do you think that the irs is able to process these claims sufficiently? y yellen: first of all, i agree the er tc is an important and useful tax credit, and is it's critical that employers know about it. i note that one thing the irs has been doing is working with those who provide tax services, firms like intuit, to make sure that when they work with small businesses or larger businesses, when they are filing tax returns, that they are a source of information to these businesses about the availability of this credit. i gather from conversations i have had with executives that there is good awareness of the availability of this credit, but i believe irs and people will brief you this afternoon, is doing what they can to get out information about the availability of this important credit. >> thank you, and i yelled back. -- i yield back. >> my time here is short, so i will be brief with some yes or no questions. i have a job creator for the past five years, living on the receiving end of big government policies. i have spoken to literally hundreds of busine

the warning from the irs. how scammers are taking advantage of families that qualify for the child tax credit payments being sent this week. how they're stealing your money. >>> we all quit. workers at another retail chain say they've had enough and walk out. >>> close encounters guy who reeled in a great white shark to the hiker who got way too close to this moose. >>> and later a whole new way to have fun while mowing the lawn. >>> good tuesday morning, everyone. we begin with the troubling increase in coronavirus cases among children. >> doctors are reporting the biggest spike since the start of the pandemic and with the new school year getting under way, a top medical group is now urging the fda to fast track approval of the vaccine for young kids. >> meanwhile, we have new information from hospitals across the south running out of icu beds. in texas overflowing hospitals are setting up outdoor tents, but they're worried they may not have the people to staff them. >> those details in a moment but first the

the good news is we do not expect the irs to immediately act. there will be a rulemaking period with notice and comment, and hopefully we can keep the reporting requirements on those true brokers, those cryptocurrency exchanges that have customers because that is where that needs to be focused. we need to keep it away from the software developers and the miners. definitely stay tuned. this is something we are going to be watching closely. congress can always undo something later. it makes a challenging, but if this log goes through as drafted, we can try to get a second law passed that would narrow the definition of broker to where we think it would be most effective to helping with tax compliance. host: the federal reserve itself is contemplating valving its own cryptocurrency. what should they consider? how would that disrupt other cryptocurrencies out there? guest: there is a discussion happening around the globe where central banks are discussing issuing a central bank cryptocurrency. at the blockchain association we think there is a lot of a

the good news is that we do not expect the irs to immediately act. there will be a rulemaking period with notice, comment, and hopefully we can continue to keep the reporting requirements on those true brokers, those cryptocurrency exchanges that have customers and have the information, because that is where that provision needs to be focused. but we need to keep it away from the software developers and the validators because they do not have the information and will not be able to comply. definitely stay tuned, something we will be watching closely. congress can only undo something later, it makes it challenging. we could get a second law passed that would read narrowed the definition of brokerage to where we think it would be most effective for helping out. host: the reporting system federal reserve is contemplating developing its own digital currency. if that is the case, which they consider, and how would that upset other currencies out there, cryptocurrencies out there? guest: there is a conversation happening around the globe right now are diffe

they say as part of the oversight role, they should be able to look at how the irs handles that. be a big fight and one that will likely proceed for several more months now is because the big concern this committee could make these returns public. donald trump and his lawyers have fought for years to try to prevent the president's tax returns from becoming public. what we'll see next here is that the judge will likely set up a briefing schedule. then we'll see arguments and that will play out over the next several months. donald trump has made an effort in multiple of these cases. there are other efforts by other house committees to get tax returns and other records from his accounting firm. those have been on hold. the president, of course, the former president has made a big effort to fight all these things including, of course, going to the supreme court twice to try to stop the manhattan d.a.'s office from obtaining his tax returns. jim. >> yeah. turning the audit excuse on its head there. he used the audit as a reason not to turn over his taxes. kara scannell, thanks so much.

