New Infrastructure Bill Looks to Raise $30B Through Crypto Taxes

[64K]

Well, this is not good news for crypto-investors. They may have to start paying taxes on their profits from Capital Gains.

“The provision includes updating the definition of broker to reflect the realities of how digital assets are acquired and traded,” the document said. “The provision further makes clear that broker-to-broker reporting applies to all transfers of covered securities within the meaning of section 6045(g)(3), including digital assets.”

Kristin Smith, executive director of the Blockchain Association, told CoinDesk the draft language could mean a number of individuals interacting with crypto may have to start reporting their transactions.
“We interpret this to mean software wallet developers, hardware wallet manufacturers, multisig service providers, liquidity providers, DAO token holders and potentially even miners,” she said.

The $1 trillion infrastructure bill also includes provisions for funding public transit, particularly passenger rail; investments in bridges, clean drinking water and wastewater infrastructure; and high-speed internet access for all Americans, among other provisions, according to a White House fact sheet.

New Infrastructure Bill Looks to Raise $30B Through Crypto Taxes

The draft language could mean a number of individuals interacting with crypto may have to start reporting their transactions.

www.coindesk.com

 

[MentalAcetylide]

If they're so strapped for money, maybe they should cut back on the earmarking & pork spending? Then they could invest that money from crypto into cyber security.

 

[thesmokingman]

Boom Headshot!

 

[Space Lynx]

lol I predicted this a long time ago. I told ya, government always wants a little more

 

[thesmokingman]

lol I predicted this a long time ago. I told ya, government always wants a little more

Crypto gains are already taxed. This is really more about tracking gains so they can more easily get paid. The real crux of this is that it removes a big layer of anonymity. It kinda renders it useless for criminals now that brokers and providers have to do accounting. lol looks like everyone in the chain is going to have some responsibility.

 

[Space Lynx]

Crypto gains are already taxed. This is really more about tracking gains so they can more easily get paid. The real crux of this is that it removes a big layer of anonymity. It kinda renders it useless for criminals now that brokers and providers have to do accounting. lol looks like everyone in the chain is going to have some responsibility.

that's how it should be. everyone has to do their fair share or this whole project we call civilization collapses into anarchy.

I don't know about you, but when I go to the grocery store I don't want to be stepping over 80 year old's crying and begging for food because social security wasn't able to get funded enough, and so on and so forth.

Let's hope we get competent people that spend that money wisely in the future, so far neither party does, but I am hopeful someday... more rational heads will prevail.

 

[yotano211]

that's how it should be. everyone has to do their fair share or this whole project we call civilization collapses into anarchy.

I don't know about you, but when I go to the grocery store I don't want to be stepping over 80 year old's crying and begging for food because social security wasn't able to get funded enough, and so on and so forth.

Let's hope we get competent people that spend that money wisely in the future, so far neither party does, but I am hopeful someday... more rational heads will prevail.

Social Security is already not properly funded. I will say this now, within the next 10yrs, the government will have to increase SS taxes at least 30% or cut benefits by 30%. Get ready for massive protests from the younger generation(s) when that happens.

 

[thesmokingman]

Social Security is already not properly funded. I will say this now, within the next 10yrs, the government will have to increase SS taxes at least 30% or cut benefits by 30%. Get ready for massive protests from the younger generation(s) when that happens.

Not loling at you but lol, there won't be any money left to tax. The US tax rate is already obscene and yet we get jack for it compared to the competition who get ridiculous amounts of social works for their high tax level.

 

[yotano211]

Not loling at you but lol, there won't be any money left to tax. The US tax rate is already obscene and yet we get jack for it compared to the competition who get ridiculous amounts of social works for their high tax level.

We get shiny new military planes and super carriers at $6billion each.

I think the higher SS tax rate will be 16% instead of 12.4%, about 30% increase.

 

[Flyordie]

Social Security is already not properly funded. I will say this now, within the next 10yrs, the government will have to increase SS taxes at least 30% or cut benefits by 30%. Get ready for massive protests from the younger generation(s) when that happens.

Remove the cap on SS taxes now. We've been screaming for that for over 20 years and it'd be OK if they'd stop pillaging from the trust fund.

and to "TheSmokingMan" Taxes aren't high in America. They are only high for the working class. When the top 5% pay less or in many cases 0% income tax on tens to hundreds of millions of income... thats an issue.

$2,000 to someone making $50,000 is a hell of a lot more money than $1 Million to someone making $10 Million.

 

[thesmokingman]

Remove the cap on SS taxes now. We've been screaming for that for over 20 years and it'd be OK if they'd stop pillaging from the trust fund.

and to "TheSmokingMan" Taxes aren't high in America. They are only high for the working class. When the top 5% pay less or in many cases 0% income tax on tens to hundreds of millions of income... thats an issue.

$2,000 to someone making $50,000 is a hell of a lot more money than $1 Million to someone making $10 Million.

Yea... there's something wrong when the billionaires of sports teams pay less in taxes than their players. We can see this play out in in other ways like the Roth IRA.

The data reveals for the first time the staggering amount of money socked away in tax-free mega Roth accounts: more than $15 billion held by just 156 Americans.

The Number of People With IRAs Worth $5 Million or More Has Tripled, Congress Says

After ProPublica revealed that some wealthy Americans hold Roth IRAs worth hundreds of millions — compared to $39,000 for the average account holder — Democrats requested data. It shows more than 28,000 people with IRAs worth $5 million or more.

www.propublica.org

 

[Space Lynx]

We get shiny new military planes and super carriers at $6billion each.

