RT Mario Nawfal (@MarioNawfal)🇺🇸 $14 TRILLION NGO EMPIRE: TAX EXEMPT, VOTER PROOFAn essay citing Federal Reserve Financial Accounts says U.S. NGOs held $14.12 trillion in assets as of Q2 2025, which is bigger than the combined 2025 GDP of Japan, Germany, and India by roughly 5%.If your brain just tried to file “NGO” under soup kitchens and service dogs, congratulations, you have the same mental model the tax code is still using.The point is not that charity is bad, because plenty of nonprofits do real, dire ...

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]

Policy Adjustment - Shanghai's new housing policy adjusts property tax for non-local residents, offering exemptions to high-level talents, key industry personnel with Shanghai residence permits, and those with 3+ years of residence, for their first home purchase [1] - The policy extends tax benefits, previously exclusive to Shanghai residents with multiple properties (up to 60 square meters per person), to eligible non-local families [1] - New homes purchased within Shanghai, considered the family's first home, are temporarily exempt from property tax [2] - For new homes purchased as the family's second or subsequent property, if the combined family housing area does not exceed 60 square meters per person (including the 60 square meter tax-exempt area), the new home is temporarily exempt from property tax [2]

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]