US President Joe Biden and lawmakers have agreed on the details of the roughly $1 trillion bipartisan infrastructure package, which includes measures to strengthen tax enforcement of crypto assets.
Taxation of crypto transactions to fund U.S. infrastructure programs
- The White House announced on Wednesday that President Joe Biden and a bipartisan group of lawmakers have agreed on the details of a “once-in-a-century investment” in U.S. infrastructure.
- The White House stated that the bill will be submitted to the Senate for consideration, adding: “The transaction includes a total of $550 billion in new federal investment in U.S. infrastructure.”
- At the last minute, the Infrastructure Act added measures to strengthen tax enforcement of encrypted assets to raise funds to fund infrastructure programs.
- The 550 billion US dollars will be used in roads, bridges, high-speed Internet, public transportation, electric vehicles, airports and shipping ports in the next eight years.
- These measures impose higher reporting requirements on crypto brokers and exchanges. They will be required to provide the U.S. Internal Revenue Service (IRS) with details of cryptocurrency transactions of $10,000 or more.
- These regulations are expected to raise an additional $28 billion from cryptocurrency transactions.
- A fact sheet issued by the White House on Wednesday explained that “in the next few years, this transaction will generate huge economic benefits,” adding:
Its funding sources include redistribution of unused emergency relief funds, targeted corporate user fees, enhanced tax enforcement on cryptocurrencies, and other bipartisan measures, as well as income from higher economic growth brought about by investment. .
What do you think about using crypto taxes to fund U.S. infrastructure programs? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.