Ronald Reagan once noted, “Government does not tax to get the money it needs; government always finds a need for the money it gets.”
And Democrats, members of the party of government, leave no stone unturned in looking for that money.
Now, it seems, cryptocurrency is the next big thing to tax.
The Washington Times reported on Sunday that the Senate’s new $1.2 trillion “infrastructure” bill would tax cryptocurrency transactions to help fund the behemoth spending plan.
The regulation being floated “would slap similar rules on transactions involving Bitcoin and more than 8,600 forms of cryptocurrency that currently apply to sales of stocks and securities,” the Times reported.
If approved, the tax could raise $28 billion. That revenue would spring from highlighting transactions not subject to income taxes.
“The Treasury Department wants to slap the reporting requirement on transactions worth more than $10,000, the same reporting threshold on cash and other business transactions,” the Times added.
“According to supporters of the plan, the reporting requirements alone are expected to be enough to scare tax dodgers into paying the taxes.”
According to the Times, the Blockchain Association, which represents cryptocurrency dealers, says it doesn’t oppose the entire bill. Unlike the stock market, investors in internet currency are not often informed that they owe if they make money during the year.
But the group also says that the proposal, as now written, would drive some companies out of the industry, and perhaps cripple it.
Democrats, though, seem prepared to relentlessly argue that an industry designed to operate in cyberspace free of intervention or regulation by any government must in fact be highly regulated and taxed.
“In 2011, one Bitcoin didn’t buy you a ham sandwich. Today’s cryptocurrency creates huge new opportunities for the tax cheats to rip off the American people,” Sen. Ron Wyden, an Oregon Democrat who is chairman of the Senate Finance Committee, said during a recent committee hearing, according to the Times.
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