the irs alerting parents they could be the target of a new scam.becca. >> reporter: good morning to you, robin. these checks up to $300 per eligible child are going out to millions of american families but now scammers have taken advantage and here's what you need to know. a text message with a link to apply for the child tax credit, an email asking to click and claim your economic stimulus payment. these are fake. according to the irs, cybercriminals actively trying to scam entitled families out of this money. >> we're seeing scammers trying to take advantage of the american public by attempting to gain information using phone calls, emails, text messages through social media. >> reporter: the better business bureau also with an alert -- child tax credits are coming and so are the scammers and cybersecurity firm domain tools reporting it's found nearly 50 sites pretending to be part of the government's american rescue plan which includes the child tax credit. >> if you were searching for american relief plan, you may come across one of these sites

democrats given the irs way more power to bring in the cash to pay for all that spending were get a ticket to the white house, it's growing frustrated with poor covid data, the cdc has been calledd by florida for inflating covids cases on sunday and now the nih director admits they don't have rigorous datado about covid variance and were gonna take you to chicago this is america's worst city for shooting we have a backlash growing against kim fox she reportedly dropped a shocking number of felony cases including homicides and drug offenses. you will be stunned of that number texas border mayor is growing call for the biden administration to help out fight against rise and border crime the d.o.j. has more in mexico and china now operating money laundering than drug trafficking network at the border. they stand for joining us i'm elizabeth macdonald and "the evening edit" starts rightng no. ♪ welcome to the show you're watching the fox business network near governorer andrew cuomo says he will leave office in two weeks times in multiple and growing probes this is far from over, fox newsng la

democrats giving the irs way more power to bring in cash to pay for all of that spending. we'll take you to the white house. it is growing frustrated with poor covid data. the cdc has been called out by florida for erroneously inflating florida covid cases. the nih director admits they don't have rigorous data covid variants. we'll take you to chicago. this is america's worst city for shootings. there is backlash against state attorney kim fox. she reportedly dropped a number of felony cases, homicides, sex assaults and drug offenses. you will be stunned at number. texas border mayors calling for the biden administration to help out against rising border crime. the doj warned mexico and china are operating money laundering and drug trafficking networks at the border. thanks for joining us. "the evening edit" joins us right now. ♪. elizabeth: welcome to the show. you're watching the fox business network. new york governor andrew cuomo says he will leave office in two weeks time amid multiple growing probes. this story is far from over. fox news's laura engle has more. laura.

"the irs does not make the taxpayer's income a high priority when prioritizing which cases to work.ollar amount of the balance duet and republicans , of course, against this idea, neil, argue that it is small businesses and the self -employed that are single filers that are also going to suffer because of this , because they look rich on paper. neil? neil: hillary vaughn, thank you very very much want to go now to lydia hu in monticello clair, new jersey. she's seen firsthand the effect and the impact of higher prices. lidia? reporter: yeah, hi, neil. we're getting that consumer price index data fresh in this morning showing about 5.4% increase year-over-year for all products that's about the same rate that we saw last year. what is slowing is the month-to-month rate. that's coming down to about half a percent for july down from almost a full percent in june, but as we tease apart the data we're learning more about certain categories of products that are still costing consumers more and what's standing out are appliances. appliances are on the whole costing about 5% more than they d

the bipartisan plan originally wanted to fund the irs $80 billion just to enforce what is already on uld have been the best return on investment out of anything in there. why on earth did it get dropped? >> you know, stephanie, this is like one of the things that makes your head want to explode. >> correct. >> exactly, give the irs enough money -- and i want to throw in a commercial on this. enough permanent funding so that they can invest vest the kind of teams they need to be able to [ inaudible question ] it folks at the high end. auditing folks with low incomes is actually pretty easy. auditing those with multiple tax loopholes is always more complex and the irs struggles because they don't have enough money. so i think this is one of the key three things we need to do. we need a wealth tax, we need a real corporate profits tax which senator king and i have put in place, and we need to fund the irs. best return on investment that we can get. why the republicans ultimately rejected that, you got to get a republican here to explain it. because to me, it just makes no sense. this is

don't tell me that increasing the irs is for the purpose of helping each and every one of us do our tax. returns more efficiently. no, this would be to further weaponize them against political enemies. -- for a a combined total of $4.7 trillion. not a solitary republican or democrat should vote for this. communists might. but not a republican or a democrat. the speaker should immediately stop this and get the focus on the house on saving american lives stuck behind american -- >> as i look out here among you all, most of you are young people. there are two different worldviews we have in congress today. one is this is all of their money. this is not your money. they want to spend it like they see fit. they are robbing each one of you. is it too much to ask politicians not to pass a $5 trillion spending bill at 2:00 in the morning? it is too much to ask for politicians to balance a budget like each of us has to do in a business? is it too much to ask for them to take the spending of your dollars seriously and give it back to you rather than for them to spend it? all of you should ask bid

