A Senate committee is probing whether Dan Morehead, founder of Pantera Capital, violated federal tax laws to save on taxes after moving to Puerto Rico. The inquiry, initiated by Senator Ron Wyden, targets wealthy individuals leveraging Puerto Rico's tax breaks to significantly reduce their tax liabilities, potentially down to zero. The focus is particularly on income derived outside Puerto Rico that may still be taxable under U.S. laws. Morehead's reported $850 million in profits since relocating has raised red flags over his tax compliance.
The Senate Finance Committee is investigating whether Dan Morehead, a prominent cryptocurrency investor, improperly used Puerto Rico's tax break to evade federal taxes on significant profits.
Senator Ron Wyden's investigation focuses on wealthy Americans exploiting a special tax break in Puerto Rico that could lead to zero taxes on local income.
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