WSJ說

《華爾街日報》的喬納森·威爾（Jonathan Weil）報導說，令人印象深刻的461,000 BTC的所有者MicroStrategy可能會面臨重大的納稅責任，除非將當前的規則修改。

The Wall Street Journal has reported on a potential tax issue that could affect Microstrategy, a publicly traded company, due to unrealized gains. The Corporate Alternative Minimum Tax (CAMT), introduced by the Biden administration, might create a substantial financial liability for the firm.

《華爾街日報》報導了一個潛在的稅收問題，該問題可能會影響一家公開交易的公司MicroStrategy，這是由於未實現的收益。由拜登政府提出的公司替代最低稅（CAMT）可能會對公司造成重大財務責任。

According to Jonathan Weil of The Wall Street Journal, Microstrategy, which owns an impressive 461,000 BTC, could face a significant tax liability if the current rules are not changed. Weil's headline suggests that the company might need “help from Trump's IRS,” highlighting the attention-grabbing nature of the story. The issue arises from tax provisions introduced under the Corporate Alternative Minimum Tax (CAMT), which was included in Biden's sweeping Inflation Reduction Act of 2022.

根據《華爾街日報》的喬納森·韋爾（Jonathan Weil）的說法，擁有令人印象深刻的461,000 BTC的MicroStrategy，如果當前規則未更改，可能會面臨重大的納稅責任。韋爾的標題表明，該公司可能需要“特朗普國稅局的幫助”，強調了故事的引人注目的性質。該問題源於公司替代性最低稅（CAMT）提出的稅收規定，該稅款已包含在拜登（Biden）的2022年《降低通貨膨脹法》中。

The regulation stipulates that corporations with adjusted financial statement income (AFSI) surpassing $1 billion over a three-year period are subject to a 15% minimum tax on those earnings. The Trump administration has been actively slashing, cutting, and firing specific government officials, including rolling back some of Biden's Executive Orders. In this case, Microstrategy has been trying to secure an exemption from the tax.

該法規規定，調整後的財務報表收入（AFSI）在三年期間超過10億美元的公司對這些收入繳納15％的最低稅。特朗普政府一直在積極削減，切割和解僱特定的政府官員，包括撤銷拜登的一些執行命令。在這種情況下，MicroStrategy一直試圖獲得免稅。

If no exemption is granted, some believe that Microstrategy may need to liquidate part of its bitcoin (BTC) holdings to meet its tax obligations, which could destabilize the broader cryptocurrency market. Others dismiss this scenario as fear, uncertainty, and doubt (FUD). Whether or not the firm gets Trump's help remains to be seen, but the situation raises important questions about taxing unrealized gains from a free market perspective.

如果沒有豁免，有些人認為MicroStrategy可能需要清算其比特幣（BTC）持有的一部分以履行其稅收義務，這可能會破壞更廣泛的加密貨幣市場。其他人則將這種情況視為恐懼，不確定性和懷疑（FUD）。該公司是否獲得特朗普的幫助還有待觀察，但是這種情況提出了關於從自由市場的角度從未實現的未實現收益徵稅的重要問題。

Moreover, by targeting unrealized gains—wealth that exists only on paper—the CAMT exemplifies an aggressive overreach by the state that undermines both property rights and market stability. It seems that forcing a company to sell its bitcoin holdings to satisfy an arbitrary tax obligation could destabilize the broader crypto market, but more fundamentally, it represents a violation of the company's right to manage its resources freely.

此外，通過針對未實現的收益（僅在紙上存在的健康），CAMT體現了國家的積極推翻，破壞了財產權和市場穩定。似乎強迫一家公司出售其比特幣持有量以履行任意稅收義務可能會破壞更廣泛的加密市場，但從根本上講，它代表了對公司自由管理其資源的侵犯。

The unfolding situation surrounding Microstrategy and the CAMT raises critical questions about the intersection of taxation policy and corporate autonomy. As debates intensify, the issue transcends one company's challenge, highlighting a broader ideological battle: the balance between government authority and economic liberty. How policymakers address this contentious topic could set a precedent with far-reaching implications for businesses and emerging asset classes alike.

圍繞微觀和CAMT的不斷發展的情況提出了有關稅收政策與公司自治的交集的關鍵問題。隨著辯論的加劇，該問題超越了一家公司的挑戰，強調了一場更廣泛的意識形態之戰：政府權威與經濟自由之間的平衡。決策者如何解決這個有爭議的話題可以為企業和新興資產類別提供深遠的影響。