How cryptocurrency could help pay for $1T infrastructure bill – By Marcy Gordon (Associated Press) / Aug 11 2021
The $1 trillion infrastructure bill that made it through the U.S. Senate on Tuesday includes plans to impose tax reporting requirements on cryptocurrency brokers. The approach could raise $28 billion in revenue over 10 years to go towards maintaining infrastructure.
What does Bitcoin have to do with roads and bridges?
A lot right now in the U.S. Congress. One way lawmakers propose to pay for the $1 trillion infrastructure bill the Senate approved Tuesday is by imposing tax-reporting requirements for cryptocurrency brokers, the way stockbrokers report their customers’ sales to the IRS. It could open the way for tighter regulation of cryptocurrency – something the Biden administration is moving toward as it also pushes for tax compliance.
The plan could raise about $28 billion in revenue over 10 years, congressional accountants estimate.
The $28 billion could get stretched very quickly. Take bridges, for example. It would cost an estimated $25.6 billion to replace all the bridges in the country that are classified as structurally deficient, according to the Federal Highway Administration.
