US congressmen seek taxation in crypto

US congressmen seek taxation in crypto

members of the US Congress Brad Sherman And Stephen Lynchto the heads of the Treasury and Internal Revenue Service (IRS) crypto- He wrote a letter demanding the implementation of tax regulations for his industry.

Congressmen Sherman and Lynch expressed their concerns about tax compliance practices in crypto in a letter to Treasury Secretary Janet Yellen and IRS Official Daniel Werfel.

For years, the crypto industry has been a major source of tax evasion. However, it has been a significant part of the United States’ tax deficit.

The duo pointed to an audit report in September 2020 by the Treasury Tax Administration Inspector General (TIGTA) in which the IRS was unable to identify pro-crypto taxpayers due to lack of reporting.

In addition, in November 2021, the President of the United States Joe Biden The Infrastructure Investment and Jobs Act (Bipartisan Infrastructure Bill), signed by , required taxpayers to report crypto transactions from 2023. Members of Congress, however, noted that the proposed regulations have yet to be published.

Members of Congress Sherman and Lynch have called for the immediate publication of proposed regulations to close the tax gap and move the cryptocurrency industry into full tax compliance by the halfway point of 2023.

Crypto miners get away with 30 percent tax

Last May, the Joe Biden administration resumed its initiatives for a 30 percent Digital Asset Mining Energy (DAME) tax on crypto miners, which was first announced in March 2023 as part of Biden’s FY2024 budget. However, it is recommended crypto mining The tax did not enter the May legislation addressing raising the US debt ceiling.

to crypto mining While concerns about the 30 percent tax imposed have subsided, crypto supporters believe it’s a temporary fix. Coin Metrics co-founder Nic Carter thinks the administration will retry tax enforcement in some broader bills in the future.

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