Author: Makena Kelly
Illustration by Alex Castro / The Verge
On Friday, Congress passed the $1.2 trillion infrastructure package, sending the legislation to President Joe Biden for his signature. But while the measure makes historic investments in roads and bridges, it also maintains a controversial new cryptocurrency tax reporting requirement that the Treasury Department could apply to miners.
Biden’s Infrastructure Investment and Jobs Act requires brokers to report trader information on transactions of more than $10,000 to the IRS. The provision was added to the Senate version of the bill in late July after the Joint Committee on Taxation estimated that it would offset $28 billion of infrastructure costs over the next decade.
The Joint Committee on Taxation estimated that it would offset $28...
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Illustration by Alex Castro / The Verge
On Friday, Congress passed the $1.2 trillion infrastructure package, sending the legislation to President Joe Biden for his signature. But while the measure makes historic investments in roads and bridges, it also maintains a controversial new cryptocurrency tax reporting requirement that the Treasury Department could apply to miners.
Biden’s Infrastructure Investment and Jobs Act requires brokers to report trader information on transactions of more than $10,000 to the IRS. The provision was added to the Senate version of the bill in late July after the Joint Committee on Taxation estimated that it would offset $28 billion of infrastructure costs over the next decade.
The Joint Committee on Taxation estimated that it would offset $28...
Continue reading…
Continue reading...