The Biden administration is reportedly pushing on Democrats to widen rules for cryptocurrency tax compliance in the $3.5 trillion budget reconciliation package, Roll Call has learned, citing an administration official familiar with the matter.
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The administration apparently wants cryptocurrency businesses to report on foreign account clients. Hence, the US could allegedly share information with global partners in exchange for data on US taxpayers who trade cryptocurrencies in other countries.
According to Treasury, the cryptocurrency market allows taxpayers to "conceal assets and taxable income by using offshore crypto exchanges and wallet providers."
Earlier, the House approved a $3.5 trillion budget blueprint that allows Democrats in Congress to take action on a sweeping package that includes Biden's key domestic policy proposals. The bill will be brought to the floor by Sept. 27. iHodl previously reported that according to the Congressional Budget Office (CBO), the notorious $1 trillion Infrastructure bill would add $256 billion to deficits over 10 year.
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