U.S. President Joe Biden and lawmakers have agreed on the details of a roughly $1 trillion bipartisan infrastructure package with measures to step up tax enforcement around crypto assets.
Taxing Crypto Transactions to Fund US Infrastructure Plan
- The White House announced Wednesday that President Joe Biden and a bipartisan group of lawmakers have agreed on the details of “a once-in-a-generation investment” in the U.S. infrastructure.
- The bill will be taken up in the Senate for consideration, the White House stated, adding that “In total, the deal includes $550 billion in new federal investment in America’s infrastructure.”
- Measures to step up tax enforcement around crypto assets were added to the infrastructure bill at the last minute to raise funds to finance the infrastructure plan.
- The $550 billion will be spent over the next eight years on roads, bridges, high-speed internet, public transport, electric vehicles, airports, and shipping ports, among other areas.
- The measures impose heightened reporting requirements on crypto brokerages and exchanges. They will be required to provide details on cryptocurrency transactions of $10,000 or more to the Internal Revenue Service (IRS).
- The provisions are expected to raise an additional $28 billion from cryptocurrency transactions.
- A fact sheet published Wednesday by the White House explains, “In the years ahead, the deal will generate significant economic
