US Lawmakers Urge Crackdown on Crypto Tax Evaders
US lawmakers, including Elizabeth Warren and Bernie Sanders, are calling on federal officials to take action against crypto firms dodging taxes. They have written a letter to the Department of Treasury and the Internal Revenue Service, urging them to close loopholes that allow crypto firms to avoid paying taxes, potentially costing the government up to $50 billion. The lawmakers highlighted that regulations on reporting requirements for cryptocurrency trading, mandated by the 2021 Infrastructure Investment and Jobs Act, have yet to be developed. They warned that the Treasury and the IRS could miss out on $1.5 billion in tax revenue for the 2024 fiscal year and up to $28 billion over the next eight years.
Key Points:
- US lawmakers are pressuring federal officials to crack down on crypto firms evading taxes.
- They sent a letter to the Department of Treasury and the IRS urging swift action.
- The lawmakers highlighted the lack of regulations on reporting requirements for cryptocurrency trading.
- They warned of potential losses of $1.5 billion in tax revenue for 2024 and $28 billion over the next eight years.
- The lawmakers emphasized the need to close loopholes and prevent tax evasion in the crypto industry.
Hot Take:
The call for action from US lawmakers to crack down on tax evasion in the crypto industry is a clear indication of the growing concerns surrounding this issue. With potential losses of billions of dollars in tax revenue, it is crucial for regulators to implement effective rules and regulations to prevent further exploitation of loopholes. This highlights the need for greater oversight and accountability in the crypto market to ensure a fair and transparent financial system.
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