![]() ![]() ![]() Cynthia Lummis (R-Wyo.) said the rules went too far. ![]() Odd bedfellows like Senate Finance Committee Chair Ron Wyden (D-Ore.) and Sen. The still-gestating regulations could be controversial for the agency, reviving a contentious fight like the one seen in Congress when it first approved the rules.Īt the time, in 2021, lawmakers were deeply divided, even within each party, over what corners of the digital asset world should be subject to the requirements. She did not respond to questions about the reasons for the delay or when the rules might be released In a statement, Treasury spokesperson Kristin Lynch said: “Treasury is working diligently to finalize these important and complicated regulations.” The tax agency had been asking lawmakers for the new crypto rules for years, saying it needed more power to root out tax avoidance by people trading digital assets.ĭuring the debt-limit negotiations, President Joe Biden complained that Republicans wouldn’t agree to a second crackdown dealing with so-called wash sales that would prevent crypto holders from using paper losses to erase their tax bills. The delay also comes amid a high-profile push by the administration to reduce the estimated $500 billion in taxes that go uncollected every year, a big reason why Democrats pushed through a one-time $80 billion cash infusion for the IRS. ![]()
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