US President Joe Biden Proposing New Crypto Tax Regulation in the 2024 Budget
The president of the United States, Joe Biden, is pushing for an increase in crypto tax in the 2024 budget. A statement issued by President Biden on March 9 reveals that his next move is to address crypto tax cheats in the US.
In his proposal, President Biden aims to introduce new crypto taxation regulations to increase government revenue. Initially, the US crypto community bought and sold their digital assets without remitting their transaction taxes to the authority.
Scope of the US 2024 Budget
Per the March 9 proposal, President Biden revealed plans to reduce over $3 trillion in government deficits for ten years. He suggested that legislators adopt new crypto tax regulations to reduce the current deficit.
President Biden’s proposal will introduce the “wash sales laws” for cryptos that will correspond to the approach taken by regulatory watchdogs in controlling the buying and selling of stocks and bonds. Ideally, the wash-sale rules encourage traders to comply with taxation requirements before buying and selling securities, especially bonds and stocks.
Based on President Biden’s new crypto provision, the US government will be able to generate over $31.6 billion in taxes from the crypto industry in 10 years.
Besides the crypto tax proposal, President Biden is pushing for new legislation for digital brokerage firms that will necessitate crypto brokers to disclose important information to the authorities. He plans to introduce the mark–to–market (MTM) tax regulations for crypto assets. Meanwhile, the proposal is set to proceed to the next stage, where members of Congress will add their valuable inputs before approval of the bill.
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