Senator Calls Current Crypto Tax Proposal ‘Unworkable’
All of this just makes me shake my head and really drives home just WHY we need Bitcoin:
Senator Toomey Calls Text of Current Crypto Tax Proposal ‘Unworkable’
Sen. Pat Toomey (R-Pa.) on Monday called the bipartisan infrastructure bill’s proposed crypto tax reporting clauses “unworkable” and pledged to amend them.
The text’s definition of a broker is too broad, according to Toomey, and affects non-financial services parties, like bitcoin (BTC, -3.96%) miners, that he said should be exempt. Plus, non-custodial services would struggle to properly file identification forms with the IRS, he said.
“Congress should not rush forward with this hastily-designed tax reporting regime for cryptocurrency, especially without a full understanding of the consequences,” he said in a press statement.