Current Events > Lol there's a part of the Infrastructure bill that regulates crypto

(+) Yeah! (+)

darkmaian23 posted...

@Smashingpmkns
I think the bank account reporting is part of another bill Congress is working on. They raised the amount of money required, but it would still amount to banks having to report everything. I doubt it will survive in the end because absolutely everyone except for Biden's Administration hates it.

Unless you're referring to something else that I overlooked, this has already passed and goes into effect 1/1/22.

Also, just wanted to touch upon this other post.

Jabodie posted...

It's in line with bank transactions IIRC, which require transactions of $10,000 or more to be reported. Like a situation where you sell your car and accept crypto.

Imo this isn't a huge blow to crypto as a currency unless you're specifically avoiding taxes. The fact that the supply cannot be manipulated by a central entity and the other standard crypto stuff still apply.

That is not the same thing. That's reporting cash transactions to keep track of money laundering. Not necessarily for tax purposes, though a lot with a tax return that doesn't match would be suspicious.

This is straight up reporting, which you must put on your tax return.

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Dont tell Janet about taxing unrealized gains on crypto, she'll foam at the mouth

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I don't understand the argument that this is going after poor people

I don't think very many poor folks are trading in 10K+ of crypto regularly lol

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Doom_Art posted...

I don't understand the argument that this is going after poor people

I don't think very many poor folks are trading in 10K+ of crypto regularly lol

They dont have an actual argument against this, so they have to pretend Democrats are going after the little guy.

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archedsoul posted...

That is not the same thing. That's reporting cash transactions to keep track of money laundering. Not necessarily for tax purposes, though a lot with a tax return that doesn't match would be suspicious.

This is straight up reporting, which you must put on your tax return.

Tbh I'm more surprised that wasn't already required considering some businesses will now accept crypto.

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Who posted #55?

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EndOfDiscOne posted...

Who posted #55?

BLAKUboy
I guess he, blaks u, boy

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nfearurspecimn posted...

BLAKUboy
I guess he, blaks u, boy

Lol, name looks familiar but I'm not sure who it is

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Doom_Art posted...

I don't understand the argument that this is going after poor people

I don't think very many poor folks are trading in 10K+ of crypto regularly lol

As I said, it needs to be reported anyway and the more egregious thing is what they added in the American Rescue Plan.

The point is that relatively speaking, this is nothing compared to what the rich should contribute. Instead of reworking things to get more from the top, they go looking at the bottom.

BLAKUboy posted...

They dont have an actual argument against this, so they have to pretend Democrats are going after the little guy.

Why are people this tribalistic?

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archedsoul posted...

this is nothing compared to what the rich should contribute.

Why not have both?

archedsoul posted...

Instead of reworking things to get more from the top, they go looking at the bottom.

My point is that this is hardly "going after the bottom"


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Doom_Art posted...

Why not have both?

Because people are struggling right now after a pandemic? Wait a few years?

Doom_Art posted...

My point is that this is hardly "going after the bottom"

If you can't see the 1-2 punch with the two additions, plus additional restrictions being planned, then I'm not sure what to tell you.

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archedsoul posted...

Because people are struggling right now after a pandemic? Wait a few years?

People trading in more than $10,000 worth of bitcoin are struggling?

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Doom_Art posted...

People trading in more than $10,000 worth of bitcoin are struggling?

$10k in a year is not really a lot, so I'm not sure what you're going for. Especially after I keep telling you that the first one with $600 is way more egregious, and since some exchanges also banks, would lower that limit from $10k to $600 anyway depending on where you're buying and selling from.

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archedsoul posted...

$10k in a year is not really a lot

I mean in bitcoin specifically that's definitely outside of the range of most lower class/poor people.

Like a struggling family isn't making its living off of crypto lol

archedsoul posted...

Especially after I keep telling you that the first one with $600 is way more egregious

Okay that's nice but that wasn't what the topic was about lol

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Lmao "yes, people with 10k floating around in an imaginary currency are really feeling desperate in these unprecedented times"

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Doom_Art posted...

I mean in bitcoin specifically that's definitely outside of the range of most lower class/poor people.

Like a struggling family isn't making its living off of crypto lol

Huh? Please come back to reality. I'm really not sure what you're saying. $10k is not a lot of money period and is lower middle class range even if investing. And you can start investing in 10 minutes from any smartphone.

I'm still not sure what you're saying by concentrating on the poorest. When people say the bottom or little guy, it's not just the poorest.

Doom_Art posted...

Okay that's nice but that wasn't what the topic was about lol

But they're linked since as I explained, the limit isn't always $10k. Some places will start reporting at $600. Before, all of it was $20k or 200 transactions.

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WeeWeiWiiWie posted...

Lmao "yes, people with 10k floating around in an imaginary currency are really feeling desperate in these unprecedented times"

"These people with several GPUs going are sure feeling the sting"

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WeeWeiWiiWie posted...

Large sums of untaxed revenue seems important for funding infrastructure.

Too bad that money is just gonna go towards corporate bailouts and bombing minorities overseas

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I think people are getting matters confused. There is the new regulation for crypto, and then there is the proposed requirement for the IRS to receive reports from banks on any accounts that have a total annual transaction amount over $10,000 (it started at $600). That's the thing that is targeting every American, with the lie being it is about the rich.

