Senator Rob Portman said lawmakers were “still collecting information” about crypto to formulate the bill, hinting that he had announced this to the public ahead of time.
New tax preparation
A Republican lawmaker from Ohio is preparing a law aimed at preventing US citizens from evading tax on crypto earnings.
In an interview with CNBC’s Squawk Box today, Senator Rob Portman said he hopes to present a bill with bilateral support after the next congress holiday to address the issue of tax non-payment of many crypto users in the US. The senator said the lawmakers had “not yet shaped the final bill” and “still gathered information” on the issue. However, he claimed that both Republicans and Democrats were interested in closing the crypto-related tax gap.
“The idea is to have better reports of information about the cryptocurrency and define it better for tax purposes,” says Portmand. Currently there is a […] trillion dollar tax deficit. Some of this tax gap can be attributed to the cryptocurrency issue. ”
According to the Internal Revenue Administration (IRS) data, in October, 83.6% of taxes were paid “voluntarily and on time” from 2011 to 2013. During this period, the US government lost about $ 400 billion a year.
Portman addressed the IRS Commissioner Charles Rettig and voiced the proposed bill at a hearing at the Senate Finance Committee last Tuesday. The commissioner said that providing proper reporting rules for crypto would “definitely” help close the tax gap.