US authorities to raise $28 billion from crypto-transaction taxes

The U.S. Internal Revenue Service (IRS) will raise an additional $28 billion in taxes from cryptocurrency transactions. Such estimates are contained in the latest version of the bipartisan Congress plan to fund infrastructure spending, Bloomberg reports.

The latest draft proposes tightening transaction-reporting rules for crypto brokers. It also includes a recommendation to require brokers to report all transfers of digital assets above $10,000.

“The provision clarifies the term ‘broker’. It explains that the reporting requirements apply to all asset types under Section 6045(g)(3), including digital assets”, the document states.

$28 billion will go toward financing transportation and power infrastructure in the United States, which lawmakers estimate at $550 billion.

In June, the IRS requested increased funding to bolster oversight in the crypto space.

Earlier, the U.S. Treasury proposed expanding the requirements for brokers’ reporting regarding digital currencies. They would be required to share data on the beneficial owners of accounts with the international information-sharing network of which the United States is a member.

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