Joe Biden Expects LOTS OF BITCOIN TAXES for 2023 - Gotta Pay for All the Build Back Better Stuff...

President Biden's administration is proposing changes to crypto tax regulations, potentially impacting Bitcoin holders and others in the Web3 space. The administration anticipates generating significant tax revenue, potentially $5 billion in 2023 alone, by modernizing rules and applying them to digital assets. One key proposal involves applying "market-to-market" rules to crypto assets, which means taxing unrealized gains based on the current market value rather than the asset's purchase price, even if the asset hasn't been sold. Additionally, the administration plans to require banks and financial institutions to share information about the value held by non-residents and foreign owners of certain companies with the IRS. This measure aims to combat tax evasion through offshore entities. Another proposed rule targets Americans with over $50,000 in offshore accounts, including crypto holdings, requiring them to report these assets. The Treasury Department believes digital assets present opportunities for tax evasion due to their global nature.