Fun

Biden to Step Up Crypto Tax Enforcement to Help Fund $1 Trillion US Infrastructure Plan

News Feed - 2021-07-30 11:07:23

Biden to Step Up Crypto Tax Enforcement to Help Fund $1 Trillion US Infrastructure Plan


U.S. President Joe Biden and lawmakers have agreed on the details of a roughly $1 trillion bipartisan infrastructure package with measures to step up tax enforcement around crypto assets. Taxing Crypto Transactions to Fund US Infrastructure Plan The White House announced Wednesday that President Joe Biden and a bipartisan group of lawmakers have agreed on the details of “a once-in-a-generation investment” in the U.S. infrastructure. The bill will be taken up in the Senate for consideration, the White House stated, adding that “In total, the deal includes $550 billion in new federal investment in America’s infrastructure.” Measures to step up tax enforcement around crypto assets were added to the infrastructure bill at the last minute to raise funds to finance the infrastructure plan. The $550 billion will be spent over the next eight years on roads, bridges, high-speed internet, public transport, electric vehicles, airports, and shipping ports, among other areas. The measures impose heightened reporting requirements on crypto brokerages and exchanges. They will be required to provide details on cryptocurrency transactions of $10,000 or more to the Internal Revenue Service (IRS). The provisions are expected to raise an additional $28 billion from cryptocurrency transactions. A fact sheet published Wednesday by the White House explains, “In the years ahead, the deal will generate significant economic benefits,” adding: It is financed through a combination of redirecting unspent emergency relief funds, targeted corporate user fees, strengthening tax enforcement when it comes to crypto currencies, and other bipartisan measures, in addition to the revenue generated from higher economic growth as a result of the investments.


What do you think about using crypto tax to fund the U.S. infrastructure plan? Let us know in the comments section below. Finland Looking for Brokers to Sell Seized Bitcoins Worth $80 Million REGULATION | 6 hours ago Malaysia Takes Enforcement Actions Against Binance, Advises Investors to "Withdraw All Investments Immediately" REGULATION | 7 hours ago Tags in this story Biden, Biden Administration, bipartisan bill, Crypto tax, crypto tax enforcement, infrastructure bill, infrastructure package, president joe biden, tax crypto owners, tax crypto users, us infrastructure plan


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Helen Partz11 hours agoDenmark orders Saxo Bank to erase cryptocurrency holdingsDFSA’s decision about Saxo Bank’s crypto holdings will have a “very limited impact” on its business and its customers will not exper
4 reasons why Ethereum is finally topping out versus Bitcoin
Yashu Gola2 hours ago4 reasons why Ethereum is finally topping out versus BitcoinThe ETH/BTC pair is showing weakness today. Cointelegraph explains why.2047 Total views44 Total sharesListen to article 0:00Market Analysis
Vietnam Businesses Urge for Blockchain Training of Students and IT Specialists
Vietnam Businesses Urge for Blockchain Training of Students and IT Specialists Members of the expanding blockchain sector of Vietnam have called on government and educational insti
Ezra Reguerra1 hour agoOKX joins Komainu and CoinShares for institutional segregated asset tradingSebastian Widmann, head of strategy at Komainu, believes this is a necessary step to attract institutions to adopt digital
Chainlink Price Hits $30 For The First Time Since 2022 — What Next?
Este artículo también está disponible en español. The Chainlink price has been on quite a run in the past few months, but so has the entire cryptocurrency market. While t
SEC-retly Failing: How the SEC Is Letting Crypto Down
SEC-retly Failing: How the SEC Is Letting Crypto Down When Gary Gensler (ex-Goldman Sachs investment banker) was announced as the new head of the Securities and Exchange Commission
Crypto Asset Trading Platform Bityard With Integrated Copy Trading Function Launched in USA
Crypto Asset Trading Platform Bityard With Integrated Copy Trading Function Launched in USA PRESS RELEASE. Bityard, a fairly new crypto exchange, currently focus
Ukrainian President Signs Law Opening Door for Digital Hryvnia, Regulatory Sandbox
Ukrainian President Signs Law Opening Door for Digital Hryvnia, Regulatory Sandbox President Volodymyr Zelensky has signed a law that will allow the National Ban
CBDCs: User privacy problem or currency of the future?
Stephen Katte9 hours agoCBDCs: User privacy problem or currency of the future?CBDCs have some benefits but also many drawbacks, which has sparked debate about whether adopting them is a good idea.504 Total views5 Total s
The Many Facts Pointing to Chainlink’s Sergey Nazarov Being Satoshi Nakamoto
The Many Facts Pointing to Chainlink"s Sergey Nazarov Being Satoshi Nakamoto During the last few years, smart contracts and blockchain oracles have transformed t
President Biden Insists US Recession Is Not Inevitable — Treasury Secretary Yellen Concurs
President Biden Insists US Recession Is Not Inevitable — Treasury Secretary Yellen Concurs President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. recession is no
OCC’s Brian Brooks Says China Owns Bitcoin but Crypto World Disagrees: Chinese Crackdown Pushes Miners Away
OCC"s Brian Brooks Says China Owns Bitcoin but Crypto World Disagrees: Chinese Crackdown Pushes Miners Away Bitcoiners on social media have panned remarks by act