Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal said there is a “$50 billion cryptocurrency tax deficit” in the US. The senators are confident that U.S. law enforcement agencies, in conjunction with the IRS, have a responsibility to promptly present new tax rules and, most importantly, to enforce the. Otherwise, the U.S. budget could miss out on about $1.5 billion in cryptocurrency revenues for fiscal year 2024.
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“If left to their own devices, tax evaders and the crypto intermediaries helping them will continue to cheat the system, exploit loopholes, and siphon billions of dollars a year out of the U.S. budget. You should not give them that chance,” the document said.
The politicians recalled a law that was passed in 2021 that contains tax reporting requirements for companies acting as crypto brokers.
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“It’s been almost two years since the law was passed, with less than six months to go before the deadline for implementing the requirements. But the Treasury Department still hasn’t published proposed changes to the tax-reporting rules,” the senators, led by Warren, are outraged.
The other day, the IRS issued a
a new decree that requires income from cryptocurrency-stacking to be taxed.