of digital assets, scheduled to go into effect next yea. He said the section requires the government to treat digital assets as the equivalent of cash for tax purposes, which could “jeopardize” the privacy of Americans and hamp innovation. The section, called “Information...
Donald Trump allies in Congress to challenge his loss to Joe Biden
A band of President Donald Trump’s Republican allies planned a last-ditch effort on Wednesday to undo his election loss to Democrat Joe Biden, a bid almost certain to fail that comes on the same day their party is poised to lose its majority in the Senate. The Republican-led Senate and Democratic-controlled House of Representatives were due to meet to formally certify Biden’s victory in the Nov. 3 election in proceedings that could stretch past midnight. In a joint session of Congress, Trump’s allies plan to challenge the results from a handful of states won by Biden. Thousands of pro-Trump protesters converged on Washington ahead of the session at his urging. Some clashed with police overnight. Biden won the election by a 306-232 count in the state-by-state Electoral College and by a marg...
Gold rises on renewed US stimulus hope, dollar falls
Spot gold rose 0.3 percent to $1,910.56 an ounce at 3:37pm, New York time, after falling as much as 0.5 percent. Gold rose on renewed optimism for a preelection aid package in the U.S., while the dollar fell to a one-week low. House Speaker Nancy Pelosi said a bill for a compromise stimulus package is being written as she awaits a key phone call with Treasury Secretary Steven Mnuchin. Senate Majority Leader Mitch McConnell said his chamber would take up a comprehensive coronavirus package if an accord is struck. The Bloomberg Dollar Spot Index headed for the third straight decline. Pelosi said in a Bloomberg Television interview that while there are areas where more work is required to get a compromise, she was pleased with the Trump administration’s latest position on coronavirus testing ...