I don't agree with the crypto regulations either, but that is a different animal.

archedsoul posted...

Huh? Please come back to reality. I'm really not sure what you're saying. $10k is not a lot of money period and is lower middle class range even if investing. And you can start investing in 10 minutes from any smartphone.

Your sense of the wealth distribution is distorted because of your own relative opulence.

Or to put it another way:


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It's ten dogecoins Michael, how much could they cost, $10,000?

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People making a big deal out of the IRS possibly looking into large transactions is so fucking weird

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UghWhoCares posted...

People making a big deal out of the IRS possibly looking into large transactions is so fucking weird

It's the same thing when everyone had a meltdown when the government wanted to take a look at the stuff that went on with Gamestop lol

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WeeWeiWiiWie posted...

Lmao "yes, people with 10k floating around in an imaginary currency are really feeling desperate in these unprecedented times"

WeeWeiWiiWie posted...

Your sense of the wealth distribution is distorted because of your own relative opulence.

Or to put it another way:

Don't act dishonest. You and him are trying to act like the poor man or little guy is referring to the poorest people, when generally it's talking anybody not crazy rich and/or the middle class at the very least.

Even if a guy is making $50k, his taxes are nothing compared to billionaires, who basically transfer around their wealth to family tax free.

My point isn't even to not do these things. Especially when I said that they're gonna find out anyway if you don't report. And again, it's gross, not net. Even if you didn't make $10k, if you had that much in transactions, the burden is on you to prove you didn't make $10k.

I just want to see them actually go after richer people in a more effective way when there's so much money there like the Koch example. After that they can start picking at the lower ends.

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UghWhoCares posted...

People making a big deal out of the IRS possibly looking into large transactions is so fucking weird

Tbh the $600 thing is fucked up and targets lower income people and small business owners more than it would the wealthy.

After the whole "we don't audit the rich because it's harder" thing I don't really believe any of this will do anything other than make some poor people's lives harder.
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Relevant thread:

https://twitter.com/Foone/status/1457749433844568066

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archedsoul posted...

Huh? Please come back to reality. I'm really not sure what you're saying. $10k is not a lot of money period and is lower middle class range even if investing. And you can start investing in 10 minutes from any smartphone.

I'm still not sure what you're saying by concentrating on the poorest. When people say the bottom or little guy, it's not just the poorest.

But they're linked since as I explained, the limit isn't always $10k. Some places will start reporting at $600. Before, all of it was $20k or 200 transactions.

Youre delusional if you think the average person has 10k to invest.

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Anyway Im not surprised. People were silly to think these regulations werent coming. The government isnt gonna let you trade this shit and not pay taxes.

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Rapid99 posted...

Relevant thread:

https://twitter.com/Foone/status/1457749433844568066

Perfection

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RchHomieQuanChi posted...

Too bad that money is just gonna go towards corporate bailouts and bombing minorities overseas

Even if that weren't the case, the unfortunate reality of infrastructure in America is that not all of its problems can be attributed to not having enough money. More money available would definitely help, if they actually use it to fix staffing issues; we have a large shortage of inspectors relative to the number of bridges and roads that need to be inspected. That's how you end up with situations like that bridge in Memphis that had a gigantic crack in one of its trusses since 2019. Some of it is lack of funding, some of it is mismanagement, some of it is just inspectors not following protocol.

It's why I'm a bit skeptical of the end result of this bill wrt things like roads and bridges

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MrDrMan posted...

Youre delusional if you think the average person has 10k to invest.

Average person has $17k invested

https://tinyurl.com/4s4muswm

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Cokewave posted...

Average person has $17k invested

https://tinyurl.com/4s4muswm

Cool, now do median.

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1337toothbrush posted...

Cool, now do median.

I can only find median based on people that have investment accounts - but states "a relatively small share of American families (14%) are directly invested in individual stocks, a majority (52%) have some level of investment in the market." But you reach a median ranging around $40,000 for the average household or $7000-10,711 for people in their 20's.

https://www.businessinsider.com/personal-finance/investments-by-age-americans-non-retirement-2020-3
https://www.pewresearch.org/fact-tank/2020/03/25/more-than-half-of-u-s-households-have-some-investment-in-the-stock-market/

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How much of that is in crypto tho

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Cokewave posted...

I can only find median based on people that have investment accounts - but states "a relatively small share of American families (14%) are directly invested in individual stocks, a majority (52%) have some level of investment in the market." But you reach a median ranging around $40,000 for the average household or $7000-10,711 for people in their 20's.

https://www.businessinsider.com/personal-finance/investments-by-age-americans-non-retirement-2020-3
https://www.pewresearch.org/fact-tank/2020/03/25/more-than-half-of-u-s-households-have-some-investment-in-the-stock-market/

So almost half don't have any investment at all.

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1337toothbrush posted...

So almost half don't have any investment at all.

It's scary how bad people are with money

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RoseLuck2X22462 posted...

It's scary how bad people are with money

Yeah, that's what the problem is... doesn't matter how good you are with your money if you're making jack shit.

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