The US Congress Intend to Introduce Additional Taxes on the Cryptocurrency Sphere

The US Congress is preparing a draft tax law, thanks to the adoption of which they intend to receive about $3.5 trillion for the budget.

According to Politico, the new rules for reporting and paying taxes may also affect the cryptocurrency sphere, since this law applies to it the “wash-sale rule”.

The document says that the wash-sale rule that was previously applied to stocks and other securities will be applied to goods, currencies and digital assets. According to this, it will be forbidden to report tax losses, but this will also allow maintaining interest in the asset for which the losses were recorded.

If passed, the new rules will apply to taxable years after 31 December 2021, after which there will be an increase in the long-term capital gains tax rate from 20% to 25% for “certain high-income individuals”.

In addition, under the proposed rules, digital asset investors will not be able to claim capital gains deductions on certain assets bought back within 30 days of the sale.

The authors of the project propose to extend the constructive sale rule to crypto assets, which will not allow taxpayers to fix investment profits without realizing taxable profits.

They want to present this bill for public inspection by the end of September.

By the way, the $1 trillion infrastructure bill, which introduces additional taxation on representatives of the cryptocurrency industry, will be voted on in the US House of Representatives without any amendments by September 27.

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