Congress Passes $ 1.2 Trillion Infrastructure Bill – Crypto Proponents Criticize Broker Change Definition, Tax ID 6050I – Bitcoin News
Congress passed the Biden government’s bill aimed at improving infrastructure, tackling climate change, and strengthening social services. The $ 1.2 trillion infrastructure bill, which also expands the definition of a broker, is awaiting signature from US President Joe Biden after being passed by 228 votes to 206 on Friday.
Bipartisan infrastructure bill passed worth $ 1.2 trillion
The bipartisan infrastructure bill has been a hot topic lately, and the bill was passed in Congress on Friday, awaiting approval from President Biden. Approval followed weeks of delays and debate as 13 Republicans joined a large majority of Democrats to move the proposal forward.
BREAKING: The $ 1.2 trillion infrastructure bill was just passed by the House of Representatives and will now go to President Biden’s desk.
You can’t stop spending and asset prices can’t stop rising.
– Pump 🌪 (@APompliano) November 6, 2021
Bitcoin.com News reported on the bill three days ago when it was cut to $ 1.75 trillion and lawmakers cut the number again before passing it to $ 1.2 trillion. From the State Dining Room, Biden celebrated Congress passing the law and said with a smile, “Finally … Infrastructure Week.”
The 1,600-page proposal discusses incentives to combat climate change, offering “universal childcare before the K. Estimates put approximately $ 550 billion into fighting the alleged climate crisis in the United States.
I voted against this so-called “infrastructure” law. This bill only serves to advance the socialist agenda of America Last while it has no fiscal responsibility. Less than 9% of the $ 1.2 trillion price goes into hard infrastructure.
– Representative. Paul Gosar, DDS (@RepGosar) November 6, 2021
US $ 47 billion will be used for flooding, coastal and climate resilience and US $ 39 billion for “modernizing transport”. About $ 5 billion will be spent on low-emission and zero-emission buses, $ 110 billion on roads and bridges, and $ 7.5 billion on electric vehicles and charging developments.
Broad definition of a broker, Section 6050I of the Tax Code
Now, while adding another trillion to the mountain of debt the US already owns is unfavorable, most crypto proponents are more concerned about the cryptocurrency tax regime.
Senators who helped shape the bill made a change to the regulation that says organizations that deal in digital asset trading are considered brokers. In fact, digital currency advocates are concerned that the definition of a broker is extremely broad, and crypto advocates think software engineers and miners could be targeted alongside exchanges.
The way the invoice is written is the main concern that reporting to the Internal Revenue Service (IRS) would force all brokers to submit 1099 forms and declarations. Additionally, there are concerns about the tax code section 6050I change, which essentially requires individuals and businesses that have received $ 10,000 in cash or by bank transfer to file the IRS Form 8300.
I emailed both Virginia state senators today. What have you done to have the life you want in the future? Abolish Section 6050I of the Tax Code and punish politicians by voting them out. #InfrastuctureBill Retweet #USGov to get the word out
– Oh Smit (@thatguyoliver) November 5, 2021
The form requires companies and individuals to follow Know-Your-Customer (KYC) procedures and record the sender’s name, address and social security number. Detailed information on the justification for the funding must also be given in form 8300.
Meltem Demirors: “Infrastructure Act Is By Nature Anti-American”
Even after the bill was passed in Congress, crypto supporters urged their American compatriots to call their representatives to correct the amended section 6050I. One crypto proponent tweeted:
Everyone in the cryptocurrency community needs to reach out to their congressman. Demand that they defy the creeping clause [the] Infrastructure Act, which would change section 6050I of the Tax Code, will destroy the defibrillator industry. It is extremely important that we kill this.
Coinshare’s CSO Meltem Demirors also complained about the passage of the law. “This law is unconstitutional and inherently anti-American. Individuals have the right to financial privacy and freedom. It is absolutely shameful to see this, ”said Demirors.
President Biden called the bill a “once in a generation” investment. “It puts us on our way to winning 21st century economic competition,” said Biden.
What do you think of Congress passing the $ 1.2 trillion infrastructure bill? Let us know what you think on this matter in the comments below.
Tags in this story
$ 1.2 trillion, Bitcoin, Broker, Congress, Cryptocurrency, Digital Assets, Exchanges, House of Representatives, Infrastructure Bill, Infrastructure Package, Infrastructure Week, IRS, Joe Biden, KYC, Meltem Demirors, Miners, President Biden, Change of Regulations, Section 6050I , Senators, software engineers, tax code
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