Government Finance & International Relations - Ukrainian authorities agreed to eliminate multiple tax exemptions [1] - The tax exemption removal aims to secure new funding from the International Monetary Fund (IMF) [1]

Campaign Launch - Block launches 'Bitcoin is Everyday Money' campaign [1] - The campaign calls for a de minimis tax exemption for Bitcoin transactions [1] Market Sentiment - The report indicates a bullish sentiment towards Bitcoin [1]

Market Technicals & Supply/Demand - The underperformance was largely driven by technical factors, including uncertainty around tax exemption and pulled-forward supply [1] - Supply wasn't met by enough buyers due to questions around tariffs and concerns around federal spending [2] - A recovery of the technical sell-off has been observed recently [3] - Supply tends to dampen a bit in the fourth quarter, which is constructive for yields [11] Federal Funding & State Budgets - Reduced federal funding is expected under the current administration, impacting state budgets [3] - Medicaid accounts for approximately 60% of state revenues from the federal government, making it a key area of impact [4] - States have limited options: cut coverage or make difficult budget decisions [5] California's Fiscal Situation - California's revenues are more than 50% higher than pre-COVID levels, indicating a spending problem rather than a revenue problem [7] - California is dipping into its reserves despite 20+% equity market gains, which is concerning [7] - A credit downgrade for California is possible as early as this summer [9] - A downgrade would be a notch downgrade from A to single-A, still very strong [8] Investment Strategy - Investments favor local geos and public schools financed by property taxes due to their reliability [9] - The industry expects to achieve the year of carry for 2025 [11]

Market Impact - Turkey's plan to eliminate withholding tax exemption on specific mutual funds will affect 84 funds [1] - The affected mutual funds manage approximately 71 billion liras, equivalent to $2.1 billion [1]

JUST IN: 🇺🇸 US Senator Cynthia Lummis says she is working on a de minimis tax exemption for everyday #Bitcoin transactions 🙌 https://t.co/V6qfilcrYl ...

Government Policy - Germany's ruling coalition will extend a tax exemption for new electric vehicles [1]

上海房地产税政策调整：根据原政策，非上海市户籍居民家庭在沪新购住房均需全额缴纳房产税。新政策明确，持有上海市居住证并在沪工作生活的高层次人才、重点产业紧缺急需人才，以及持有居住证满3年的普通购房人，其新购的家庭首套住房可暂免征收房产税；原政策仅对沪籍家庭二套及以上住房给予人均60平方米免税面积，非沪籍家庭需全额缴税。新政策将这一优惠扩展至符合条件的非沪籍家庭。外汇交易员 (@myfxtrader):上海印发《上海市开展对部分个人住房征收房产税试点的暂行办法》：在本市新购住房，且该住房属于家庭第一套住房的，暂免征收房产税；在本市新购且属于家庭第二套及以上住房的，合并计算的家庭全部住房面积人均不超过60平方米（即免税住房面积，含60平方米）的，新购的住房暂免征收房产税； https://t.co/xdOxOm5yWK ...

国家有关部门正研究海南岛内居民免税消费进境商品政策，谋划新一轮离岛免税优化政策，进一步提高政策吸引I力，促进境外消费回流。（证券时报） ...

Market Trend - Tax exemption for health and life insurance in India could reduce the cost of these products by almost 20% [1] - Reduced cost is expected to increase demand among millions of uninsured Indians [1]

Tax Implications for Digital Content Creators - Treasury Department deems "digital content creators" eligible for "no tax on tips" deduction [1] - Eligible occupations explicitly include streamers, influencers, and podcasters [1] Potential Tax Strategies - Suggestion to create multiple LLCs to receive "tips" and potentially avoid taxes [1] - Seeks creative and unusual solutions for tax exemption [1]