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.

Full article here:






Master Asked on August 3, 2021 in Cryptocurrency.
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