11-06-2021, 05:18 PM
URGENT! The House has passed an Infrastructure Bill with a DEADLY crypto tax clause
<!-- SC_OFF --><div class="md"><p>The House has voted with 218 ayes on Friday, amending the definition of "cash" to include "all digital assets" for section 6050I of the US tax code.</p> <p>This is a reporting requirement for any transactions over $10,000.00 to require a recipient to verify the sender's personal information and Social Security number, etc., and report this to the government within 15 days.</p> <p>This is a *felony* violation with jail time involved, should it not be done.</p> <p>This Bill is being sent to the President for a final signature, and the changes will be enforced by EOY 2023.</p> <p>From the nature of how DeFi and cryptocurrency works, does this mean that cryptocurrency mining will be subject to the same Regulations? Or DeFi, where the protocol doesn't have a Social Security Number but manages to reward stakers a large amount of $ anyway?</p> <p>We are officially at war with the political establishment. Make your voices heard and write to your local Congressman and Senator.</p> <p>EDIT - the point isn't that we have to pay taxes. The point is that the requirements might not be possible to comply with because of how crypto works.</p> <p><a href="https://www.coindesk.com/business/2021/11/06/house-sends-infrastructure-bill-with-crypto-tax-provision-to-us-president/">https://www.coindesk.com/business/2021/11/06/house-sends-infrastructure-bill-with-crypto-tax-provision-to-us-president/</a></p> <p>Another edit - we will prevail and come back even stronger. One of the best features about Bitcoin is antifragility (to thrive under an onslaught of attacks rather than weakened).</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/RatherCynical"> /u/RatherCynical </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qnzz2e/urgent_the_house_has_passed_an_infrastructure/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qnzz2e/urgent_the_house_has_passed_an_infrastructure/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>The House has voted with 218 ayes on Friday, amending the definition of "cash" to include "all digital assets" for section 6050I of the US tax code.</p> <p>This is a reporting requirement for any transactions over $10,000.00 to require a recipient to verify the sender's personal information and Social Security number, etc., and report this to the government within 15 days.</p> <p>This is a *felony* violation with jail time involved, should it not be done.</p> <p>This Bill is being sent to the President for a final signature, and the changes will be enforced by EOY 2023.</p> <p>From the nature of how DeFi and cryptocurrency works, does this mean that cryptocurrency mining will be subject to the same Regulations? Or DeFi, where the protocol doesn't have a Social Security Number but manages to reward stakers a large amount of $ anyway?</p> <p>We are officially at war with the political establishment. Make your voices heard and write to your local Congressman and Senator.</p> <p>EDIT - the point isn't that we have to pay taxes. The point is that the requirements might not be possible to comply with because of how crypto works.</p> <p><a href="https://www.coindesk.com/business/2021/11/06/house-sends-infrastructure-bill-with-crypto-tax-provision-to-us-president/">https://www.coindesk.com/business/2021/11/06/house-sends-infrastructure-bill-with-crypto-tax-provision-to-us-president/</a></p> <p>Another edit - we will prevail and come back even stronger. One of the best features about Bitcoin is antifragility (to thrive under an onslaught of attacks rather than weakened).</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/RatherCynical"> /u/RatherCynical </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qnzz2e/urgent_the_house_has_passed_an_infrastructure/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qnzz2e/urgent_the_house_has_passed_an_infrastructure/">[comments]</a></span>Kind Regards R