Paying for the Infrastructure Investment and Jobs Act

Have you seen the details of the Infrastructure Investment and Jobs Act?

About $550 billion goes to upgrade our country’s infrastructure, such as roads and bridges, waterways, transit, airports, the electric grid and broadband.  The big question is, how do we pay for it?

Part of the bill will be paid for by rescinding unused COVID-19 relief funds.  Any of that unused money now be used specifically to upgrade infrastructure. 

Another funding source will be taxing cryptocurrency transactions over $10,000.  How is this going to be tracked?  The bill introduces very strict new requirements for brokers to report cryptocurrency transactions.   

Do you remember the “Superfund?”  It was created to collect funds from companies that produce hazardous chemicals, like gasoline, to pay for the environmental cleanup required.  Instead of paying for environmental cleanup, those funds will be used for infrastructure.

Now we get to the art of the bill that affects most of us.  The bill authorizes the IRS to hire up to 87,000 more workers to audit tax returns and in the end, increase tax revenue.

In the end, we could all be paying more in taxes