the irs running parents they could be the target of a new scam. this is a text message with a link to apply for the child tax credit. the irs is saying it is fake. scammers trying to take advantage of americans by attempting to gain information. the irs does not initiate contact with taxpayers by email, text messages, or social media to request personal or financial information. good morning america will have a full report coming up at 7:00. a workplace shift caused by the pandemic has led to a game maker to close its san francisco headquarters. it will look for someone to sublease the building. the company using a hybrid model with many employees remaining at home. reggie: domino's is giving away $50 million of free food. it to challenge delivery apps. domino's calls the extra fees a disappointing surprise. so customers who order on the domino's site may get an added new items for free, including pizza, cheesy bread, or chocolate lava cake. it will be added to one in 14 orders. you will have a 7% chance of inning. mike: 7%, ok. here is a look fro

if you enhance the irs enforcement, can you get some of that money back? the answer is probably yes. probably not as much as proponents would like, like hundreds of billions of dollars. there certainly is room to improve the tax collection and bring in money that is already legitimately owed. host: as far as the expectation, as far as bringing in -- what the hope is, what is the difference? why can't that be met? guest: there is a lot of hopefulness and optimism about money that could be collected that is not currently being paid. it takes a lot of money to track that down. you can have a situation where you are estimating a certain amount of tax -- exceeding. -- excuse me. there is a certain amount of revenue coming in because of tax avoidance. you have to track it down. that requires a lot of effort. the irs does recoup some of that. how much you are actually going to bring in on a net basis, i have seen projections you could get in $600 billion to $700 billion over 10 years. it is more likely to be a much lower number, maybe $100 billion. we should try t

this would be to tax crypto more than it's taxed now, and the other is how the irs in the united states will figure out which transactions are happening, by who, and so who actually owes these tax bills. the fact that there will be potentially $30 billion of taxes that will be collected over the next few years as a result of better tax compliance, that is hard to debate with because there's no underlying assumptions built around that. so somebody put a figure in there. we're not sure where it came from as far as the tax compliance goes, there's always been an assumption that cryptocurrencies aid in the evasion of taxes. and while there's almost no evidence to support that, that's an assumption, and it's because it's anonymous who buys and who sells can be anonymous, not always. so what this infrastructure bill is suggesting is that we start to do a lot more reporting, akin to what you see, let's say, when you open a bank account or do a stock trade. so what we call kyc which is know your customer this is sort of procedures that would be submitting your identification, letting the crypto

he told the wall street journal, that he objects to the irs actually complying with the law, and giving the tax returns to the chairman of the ways and means committee and he races this objection not only on behalf of my client, but on behalf of all future holders of the offices president of the united states. if you are 50 years old or younger every president of the united states during your lifetime, has made their tax returns public. they handed them over to you, all except one. the last time donald trump's tax returns had to be handed over, was when the manhattan district attorney obtained donald trump's tax returns in february of this year. four months later, exactly four months later, donald trump's company was criminally charged with tax crimes and donald trump's accountant was in handcuffs, charged with tax crimes that were found in those trump taps returns that were handed over to the manhattan district of attorney. the house oversight committee has released new evidence from the trump justice department. our first guest tonight says it could be the smoking gun incredible -- cr

they want to empower the irs to collect nearly $790 billion. can and small business pockets. they want to go after financial accounts. irs information gathering on bank and financial accounts just worth $600 or more. that will push blockchain and encrypted apps. are you hearing on capitol hill democrats are really leery about all of this? >> democrats pushed back. a few of them pushed back as much as they could, but at the end of the day they were compelled to support their party. how miss pelosi does that, i honestly don't know. to all of your points, this is miserable, miserable legislation for the american people. and we could talk here for hours about the list. you mentioned about the irs. by the way they did that so they could call out one of the pay-fors. it will not work. we know that the irs isn't going to be able to collect the amount of money they have claimed they will in this legislation nor by taxing cryptocurrencies or a lot of other things but at the end of the bottom line you have to have three democrats to stand up and say this

