Crypto is not all that bad now, is it? According to a White House report, modifications to the crypto tax will reduce the US deficit by $10B in 2032.
The United States government’s budget for the 2023 fiscal year included roughly $11 billion in revenue over the next decade from modernizing rules around digital assets.
According to U.S. President Joe Biden’s FY2023 budget, which was released by the White House on Monday, modifying the tax rules on digital assets willthe deficit by $10.9 billion from 2023 to 2032. The White House said it will “modernize rules” to include certain taxpayers reporting holdings of digital assets in foreign accounts, amending mark-to-market rules to include digital assets and requiring financial institutions and crypto brokers to report additional information.
The Biden administration estimated that modernizing tax rules to include digital assets will bring the government $4.9 billion in revenue in 2023. In addition, the budget included $52 million to combat “the misuse of cryptocurrency” by expanding the Department of Justice’s ability to address cyber threats to the United States. The funding will provide the government body with “more agents, enhanced response capabilities and strengthened intelligence collection and analysis capabilities.
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