Biden may raise crypto taxes to pay for infrastructure plan

By Raffaele Redi
• Updated

Around $28bn of funding for US infrastructure plan could come from taxes on crypto deals

US Capitol, Washington DC                                 
US Capitol, Washington DC - Photo: Shutterstock
                                

Around $28bn of funding for the US ‘Historic Bipartisan Infrastructure Deal’ announced last week could come from more taxes on crypto transactions, according to the White House.

Higher reporting requirements could be introduced on crypto brokerage and exchange, with details of cryptocurrency transactions of $10,000 or more needing to be reported to the Internal Revenue Service.

The Biden administration said it will “target corporate user fees, strengthening tax enforcement when it comes to cryptocurrencies”.

The once-in-a-generation investment in infrastructure will be taken up in the Senate for consideration. In total, the deal includes $550bn of new federal investment in America’s infrastructure.

“The Bipartisan Infrastructure Deal will grow the economy, enhance our competitiveness, create good jobs, and make our economy more sustainable, resilient, and just," says the fact sheet.

What is your sentiment on BTC/USD?

16955.85
Bullish
or
Bearish
Vote to see community's results!

Pro and cons

“The deal will generate significant economic benefits. It is financed through a combination of redirecting unspent emergency relief funds, targeted corporate user fees, strengthening tax enforcement when it comes to cryptocurrencies, and other bipartisan measures, in addition to the revenue generated from higher economic growth as a result of the investments”, the Biden administration said.

Not everyone supports the new measures, however. “Taxing every day #crypto investors & innovators like this will undermine U.S. leadership in this industry. Totally self-destructive”, said Congressman Tedd Budd.

Bitcoin to US Dollar
Daily change
16962.7
Low: 16914.8
High: 17357

Further reading: S&P reaches new all-time high on prospect of $2.3 trillion stimulus plan

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image