The White House is taking sides in the crypto amendment battle roiling Congress.
No one was expecting President Joe Biden to volunteer his take on this one, but late Thursday, the White House formally backed Portman's amendment in a statement attributed to deputy press secretary Andrew Bates.
"The Administration is pleased with the progress that has yielded a compromise sponsored by Senators Warner, Portman, and Sinema to advance the bipartisan infrastructure package and clarify the measure to reduce tax evasion in the cryptocurrency market," wrote Bates. "The Administration believes this provision will strengthen tax compliance in this emerging area of finance and ensure that high income taxpayers are contributing what they owe under the law. We are grateful to Chairman Wyden for his leadership in pushing the Senate to address this issue, however we believe that the alternative amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance.
But Senate Republicans have a different idea, and over the past three months, they have cut tax hikes out of the bill one by one. The crypto reporting rules and their related taxes represent the last vestiges of the corporate tax hikes that were supposed to pay for the bill.
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