Jump to content
The World News Media

Biden intends to impose mark-to-market rules to digital assets which are ‘actively traded’


Mic Drop
 Share

Recommended Posts

  • Member

US President Biden has released his budget proposal for the 2023 fiscal year and it isn’t all sunshine and roses for cryptocurrency in the States, despite local support from states like Florida, New York and Texas.

Biden intends to impose mark-to-market rules to digital assets which are ‘actively traded’. This effectively means that investors are tax-liable for cryptocurrency gains that they have not yet realised by selling the asset in question.

The above presents an hugely onerous obligations to investors which will surely push innovation and investment away from American shores.

Biden dubs this the ‘modernisation’ of crypto regulations and expects the move would generate $6.6 billion in tax-revenue between 2023 and 2032.

Furthermore, Biden wants to impose reporting requirements on US residents that hold more than $50,000 in offshore accounts.

According to the Treasury, which expects the reporting tightening to generate $2.2 billion in revenue in ten years:

"The global nature of the digital asset market offers opportunities for U.S. taxpayers to conceal assets and taxable income by using offshore digital asset exchanges and wallet providers,"

It is no secret that, as presidents go, Joe Biden is a big spender indeed. Though it seems foolhardy to force an emerging industry, like cryptocurrency, to shoulder to burden of his aggressive fiscal policy which is no doubt prompted by re-election pressures…

https://decrypt.co/96270/biden-eyes-5-billion-2023-revenue-applying-new-tax-reporting-rules-crypto

 

 

 

Link to comment
Share on other sites


  • Views 115
  • Replies 1
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share





×
×
  • Create New...

Important Information

Terms of Service Confirmation Terms of Use Privacy Policy Guidelines We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.