we are, of course, the number one ire, rubber manufacturer i the world.ur new vision, which is to provide value for the customer as a sustainable solutions company in this broader new mobility system where fleet are taking more and more of a leading role so, of course, we'll continue to provide tires to companies, but we also want to be more relevant more relevant meaning also producing and delivering more solutions for more sustainable mobility, safer mobility, and it is also thanks to the access of data coming from a very vast customer base. yes, the future is in tires connected to the vehicles. >> talk to me about your supply issues we're seeing this across industries in the nearly post-covid economy as companies are struggling to bring everything in through the different choke points but in the rubber space you have a different challenge. a rubber pandemic due to some natural diseases affecting some of the rubber plants how are you doing getting the supplies in to get products out the door >> i have to say clear market is strong and we're doing well a

this entire language is concerned with what cryptocurrencies have to report their transactions to the irs. the original language is too broad. it does not capture just brokers. you could have software developers, node operators caught up in that language. this current compromise narrows that a little bit. the crypto industry seems to be very happy with it. but it is unclear if it will be included in the bill. romaine: who is this crypto industry? they have organized into like adult lobbyists? katie: i have spent a lot of time talking to christian smith of the blockchain association. i have talked to asset managers and others. romaine: so they have all centralized? caroline: that is the irony of the whole situation, you have to centralize to support the decentralized. katie: it is really broad strokes, the whole industry, the asset managers, traders too, it is amazing how much attention this is getting. caroline: katie keeps us across the board in terms of who she is speaking to. coming up, we will be talking more broadly, back to the world of invesco, where he will be talking about elemen

the good news is we do not expect the irs to immediately act. will be a rulemaking period with notice and comment, and hopefully we can keep the reporting requirements on those true brokers, those cryptocurrency exchanges that have customers because that is where that needs to be focused. we need to keep it away from the software developers and the miners. definitely stay tuned. this is something we are going to be watching closely. congress can always undo something later. it makes a challenging, but if this log goes through as drafted, we can try to get a second law passed that would narrow the definition of broker to where we think it would be most effective to helping with tax compliance. host: the federal reserve itself is contemplating valving its own cryptocurrency. what should they consider? how would that disrupt other cryptocurrencies out there? guest: there is a discussion happening around the globe where central banks are discussing issuing a central bank cryptocurrency. at the blockchain association we think there is a lot of activit

the trump lawyers say has the committee on ways and means which asked for the records ever asked the irssidents. congress has no general authority to go rooting around in the private papers of individual citizens, the trump lawyers say, so without a legitimate legislative purpose, this request must be denied. now, just last week, the office of legal counsel, the justice department reversed course from an opinion it issued in 2019 and said that congress has to be respected here, coordinate branch of the government and basically you can't look too far behind the congressional stated reason behind wanting the returns. the law says if any of the three congressional tax writing committees ask for the documents t must get them. the trump lawyers call it wobbly justifications and shallow reasoning and they say of course the request comes under president biden, a democrat, who ran against president trump, and made the disclosure of president trump's tax returns a campaign issue. so the lawyers are asking the judge, number one, block the irs and treasury from handing over these returns and while

the nea does not report political activity irs form 990 but they are supposed to. e point is you are trying to also show not only are they not reporting all the amenities of the general operating funds thereby violating the attack status, what else? these expenditures demonstrate tax-exempt resources to support political activity and shows the nea final to state affiliates use those in support of political activity. look for this. they have to report every nickel for political purposes. they are very sloppy. they are very arrogant on the website and press release they tell you about all these political things. get copies of that information and compare that to their tax return. we should create community committees they may have a local accountant and a local lawyer or people who are earnest who want to do again and compare what they are doing 20 reporting. the information is out there but nobody looks at it. the nea state affiliates must comply fully. here is the conclusion. irs enforcement of the ir code enables the public nonmember fee fears to receive accurate a

so requiring them to report to the irs is nonsensical. little confused about why the department of treasury or the white house are pushing back on this. we think our amendment makes perfect sense and actually would smooth or pave the way to the integration of cryptocurrency into our economy. charles: senator, seems to me, i mean, that they're trying to deputize these folks? that they want them to be defacto irs agents. president biden wants billions of dollars to beef up the force and maybe they could do the bidding for the irs and collect this information? >> except they don't have access to that information and in some cases never will. so this is targeting the wrong participants within the cryptocurrency process. charles: right. >> those that are in the decentralized wing of the process don't have access to the ultimate color, customer. the centralized wing of the digital currency world does have access, should be qualified as brokers and are in a position to help report. so in an effort i believe to catch dodgers of taxes they're inclu

