Biden Announces Plan to Take $28 Billion Off Bitcoiners in Taxes

Charlie Taylor

President Joe Biden has published more details on the $500 billion plan to renovate US infrastructure, including where he will get the money to build roads, ports and airports. The plan includes “strengthening fiscal enforcement when it comes to cryptocurrencies” and in doing so aims to raise $28 billion off bitcoin and cryptoactive investors, Bloomberg reported on Friday. Charles Rettig, US Internal Revenue Commissioner, believes tax evasion in the cryptocurrency market is helping the increasing the gap between what taxpayers should pay and what they are actually paying. Despite the allegation, the public official did not reveal concrete data about the evasion of bitcoiners.

It won't be an easy task to get $28 billion from bitcoiners

According to Shehan Chandrasekera, head of fiscal strategy at CoinTracker, it won't be an easy task to get $28 billion from bitcoin investors: “I don't think it will work because in the world of cryptocurrencies, there is so much self-custody – so many people are holding your assets in a hardware portfolio – and in the world of stocks and bonds that never happens.” Bitcoin is the world's first asset that cannot be confiscated if stored correctly, such as in a hardware wallet or in a hidden way – thanks to its use of encryption. The US Internal Revenue Service is hungry for bitcoiner money and as justification, it claims that this infrastructure renewal plan will help the United States in global economic competition: “This agreement will help ensure that America can compete in the global economy right when we are. in a race with China and the rest of the world for the 21st century.” said Joe Bide, US President. The plan has support from the Democratic and Republican Party, with opposition only from the Libertarian Party. it's like watching 'pro wrestling', but with a lot more scripts and worse performances.” – affirmed Libertarian Party Congressman Justin AmashAfter all, who will build the roads?

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