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A large percentage of lower-income individuals use digital assets to invest and make transactions. According to a paper published by the Federal Reserve, 29 percent of adults using cryptocurrency solely for investment purposes “had an income under $50,000.” Moreover, the paper found that “Nearly 6 in 10 adults who used cryptocurrencies for transactions had an income of less than $50,000.”
The new funds used by the IRS to compel tax collections and compliance will be used on these individuals that transact and invest in digital assets. The Transactional Records Access Clearinghouse at Syracuse University found that “low-income wage earners with less than $25,000 in total gross receipts [are] being audited at a rate five times higher than for everyone else.”
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