that enable people to store their cybercurrency or others with roles in the blockchain. And on Wednesday, Sens. Ron Wyden , Cynthia Lummis and Pat Toomey unveiled an amendment to clarify that the reporting requirement did not extend beyond “persons who conduct transactions on exchanges where consumers buy, sell and trade digital assets.”
That amendment, which Portman endorsed, seems to have quelled the controversy. But the episode raises a troubling question. Crypto investors were targeted not just because of the alleged tax avoidance, which the congressional Joint Tax Committee estimated at $28 billion over 10 years. More important, cracking down on crypto tax dodgers didn’t require a broad and costly investment in the IRS’ enforcement personnel and capabilities, unlike the bill’s original framework, which Senate Republicans could not abide.
But should lawmakers care about just this one type of tax dodging? Given that the problem is orders of magnitude larger than $28 billion over a decade, it seems almost arbitrary to focus on cryptocurrency trades — it’s like going after piggy banks instead of Wells Fargo. That’s not to say cryptocurrency investors shouldn’t be taxed the same way as investors in mutual funds and meme stocks. At least it’s possible now. But if cryptocurrencies ever become widely accepted as a form of payment, people won’t have to cash out their Bitcoins to buy goods. At that point, the IRS will truly be dependent on people disclosing their cryptocurrency capital gains to the taxman, who may have no other way of knowing about them. Good luck with that.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Senators propose narrowing cryptocurrency tax language in infrastructure billThe amendment would narrow the definition of what counts as a broker in the provision to exclude certain crypto groups, including miners, software developers and transaction validators. its a scam or the dudes with the most crypto wouldn't be committing suicide and going missing Money buys lawmakers ! “Fiscal conservatives” strike again
Source: politico - 🏆 381. / 59 Read more »
Trump asks court to end House pursuit of his tax returns from IRSWhile the pressure is heating up in the House Democrats' pursuit of Trump's tax information, the tax returns aren't likely to be given to Congress anytime soon — and the new filing from Trump will likely prompt several new rounds of legal arguments. Vaccines, climate change, fud, Trump, repeat -cnn The master of disaster... The Artful Dodger... The master of the chessboard... What these tax returns would reveal must be so criminal. Please just stay the course. Put this mFkr in jail.
Source: CNN - 🏆 4. / 95 Read more »
Why regulators should treat stablecoins like banksIf this type of cryptocurrency continues to grow, governments will need to move faster to contain the risks. Rules are needed in areas such as transparency, liquidity and capital They're so out of touch it's kinda funny. Governments, Banks and Legacy Finance, including is walking confidently towards future irrelevance. Trust in them is broken. Bitcoin will make them obsolete. Get on board or take a fucking beating. Is any of the existing cypto-currencies stand alone, i.e. can survive on it's own? They've done this much without regulation though.
Source: TheEconomist - 🏆 6. / 92 Read more »
Jennifer Aniston says 'anti-vaxxers' are no longer in her 'weekly routine'Jennifer Aniston says some people who refuse to get the Covid-19 vaccine are no longer in her 'weekly routine,' adding that their reluctance to get the shot is based on 'fear or propaganda.' Jen Anniston’s telling me to get the vax. Can’t get it soon enough now! A time has come DestinyInHeaven Good for her!
Source: NBCNews - 🏆 10. / 86 Read more »
Finding tax angles for your ETFs — and the impact of Biden’s proposed tax hikesExchange-traded funds (ETFs) are popular. Very popular. In 2020, a whopping $507.4 billion flowed into U.S.-listed ETFs, 55% more than the $326.3 billion... thanks
Source: MarketWatch - 🏆 3. / 97 Read more »
What's on TV Thursday: 'The Outpost' on The CW; Tokyo Olympics continue; 'Grown-ish' on FreeformWhat to watch Thursday, August 5: 'The Outpost' on The CW; Tokyo Olympics continue; 'Grown-ish' on Freeform; 'Obama: In Pursuit of a More Perfect Union' on HBO
Source: latimes - 🏆 11. / 82 Read more »