•   
  •   
  •   

Politics Bipartisan Senate group looks to cryptocurrency tax revenue to pay for infrastructure package

17:20  22 november  2021
17:20  22 november  2021 Source:   washingtonexaminer.com

With fewer young parishioners carrying cash, more churches accept bitcoin in their offerings plates

  With fewer young parishioners carrying cash, more churches accept bitcoin in their offerings plates Digital currency became mainstream during the pandemic. Now it's changing the ways Americans make offerings at church.They are told from the pulpit to give first, save second and live off the rest of their incomes.

Cryptocurrency tax enforcement is among several funding mechanisms agreed to by bipartisan lawmakers as part of their infrastructure package.

  Bipartisan Senate group looks to cryptocurrency tax revenue to pay for infrastructure package © Provided by Washington Examiner

The $1.2 trillion Senate infrastructure package is expected to have enough votes on Wednesday to pass after weeks of negotiations between Republican and Democratic senators. The spending is planned to be offset through several mechanisms, including an estimated $28 billion from applying information reporting requirements to cryptocurrencies, according to a fact sheet reviewed by the Washington Examiner.

Trump: Bipartisan infrastructure bill will lead to 'massive socialist expansion'

  Trump: Bipartisan infrastructure bill will lead to 'massive socialist expansion' Former President Donald Trump said Friday that the bipartisan infrastructure bill that cleared the Senate after months of deliberation would lead to a "massive socialist expansion."On Wednesday, the Senate voted 67-32 to move forward with the legislation, with 17 Republicans joining their Democratic colleagues in favor of the bill. Earlier in the day, GOP leaders announced they had hashed out the "major issues" with the proposal, which includes $550 billion in new spending.

More than $200 billion is planned to be repurposed from certain unused COVID-19 relief funds, about $53 billion from states returning unused enhanced unemployment benefits, and $50 billion from recouping fraudulently paid benefits from the enhanced program. Negotiators agreed to save $49 billion by delaying a Medicare rebate rule. They also project that $56 billion in revenues will come in, thanks to the added economic growth spurred by the new infrastructure.

SENATE PLANS WEDNESDAY VOTE ON BIPARTISAN INFRASTRUCTURE PACKAGE

Included among the planned spending is $110 billion of new funds for roads, bridges, and major projects, $66 billion in rail investment, $73 billion in clean energy transmission and power infrastructure, and $39 billion of new investment to modernize transit, according to a fact sheet released by the White House on Wednesday.

House Republican touts benefits of infrastructure law he voted against

  House Republican touts benefits of infrastructure law he voted against Alabama Republican Rep. Gary Palmer faced sharp criticism after he touted the benefits for his district of the new infrastructure law he voted against. On Monday, the same day President Joe Biden signed the $1.2 trillion bill into law, Palmer issued a press release taking credit for a provision he introduced directing $369 million to the Northern Beltline project, a 52-mile, six-lane corridor under construction in his home state.

The Senate is planning to move forward with the plan on Wednesday evening, with Senate Majority Leader Chuck Schumer telling reporters earlier in the day that he intends to hold a vote to begin debate on the bill.

“Tonight, I am intending to call a vote to move to proceed to the bipartisan infrastructure bill," the New York Democrat said. “And I believe we have the votes for that.”

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Separately, Democrats are planning a much larger spending package meant to address what the White House has termed “human infrastructure.” That package is planned to be rammed through the Senate with no Republican support by avoiding the filibuster through a budgetary process called reconciliation.

Tags: News, Cryptocurrency, Congress, Bipartisanship, Infrastructure, White House

Original Author: Zachary Halaschak

Original Location: Bipartisan Senate group looks to cryptocurrency tax revenue to pay for infrastructure package

Republicans who voted for Trump tax cuts now accuse Democrats of slashing taxes for the rich .
New Republican ads attack Democrats on Build Back Better — which will actually raise taxes on wealthiest Americans Sen.

usr: 1
This is interesting!