Crypto tax rules will reduce US budget deficit by $11B over ten years — White House
The United States government’s budget for the 2023 fiscal year included roughly $11 billion in revenue over the next decade from modernizing rules around digital assets.
According to U.S. President Joe Biden’s FY2023 budget, which was released by the White House on Monday, modifying the tax rules on digital assets will reduce the deficit by $10.9 billion from 2023 to 2032. The White House said it will “modernize rules” to include certain taxpayers reporting holdings of digital assets in foreign accounts, amending mark-to-market rules to include digital assets and requiring financial institutions and crypto brokers to report additional information. In addition, it proposed “treating loans of securities as tax-free to include other asset classes and address income inclusion.”
The Biden administration estimated that modernizing tax rules to include digital assets will bring the government $4.9 billion in revenue in 2023. In addition, the budget included $52 million to combat “the misuse of cryptocurrency” by expanding the Department of Justice’s ability to address cyber threats to the United States. The funding will provide the government body with “more agents, enhanced response capabilities and strengthened intelligence collection and analysis capabilities.”
President Biden said his administration was on track to reduce the U.S. deficit by more than $1.3 trillion in 2022. Among the president’s proposals to increase revenue for the government is one requiring a 20% income tax rate from U.S. households worth more than $100 million — roughly 0.01% of households, according to the White House.
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