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Kemi Badenoch will be “defined” by the first “clanger” she makes as Tory leader, Baroness Davidson has said.

The Tory peer said Ms Badenoch, who replaced Rishi Sunak earlier this month, had to be “humble and work bloody hard” in her role following the Conservatives’ worst-ever general election performance.

Speaking to Beth Rigby on the Electoral Dysfunction podcast, Baroness Davidson criticised the Tory leader for choosing to give a speech at the Confederation of British Industry (CBI) on the impact of Labour’s decision to increase employers’ national insurance contributions in the budget.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

During the speech, Ms Badenoch refused to say whether she would reverse the national insurance hike – despite calling it a “tax on jobs”.

Baroness Davidson told Rigby: “If I was in charge of the UK Tory party right now, if I wanted to do a business speech, I wouldn’t have done it at the CBI.

More on Kemi Badenoch

“I would have done it at the Federation of Small Businesses – the people that are most affected by this national insurance change.

“I would have been damn sure what my policy was going to be and what it was that I was going to be able to tell them.”

The Tory peer, who led the Scottish Conservatives from 2011 to 2019, said the job of an Opposition leader was to “go out and hustle” for votes.

She added: “It’s to speak to people… it’s to apologise for the stuff we got wrong, it’s to show people that we’ve changed, and it’s to start putting together slowly, bit by bit, a policy platform that can lead us into the next election in five years’ time.”

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Davidson’s advice for Tory leader

Baroness Davidson said there had been “so many open goals” for Ms Badenoch to take against the prime minister, including over his decision to scrap winter fuel payments for the majority of pensioners.

“Why is she not going off and speaking to pensioners?” Baroness Davidson said.

“We’ve got great stories to tell [on the winter fuel allowance]. Now, as we’re coming into this cold snap, she could have been doing something about that.”

She added: “She can’t be high-handed about this and she can’t be lazy. She has to be humble and she has to work bloody hard!”

Asked whether she thought Ms Badenoch was “lazy”, Baroness Davidson said: “I don’t know what her personal tempo of operations is and how she runs her office, she might be doing tonnes of things that we’re not seeing, but there’s a problem in that. We’re not seeing them.

“There is a massive klaxon going off in my head here because if Labour have worked out that she’s not defining herself, it doesn’t take an awful lot of steps to decide, ‘Well, we can define her ourselves’.

“And it will not be in a way that is helpful to the Conservative Party. They’ll wait for the first clanger and the first clanger is what will define her.”

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US lawmakers propose tax break for small stablecoin payments, staking rewards

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US lawmakers propose tax break for small stablecoin payments, staking rewards

US lawmakers have introduced a discussion draft that would ease the tax burden on everyday crypto users by exempting small stablecoin transactions from capital gains taxes and offering a new deferral option for staking and mining rewards.

The proposal, introduced by Representatives Max Miller of Ohio and Steven Horsford of Nevada, seeks to amend the Internal Revenue Code to reflect the growing use of digital assets in payments. The draft is set “to eliminate low-value gain recognition arising from routine consumer payment use of regulated payment stablecoins,” per the draft.

Under the draft, users would not be required to recognize gains or losses on stablecoin transactions of up to $200, provided the asset is issued by a permitted issuer under the GENIUS Act, pegged to the US dollar and maintains a tight trading range around $1.

The bill includes safeguards to prevent abuse. The exemption would not apply if a stablecoin trades outside a narrow price band, and brokers or dealers would be excluded from the benefit. Treasury would also retain authority to issue anti-abuse rules and reporting requirements.

Draft bill explains the reasoning behind tax breaks. Source: House

Related: Crypto Biz: Bank stablecoins get a rulebook; Bitcoin gets a land grab

US bill defers taxes on crypto staking rewards

Beyond payments, the proposal addresses long-standing concerns around “phantom income” from staking and mining. Taxpayers would be allowed to elect to defer income recognition on staking or mining rewards for up to five years, rather than being taxed immediately upon receipt.

“This provision is intended to reflect a necessary compromise between immediate taxation upon dominion & control and full deferral until disposition,” the draft said.

The draft also extends existing securities lending tax treatment to certain digital asset lending arrangements, applies wash sale rules to actively traded crypto assets, and allows traders and dealers to elect mark-to-market accounting for digital assets.

Related: Galaxy predicts stablecoins will overtake ACH transaction volume in 2026

Crypto groups urge Senate to rethink stablecoin rewards ban

Last week, the Blockchain Association sent a letter to the US Senate Banking Committee, signed by more than 125 crypto companies and industry groups, opposing efforts to extend restrictions on stablecoin rewards to third-party platforms.