The US government’s budget for the fiscal year 2023 includes nearly $ 11 billion in revenue over the next decade from updating the digital asset regulations.

According to US President Joe Biden’s budget for fiscal year 2023, released by the White House on Monday, changing the rules on digital asset taxation will cut the deficit by $ 10.9 billion from 2023 to 2032. include certain established taxpayers who report digital inventory assets in foreign accounts. marketing rules to include digital assets, and requires financial institutions and cryptocurrencies to report additional information. In addition, he proposed “treating securities loans as tax-free to include other asset classes and consider including income”.

The Biden administration has estimated that updating tax rules to include digital assets will generate $ 4.9 billion in government revenue in 2023. In addition, the budget includes $ 52 million to combat “cryptocurrency abuse” by expanding the Justice Department’s ability to counter cyber threats. To the United States. The funding will provide the government agency with “more clients, improved responsiveness and improved intelligence and analytics capabilities.”

President Biden has said that his administration is on track to reduce the US deficit by more than $ 1.3 trillion by 2022. Among the president’s proposals to increase government revenue is one that would require a 20 percent income tax rate for U.S. households worth more than $ 100. million – about 0.01% of households, according to the White House.

The proposed budget follows Biden’s signing on March 9 of an executive order establishing a regulatory framework for digital assets in the United States. This will require government agencies to explore the possibility of introducing a digital dollar, and coordinate and standardize guidelines within the federal framework for cryptocurrencies.

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The current US administration has now considered cryptocurrency in its budget estimates and regulations. However, the world’s largest democracy recently voted to create a basis for digital assets through tax policy. On Friday, Indian lawmakers passed a finance bill that includes a change in a 30 percent tax on digital assets and immutable transactions. In addition, the limit will not allow loss of turnover to be deducted when calculating income.

Source: CoinTelegraph

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