I think the higher SS tax rate will be 16% instead of 12.4%, about 30% increase.

don't forget the 1 trillion dollar F-35 Lightning project tax payers paid for. a plane that will never literally be used (don't give me crap about it being used in middle east, we already outclassed them before the F-35)

future of war is cyber and drones. drone fighter jet = not limited to maneuvers that would make a human pass out.

 

[yotano211]

don't forget the 1 trillion dollar F-35 Lightning project tax payers paid for. a plane that will never literally be used (don't give me crap about it being used in middle east, we already outclassed them before the F-35)

future of war is cyber and drones. drone fighter jet = not limited to maneuvers that would make a human pass out.

The problem with drones is that satellites can be easily shot down.

 

[Space Lynx]

The problem with drones is that satellites can be easily shot down.

and EMP's can be set in large radius disabling all of them or F-35's even. F-35 is just one big computer. for that line of thinking to be valid I would only agree with it, if say... it was an advanced jet with no computer systems, or just very basic ones anyway.

 

[Jetster]

We get shiny new military planes and super carriers at $6billion each.

The budget for the Gerald R. Ford aircraft carrier is 13.3 Billion
In that Infrastructure bill is a new death tax which will require children of small business owners to have to sell to pay. Its going to destroy the economy
90% of 29 million firms in the US are small business. Hopefully it dies

Impact of President Biden's Tax Plan on Estate Planning

With Democratic control of the White House and Congress, there has been much speculation on what President Biden’s tax proposal will look like, as well as the likelihood that President Biden’s tax plan will be enacted into law. In April 2021, the Biden Administration announced the American...

www.natlawreview.com

 

[Space Lynx]

The budget for the Gerald R. Ford aircraft carrier is 13.3 Billion
In that Infrastructure bill is a new death tax which will require children of small business owners to have to sell to pay. Its going to destroy the economy
90% of 29 million firms in the US are small business. Hopefully it dies

Impact of President Biden's Tax Plan on Estate Planning

With Democratic control of the White House and Congress, there has been much speculation on what President Biden’s tax proposal will look like, as well as the likelihood that President Biden’s tax plan will be enacted into law. In April 2021, the Biden Administration announced the American...

www.natlawreview.com

"Tell me, why should we leave King George who is 3000 miles away, for a tyrant who will be 300 miles away?" -Mel Gibson, The Patriot movie

 

[Vya Domus]

Well, this is not good news for crypto-investors.

Is it though ? Another way to look at it is that this reinforces the acknowledgment of crypto as a legitimate asset class.

Many believe that the last impediment of crypto is governmental recognition, you're very naïve if you see this as a win for the anti-crypto crowd.

 

[64K]

Is it though ? Another way to look at it is that this reinforces the acknowledgment of crypto as a legitimate asset class.

Many believe that the last impediment of crypto is governmental recognition, you're very naïve if you see this as a win for the anti-crypto crowd.

I don't think this is the kind of recognition that crypto investors were hoping for. Also:

Senate Banking Committee Bashes Bitcoin's 'Phony' Populism

The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.

www.coindesk.com

 

[ThrashZone]

Hi,
Yeah they'd wish for congress to add coin down plunges to be limited like the stock market is now lol

 

[MentalAcetylide]

don't forget the 1 trillion dollar F-35 Lightning project tax payers paid for. a plane that will never literally be used (don't give me crap about it being used in middle east, we already outclassed them before the F-35)

future of war is cyber and drones. drone fighter jet = not limited to maneuvers that would make a human pass out.

Actually, the future of warfare is going to be "whoever strikes first and fastest will get wiped out with everyone else last".
The problem with drone fighter jets is you still need to have control of the cyber domain and reliable communication between the drone & control site. I could be wrong, and things aren't always what they seem to be, but I'm willing to bet these other near peer countries are more prepared for fighting without the reliance on control of the cyber domain than the US. After all, its easier to bring an enemy down to your level by denying their use of a given domain than it is to dedicate precious resources fighting an uphill battle for control of that domain; especially if you're not as reliant on it.

 

[yotano211]

Actually, the future of warfare is going to be "whoever strikes first and fastest will get wiped out with everyone else last".
The problem with drone fighter jets is you still need to have control of the cyber domain and reliable communication between the drone & control site. I could be wrong, and things aren't always what they seem to be, but I'm willing to bet these other near peer countries are more prepared for fighting without the reliance on control of the cyber domain than the US. After all, its easier to bring an enemy down to your level by denying their use of a given domain than it is to dedicate precious resources fighting an uphill battle for control of that domain; especially if you're not as reliant on it.

With drones you need to communicate with satellite. There are missiles that can shot down satellites. China has lots of them.

The budget for the Gerald R. Ford aircraft carrier is 13.3 Billion
In that Infrastructure bill is a new death tax which will require children of small business owners to have to sell to pay. Its going to destroy the economy
90% of 29 million firms in the US are small business. Hopefully it dies

Impact of President Biden's Tax Plan on Estate Planning

With Democratic control of the White House and Congress, there has been much speculation on what President Biden’s tax proposal will look like, as well as the likelihood that President Biden’s tax plan will be enacted into law. In April 2021, the Biden Administration announced the American...

www.natlawreview.com

Thats alot more than I thought.

 

[Jetster]

Thats alot more than I thought.

The only reason I knew is because I just watched a documentary on it. They said the cost was high because of a new Electromagnetic catapult
It can launch 80,000 lb at 200 MPH

 

[R-T-B]

The only reason I knew is because I just watched a documentary on it. They said the cost was high because of a new Electromagnetic catapult
It can launch 80,000 lb at 200 MPH

Sounds expensive... and part of the problem. We need to fix our homeland before we worry so much about defending it.