Cryptocurrencies
House Democrats’ Tax Plan Hits Crypto With New Rules, Again
- Plan closes loophole that let crypto investors defer tax
- So-called wash sale rule would apply to digital assets
This article is for subscribers only.
For the second time in a month, the cryptocurrency industry is staring down the barrel of a change in U.S. tax provisions meant to raise billions of dollars.
This time, the proposal comes courtesy of House Democrats, who on Monday released a package of proposed tax increases to help pay for the White House’s $3.5 trillion spending package. Among the $2 trillion in tax hikes is a proposal to add commodities, currencies and digital assets to the so-called wash-sale rule, which is estimated to raise about $16 billion over a decade.