US Tax Bill Demanding $ 28 Billion From Cryptocurrencies Cancels First Test Amid Strong Criticism

cryptoshitcompra.com/wp-content/uploads/2021/07/El-proyecto-de-law-de-de- taxes-de-UUU-Que.jpg »alt =» US tax bill. Seeking $ 28 billion of cryptocurrencies cancels first test amid strong criticism 101 ″ class = »content-img» /> Source: Adobe / pkstock

A bipartisan US infrastructure bill that could raise $ 28 billion from cryptocurrency investors has been voted in favor, with a number of crypto industry experts strongly opposing it.

US lawmakers are trying to tighten the regulatory chord around cryptocurrencies to get more money out of the industry by enforcing new reporting requirements and thereby raising taxes further.

bill passed its first test Wednesday night and was voted on to advance.

For Forbes, this is a strong signal that it has a chance of becoming law, but that “it will still have to go to the House, where progressives demand that it be tied to a spending package of 3.5 trillion dollars.”

Cryptoverse is strongly criticizing the bill, deeming it unfair, counterproductive, moralistic, and destructive. y ruined their money, so now they come for ours. commented Founder of Quantum Economics , Mati Greenspan.

Jerry Brito, CEO of the Washington-based cryptocurrency lobbyist Coin Center , noted that in the drafts they saw, “the category of people who would be forced to report is so broad that it potentially covers people who only provide software or hardware to customers and they have no visibility into user transactions.

4 / We have engaged with the trained staff who have been working on this for the past few months, but the problem is… https://t.co/EZ0pe3mrq8

– Jerry Brito (@jerrybrito)

Furthermore, according to Kristin Smith, CEO of the Washington-based trade group Blockchain Association , the US Senate deal is “hugely problematic.” Bloomberg quotes she said the move could push some companies abroad.

Executives in the crypto industry argue that some companies that may be included in this provision simply do not have the ability to collect the required information.

“We are pressing all the levers right now to change it,” added Smith.

Maya Zehavi, a blockchain-focused entrepreneur and founding board member of the Israeli Blockchain Industry Forum , suggested that lawmakers are hypocritical in saying that ‘cryptocurrencies are good enough to tax but not good enough to participate in discussions. productive regulations that do not imply maintaining the same TBTF [too big to fail] gatekeepers on the spot ”.

Others have also suggested the lack of discussions with the crypto industry and warning crypto users of a decision of this magnitude.

United States Senate is about to vote on an “infrastructure” bill that could make radical changes to the cryptocurrency industry. … https://t.co/JQqF7cUxWE

– David Bailey #FreeRoss (@DavidFBailey)

And the discussions continue, with some finding that this tax would be difficult to enforce.

just install my twttr

– jack (@jack)

As for the bill itself, by According to the White House fact sheet, the United States Senate and President Joe Biden have reached a bipartisan infrastructure deal that includes $ 550 billion for transportation and energy systems.

And part of that number would earn $ 28 billion more in cryptocurrency transaction fees.

Additional rules would be imposed on cryptocurrency brokers, requiring them to report transactions of digital assets, including virtual currencies, to the Revenue Agency (IRS): All businesses must report crypto transactions greater than $ 10,000.

“In the coming years, the agreement will generate significant economic benefits,” the fact sheet reads. “It is financed through a combination of redirection of unspent emergency funds, specific fees for commercial users, application of taxes when it comes to cryptocurrencies and other bipartisan measures, as well as the income generated by higher economic growth as a result of the investments. «

This proposal comes amid mounting warnings from IRS law enforcement officials that cryptocurrencies are a growing escape zone for people trying to hide their income.

Sen. Rob Portman of Ohio, the Republican head on the infrastructure talks, was quoted by Bloomberg as saying that concerns about cryptocurrency transparency have long been raised in Congress, saying that “everyone has been talking about the proper way. to provide more relationships in particular and lead to better compliance «.____

Other reactions:

To the millions of Americans who care about cryptocurrencies, he informs them that politicians play dirty, they please inter… https://t.co/OhKkL7Z2eJ

– Dan McArdle (@robustus)

Bitcoiners 2009-2021: Bitcoin allows self-sovereignty to billionaires, we will bleed the state by not paying taxes… https://t.co/sgKM4Iwerk

– Tim Swanson (@dinumeri)

___ Find out more: – ‘Exponential’ rise in cryptocurrency investigations in Spain as follow-up intensifies – Tax havens citizenship gap for US crypto people may not stay open for long weather

– Biden’s crackdown on crypto tax evasion could also affect non-US merchants – El Salvador brings a new global puzzle: what is Bitcoin and how to tax it? __ (Updated at 4:20 PM UTC with additional comments ).

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