“cryptocurrency Taxation In Ohio: What You Need To Know” – Joe Biden’s bipartisan infrastructure plan has stalled after disagreements over how cryptocurrencies are regulated and taxed in the US.

Attempts to pass a major infrastructure bill worth almost $1 trillion (850 billion euros) have stalled in the US Senate after a heated debate over the taxation of cryptocurrencies.

“cryptocurrency Taxation In Ohio: What You Need To Know”

The bill, a rare bipartisan effort and a key part of US President Joe Biden’s legislative agenda, is expected to be passed late on Thursday. However, discussions about introducing several amendments to the bill stopped work on the bill in the Senate.

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The bill, called the Infrastructure Investment and Jobs Act, is the first major part of Biden’s plan to improve America’s infrastructure, including building roads, bridges, waterways and broadband and injecting billions in new spending on other projects.

The bill would raise about $28 billion (€23.8 billion) over 10 years by updating IRS reporting requirements for cryptocurrency brokers, just as stockbrokers report their clients’ sales to the IRS.

Republican Sen. Pat Toomey and others fear that cryptocurrency miners, software developers and others will be subject to new IRS reporting requirements.

“If we don’t pass this amendment, we could do a lot of damage,” Toomey said.

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“We could have a very negative impact on the development of this technology and that worries me the most.”

Sen. Rob Portman of Ohio, the Republican negotiator who authored the statute, wrote on Twitter that more could be done to clarify the intent of the provision with the amendment’s sponsors and that the Senate should vote on the amendment.

That vote has not yet taken place, however, and the White House spoke late Thursday, signaling support for a different approach than Portman and other senators.

White House deputy press secretary Andrew Bates said the compromise amendment would “reduce tax avoidance in cryptocurrency markets.”

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He said the government would “strengthen tax compliance in this emerging area of ​​finance and ensure that high-income taxpayers contribute in accordance with their obligations under the law.”

Treasury Secretary Janet Yellen also spoke to lawmakers on Thursday to lobby against a proposed simplification of cryptocurrency regulations.

The Senate adjourned for nearly two hours overnight while senators privately discussed next steps.

If senators complete the bipartisan bill, they will move on to more bipartisan action in the next phase of Biden’s agenda: a $3.5 trillion (2.98 trillion euro) proposal for what the White House calls human infrastructure – child care, support for home for health care, education and other spending that is a Democratic priority that Republicans have vowed to reject. Current cryptocurrency market values ​​will be displayed on a computer screen in Brisbane, Australia in February. Ohio has become the first state in America to adopt bitcoin as a form of business tax payment, following the volatile cryptocurrency. File photo: Dave Hunt/EPA-EFE

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Nov. 26 () — On Monday, Ohio became the first state to accept bitcoin as a business tax payment option.

State Treasurer Josh Mandel said the measure aims to encourage businesses to use cryptocurrencies and the blockchain technology that powers them.

“The Treasurer’s Office is also working to help Ohio become a national leader in blockchain technology,” its website says. Mandel could not be reached for comment on Monday.


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