having to calculate their own taxes, crypto holders will get an easy-to-read form that's also sent to the irss the rules could even help lower taxes. crypto holders who use tax loss harvesting -- that's where you take losses on money losing crypto positions to offset gains -- they will have much clearer records. right now if you move crypto from one exchange to the other, the exchanges don't provide any information on your cost basis that makes t a lot harder to track losses the new rules will provide a detailed history of each crypto purchase or sale even if you transfer the tokens. bottom line here, the new rules will tell the government who is avoiding crypto taxes but could also help those who play by the rule imagine that, jon, a tax code that rewards those who play by the rules. >> i'll believe it when i see it, robert frank does it reward them as much as those who kind of played by the already of rules but managed to find some loopholes? and it also seems like there's some opportunity here both for specialists to deal with the ultra rich around crypto issues and maybe even for software

homan, were investigating the massive spending being pushed by democrats which includes ripping of the irs move to get more tax dollars to pay for their big plans. more than $100 billion going to the judiciary committee a chunk for giving some migrants permanent legal status here in the u.s., critics warning this will open the floodgates at the southern border and look at these pictures we obtained on the conditions of the border and facilities the two border patrol confirming to fox news there is more than 210,000 apprehensions last month alone as democrats look to spend trillions your wallet is getting squeezed, consumer prices out of 13 your high necessity like food, gas, electricity rising as well as huge surges and cars and rental cars this as republicans worn inflation is going going to get worse if the government continues a spending spree warning it could cost democrats the midterms, new york governor cuomo has designed the eagle troubles are fall from over. republicans calling for impeachment, the investigation continued into sexual harassment allegations in the nursing home scand

[laughter] i'm in chicago at the headquarters of mcdonald's and right now, i am standing in the ir toyall, which has their toys from the most popular happy meals. i interviewed chris kempczinski, who is the ceo of mcdonald's, and i wanted to ask him why their french fires are so good, coca-cola tastes so good, and why they have succeeded for over 60 years and become the largest restaurant chain in the world. mcdonald's is more than 60 years old now. chris: yeah. >> many companies over the last 60 years have gotten into the fast food business. mcdonald's is by far the biggest. you've a market cap of about $175 billion. what is it that made mcdonald's by far the biggest of the fast food companies? chris: i think it starts with the brand. we have a brand that is one of the most valuable in the world. how did you get to that brand? it was a combination of things. it started with ray croc recognized the importance of ubiquity. and so, that was part of the genesis of doing a franchise model, because with a franchise model, you can get capital deployed, get restaurants built more quickly than

. >> reporter: the industry is pushing for explicit, new irs reporting requirements and in intense debate over the current language applies to miners and software developers and that's stoking outrage among some of fintech's biggest ceos history will not be kind to any politician who tries to block americans access to new technologies, americans have a very low tolerance for taking away our rights and harming economic growth. twitter ceo jack dorsey wrote this bill is so many issues, and he said one of the amendments from senator mark warner only makes it worse meanwhile, elon mosquusk got involved too this is not the time to pick technology winners or losers there is no crisis that compels hasty legislation. and rob portman who helped to write this bill, said he gets it >> in particular, we want to be sure miners and stakers and others now or in the future who play a key role by validating transactions or sellers of hardware or software for digital wallets or note operators or others who are not brokers are clearly exempted >> reporter: now the final vote on the infrastructure bill is sc

this space is regulated by the irs, the sec, you name it.hey are trying to regulate the space, and they do, so i don't think it is more regulation. i think it is more education. no matter how much education, some people will gamble their money. you just saw a hedge fund guy who knew what he was doing lose $20 billion in one day. i don't think it is about needing more protection. i think it's about more education. emily: as defi continues to expand, do not you think there are going to need to be more guardrails? jesse: nope, i don't think so. i think we have plenty of guardrails in place that extensively cover financial services and to a great extent cryptocurrency, and i think that calls for more regulation now are shortsighted and i think we need to see how the space develops. it is still the early days. if we had tried to put too much regulation on the internet and the early days, just to go to website to protect them, it would not be what it has become today with so much freedom and discussion around the world. that is the hope of cryptoc

