u.today
Bloomberg has reported that the US Senate intends to tighten the crypto taxation on investors and traders in order to raise $28 billion from that industry in taxes.
This would be part of the $550 billion necessary to fund the transportation and power systems across the country.
U.S. senators eye crypto taxes to fund part of the $550 billion infrastructure deal https://t.co/M1u6XAQbhD via @crypto
— Bloomberg Crypto (@crypto) July 29, 2021
Planning to rake in $28 billion in crypto taxes
The proposal made by the Senate suggests that the IRS must now tax crypto transactions, collecting data from crypto brokers. Businesses would have to report transfers of digital currencies that exceed $10,000.
The bipartisan plan is to invest $550 billion in the US transportation network, broadband and utilities. The final target has been reduced from $579 billion proposed last week.
Simultaneously, the Senate is voting for a $3.5 trillion stimulus for social programs in the US.
to be continued