President Biden's Proposal Expects $10 B in Crypto Tax By 2032

The Office of management and budget of the White House released the budget of the US government, for the fiscal year 2023.

According to the proposal, the government could establish new rules for digital assets which would generate an additional $11 bln by 2032. The proposal also expands the ability of the Department of Justice to manage cyber threats including ransomware and crypto use.

Among the requirements are; reports by certain taxpayers of foreign digital assets, reports by financial companies and crypto brokers, and loans of securities as tax-free to involve other asset categories and address income inclusion.

The release mentions that not all digital assets would qualify, but those that were determined to be regulatory purchased and sold for dollars or other fiat currencies. The proposal would be effective for tax years starting after December 31, 2022.

Previously, in March, President Biden released an executive order on digital assets. The much-awaited document cleared that the US won’t impose a crackdown.