House passes $1T infrastructure bill with crypto tax for Biden's approval

[waybesuricata]

The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage.

The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill which, if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens.

The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage. However, the bill mandated stringent reporting requirements for the crypto community, requiring all digital asset transactions worth more than $10,000 to be reported to the IRS.

As Cointelegraph reported, the bill was first approved by the Senate on Aug. 10 with a 69-30 vote, which was met with a proposal to compromise amendment by a group of six senators — Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden. According to Toomey:

“This legislation imposes a badly flawed, and in some cases unworkable, cryptocurrency tax reporting mandate that threatens future technological innovation.”

Source and continuation of news: https://cointelegraph.com/news/house-passes-1t-infrastructure-bill-with-crypto-tax-for-biden-s-approval

[TomPluz]

So the only icing on the cake needed is the signature of the sitting president. I was then hoping that they can make some changes to the bill especially regarding cryptocurrency taxation but I am not so sure if those were taken up. Anyway, let's see how things can be changed with this so-called infrastructure law primarily aimed to raise more revenues for grand projects under Biden's spend and spend and spend direction.

[Senin]

I see that the infrastructure bill that is currently being discussed in the US is pretty good. Of course, cryptocurrency is a completely new phenomenon in the financial world and it is impossible to immediately foresee all possible situations in order for it to work for a long time. Later, the corresponding necessary changes can be made to it.
The requirement to report all transactions over $ 10,000 to the tax authorities is also quite acceptable. Citizens with average incomes will be able to make most of their transactions in such a range that they will not be caught by the tax authorities.