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3 Stories to Start Your Week: August 2, 2021

Bi-Partisan Infrastructure Deal Advances in Senate

A roughly $1 trillion infrastructure deal was struck in Senate when Republican negotiators approved the bi-partisan bill, moving it forward in a vote of 67-32.

The infrastructure bill is poised to spend $110 billion on roads and bridges, $73 billion investing in clean energy, $65 billion increasing broadband internet access, among several other initiatives.

Although the bill passed through the Senate, Nancy Pelosi (D-CA) confirmed that she will not bring the infrastructure bill to the House until Biden’s proposed $3.5 trillion package has made its way past the Senate. There will likely be delays in getting both bills passed; as there is still hesitation from both sides on the price of the $3.5 trillion dollar package.

Will Crypto Tax Cover Federal Spending?

As the Senate looks to offset its incoming spending deficit from Biden’s infrastructure bill, lawmakers have proposed collecting more federal tax revenue from Cryptocurrency. One proposal includes the reporting of cryptocurrency transactions over $10,000 similarly to the $10,000 reporting standard for cash transactions. Other stipulations would include imposing more rules on crypto brokers to report their transactions to the IRS.

Will these increased measures be enough to cover the spending deficit our country faces? An increase in reporting on crypto trading sounds like the government could be priming a move to enforce a hefty tax on crypto gains, potentially as high as 80% rumored to be proposed by Janet Yellen.

Where One Moratorium Ends, Another Continues

This past Friday, House Democrats failed to push an extension of the federal eviction moratorium, causing it to expire on Saturday. This decision came ahead of the Senate’s annual August recess which will span the entire month.

Following a Supreme Court decision to end the moratorium, White House press secretary Jen Psaki stated Thursday, “In light of the Supreme Court’s ruling, the President calls on Congress to extend the eviction moratorium to protect such vulnerable renters and their families without delay.”

According to data from the U.S. Census Bureau, approximately 7 million households were not caught up on rent as of last month.

As the federal moratorium ends, NYS will extend its own for another month through August, while continuing the state’s emergency rental assistance program.

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