Political Quotes

“the provisions of section 80603 for the Infrastructure Investment and Jobs Act included in this amendment provide clarity to information reporting requirements to improve tax administration and tax compliance with respect to trading and digital assets. Senator Sinema has joined me in asking the nonpartisan Joint Committee on Taxation to make available to the public a technical explanation of section 80603, ``Information Reporting for Brokers and Digital Assets,'' of the Infrastructure Investment and Jobs Act. The technical explanation expresses these Senators' understanding and legislative intent behind this important legislation. Mr. President, I ask unanimous consent that the technical explanation of section 80603 from the Joint Committee on Taxation of the Infrastructure Investment and Jobs Act be printed in the Record. There being no objection, the material was ordered to be printed in the Record, as follows: TECHNICAL EXPLANATION OF SECTION 80603, ``INFORMATION REPORTING FOR BROKERS AND DIGITAL ASSETS,'' OF THE INFRASTRUCTURE INVESTMENT AND JOBS ACT Prepared by the Staff of the Joint Committee on Taxation--August 2021 Information Reporting for Brokers and Digital Assets Present Law In general The IRS gathers independent information about income received and taxes withheld to verify self-reported income and tax liability reported on tax returns.…”