Question
1. Is the income from the sale of songs by songwriters subjected to unfair income tax rates that treat it as an asset, while the
1. Is the income from the sale of songs by songwriters subjected to unfair income tax rates that treat it as an asset, while the sale of catalogs is treated as capital gain accounting for the formulation of preferential tax treatment?
2. Is the impact of the 'Songwriters Capital Gains Tax Equity Act' positive and presents opportunities for American songwriters?
3. Proposed tax changes by new administration: While musicians like Beyonc celebrated the election of President Joe Biden, proposed tax changes by his administration may impact these artists (Ingram, 2020). His proposed legislation included applying ordinary tax rates to the sale of capital assets for taxable income over $1 million. This legislation was not enacted. What are your thoughts?
4. Taxation of nonfungible tokens: "The IRS is likely to label NFTs in the hands of their creators as non-capital assets, and categorize NFTs held by taxpayers other than their creators as capital assets. Gains and losses on the sale or exchange of NFTs held by their creators therefore would be ordinary gains and losses, and gains or losses on the sale or exchange of NFTs held by taxpayers other than their creators would be capital gains and losses" (Walter Effross, Leonard Goodman, Anthony Pochesci, & Jay A. Soled, 2021). What are your thoughts?
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