WSJ说

《华尔街日报》的乔纳森·威尔（Jonathan Weil）报道说，令人印象深刻的461,000 BTC的所有者MicroStrategy可能会面临重大的纳税责任，除非将当前的规则修改。

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.

《华尔街日报》报道了一个潜在的税收问题，该问题可能会影响一家公开交易的公司MicroStrategy，这是由于未实现的收益。由拜登政府提出的公司替代最低税（CAMT）可能会对公司造成重大财务责任。

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.

根据《华尔街日报》的乔纳森·韦尔（Jonathan Weil）的说法，拥有令人印象深刻的461,000 BTC的MicroStrategy，如果当前规则未更改，可能会面临重大的纳税责任。韦尔的标题表明，该公司可能需要“特朗普国税局的帮助”，强调了故事的引人注目的性质。该问题源于公司替代性最低税（CAMT）提出的税收规定，该税款已包含在拜登（Biden）的2022年降低通货膨胀法案中。

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.

该法规规定，调整后的财务报表收入（AFSI）在三年期间超过10亿美元的公司对这些收入缴纳15％的最低税。特朗普政府一直在积极削减，切割和解雇特定的政府官员，包括撤销拜登的一些执行命令。在这种情况下，MicroStrategy一直试图获得免税。

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.

如果没有豁免，有些人认为MicroStrategy可能需要清算其比特币（BTC）持有的一部分以履行其税收义务，这可能会破坏更广泛的加密货币市场。其他人则将这种情况视为恐惧，不确定性和怀疑（FUD）。该公司是否获得特朗普的帮助还有待观察，但是这种情况提出了关于从自由市场的角度从未实现的未实现收益征税的重要问题。

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，通过针对未实现的收益（仅在纸上存在的健康），CAMT体现了国家的积极推翻，破坏了财产权和市场稳定。似乎强迫一家公司出售其比特币持有量以履行任意税收义务可能会破坏更广泛的加密市场，但从根本上讲，它代表了对公司自由管理其资源的侵犯。

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.

围绕微观和CAMT的不断发展的情况提出了有关税收政策与公司自治的交集的关键问题。随着辩论的加剧，该问题超越了一家公司的挑战，强调了一场更广泛的意识形态之战：政府权威与经济自由之间的平衡。决策者如何解决这个有争议的话题可以为企业和新兴资产类别提供深远的影响。