Cryptocurrency markets

U.S. Congress plans additional $28 billion in taxes on cryptocurrency market

U.S. Congress plans additional $28 billion in taxes on cryptocurrency market
U.S. congressmen plan to pass new reporting requirements for cryptocurrency market participants. According to the authors of the bipartisan Additional Funding for Infrastructure Spending Act, the proposed changes would increase cryptocurrency tax collections by $28 billion.
According to IRS estimates presented to Congress this year, U.S. traders may have earned $4.1 billion last year from speculation and investment in digital assets.
U.S. Congress plans additional $28 billion in taxes on cryptocurrency market

U.S. Congress plans additional $28 billion in taxes on cryptocurrency market

Much of that money remained "in the shadows" because of the nature of blockchain and the lack of effective controls. The new bill will give the IRS more information about the movement of cryptocurrencies by requiring brokers to report on every transaction, equating them to securities and derivatives reporting standards.
In addition to cryptocurrency exchanges, transaction reporting will be done by wallet operators, DEX exchanges and DeFi-protocols, and miners. The declarations would have to contain "any representation of digital value recorded in a digital ledger," as stated in the text of the draft bill.
The U.S. Congress is looking for new sources of revenue to fund Biden's "plan," which plans to invest $1 trillion in infrastructure development. This will create new jobs and stimulate economic recovery.
The U.S. president proposes to raise taxes on the rich and large corporations, but congressmen are trying to soften the blow by increasing collection on existing items.

Author’s Posts

Image

Download Our Mobile App

Image
Image