The tax section of the $3.5 trillion “Build Back Better” reconciliation package has left the House of Representatives committee responsible for ensuring revenue, with new rules for cryptocurrency attached.
Wednesday afternoon, the Ways and Means Committee voted to transmit its draft to the Budget Committee. The vote was 24-19, with Democratic Representative Stephanie Murphy being the sole member to break party ranks.
The House Ways and Means Committee is responsible for legislation that touches on taxation. It is, consequently, an extremely powerful sub-group of Congress. Given Democrats’ determination to push the budget bill through intact, the current language is unlikely to change without serious upheaval in the Senate.
Before transmitting the broader provisions to the Budget Committee, the Ways and Means Committee voted to approve an amendment including a new subsection that adds digital assets to rules on wash sales and so-called constructive trades.
As The Block reported
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