Taxing Crypto Transactions to Fund US Infrastructure Plan
The White House announced Wednesday that President Joe Biden and a group of bipartisan lawmakers had agreed on details of a “generational investment” in US infrastructure.
The bill will be submitted to the Senate for consideration, the White House said, adding that “the deal covers a total of $550 billion in new federal investment in US infrastructure.”
At the last minute, measures to increase taxation of crypto assets were added to the Infrastructure Act to raise funds to fund infrastructure plans.
Over the next eight years, $550 billion will be spent among others on roads, bridges, high-speed internet, public transport, electric vehicles, airports and shipping ports.
The measures put in place increased reporting requirements for crypto brokers and exchanges. You must provide details of cryptocurrency transactions worth $10,000 or more to the Internal Revenue Service (IRS).
The provision is expected to bring in an additional $28 billion from cryptocurrency transactions.