the irs says it is fake.ers are trying to take advantage of americans by trying to gain access to information. the irs does not contact people by text messages to get personal information. the workplace shift caused by the pandemic has caused zynga to close it headquarters. the company is using a hybrid model with employees remaining at home. amc is getting ready to accept bitcoin at all locations in the u.s. the same software will allow accept apple pay and google pay. trying to boost positive reviews. they are tracking down customers to delete bad comments. some have offered refunds worth more than the price of the product to review -- to remove their review. kumasi: over vaccinations on cruises. the region has fought to require all crewmembers and passengers be fully vaccinated for at least two weeks before they are allowed on board. a judge sided with the ruse lines, saying it can require proof of vaccination. the cruise line president and ceo was on gma this morning commenting on the appeal. >> you would

the good news is we do not expect the irs to immediately act. will be a rulemaking period with notice and comment, and hopefully we can keep the reporting requirements on those true brokers, those cryptocurrency exchanges that have customers because that is where that needs to be focused. we need to keep it away from the software developers and the miners. definitely stay tuned. this is something we are going to be watching closely. congress can always undo something later. it makes a challenging, but if this log goes through as drafted, we can try to get a second law passed that would narrow the definition of broker to where we think it would be most effective to helping with tax compliance. host: the federal reserve itself is contemplating valving its own cryptocurrency. what should they consider? how would that disrupt other cryptocurrencies out there? guest: there is a discussion happening around the globe where central banks are discussing issuing a central bank cryptocurrency. at the blockchain association we think there is a lot of activit

with corporations, the irs and corporations often battle over the minutia of tax provisions and tax lawss for years and years and the only winners are the lawyers and the accountants who work for the irs and the big corporations. again, if you have high rates you will get more attempts to avoid and evade, and more battles with the irs. i think that is a lose-lose situation. i think the irs already has too much power. more power you give it the more oppression to our civil liberties. i favor lower rates and better administration of the tax system. host: dan johnson. "the actual solution is a global minimum corporate tax." guest: i think that is unfair to small countries, countries like ireland, it used to be a very poor country in europe. it went to a 12% corporate tax, the economy has boomed over the last couple of decades because they attracted investments. i think that is been great. it has been a good development strategy for ireland. by having a global minimum tax you preclude the ability of small and poor countries from developing and cashing out to some of the big countries. host:

it would give the irs access to more data. the industry really freaked out a couple of weeks ago, said this pulled in more players than it should. they were too late, it did not pass, some procedural hurdles. it is possible that in the house, they could amend the bill to fix this. it is not yet clear if there are procedural problems that come up. that is one thing that is still unresolved and unclear how it will shake out. shery: let's discuss the infrastructure bill's implications for asian assets and other opportunities, with the head of asia strategy at sbc. will there be any broader implications for asian markets, whether it is an uptick in concerns, dollar strength, and so forth? >> while the 550 billion dollars bill is remarkable, just by looking at the market reaction overnight, it seems that it has already been in the price. more importantly, the impact of this infrastructure bill, which is also muting the impact on the market. clearly, this infrastructure bill is a long-term bill, in which case it would be drip fed int

interesting is the irs. ill essentially implement rules that will basically interpret the law and that takes a long time. but it was a good shot, but they did not quite make it through this time. caroline: jodi schneider, bloomberg political news director. don't miss the program tomorrow focused on u.s. cpi data and inflation, of course. announcer: from the heart of where innovation, money, and power collide in silicon valley and beyond, this "bloomberg technology" with emily chang. ♪

the justice department told the irs friday that it must turn over trump's tax returns to the house wayshem for more than two years. joining me now to discuss it tim o'brien, for bloomberg opinion and also author of "trump nation." good to have you on. the former president certainly not shy about going to court over things. the irs has given him 72 hours which we believe extends to wednesday. does he have legal recourse here, where would he challenge this and how? >> well, i would assume he would still, i can't imagine they won't challenge it. because there is a lot of peril perilous aspects in the information in the tax returns getting out into the wild. i'm assuming they are looking at this and still challenge it on the grounds that the doj, bill barr's doj blocked the release which was that congress was just engaged in a phishing expedition and not any over sight authority or legislation and therefore it should be stopped. i imagine they try to challenge that in court but they're going to have an uphill battle with that. >> so if it comes to congress, if the tax returns come to congre

i think it is going to come down to how the interpretive guidance and how the irs comes through. thing we are not going to have clarity on until probably 2023, when the new deadline it's. -- deadline hits. guy: we are going to leave it there. greatly appreciate it. isaac boltansky, compass point director of policy research. coming up, more on the infrastructure bill, how the rules of crypto reporting are going to play into the package. paul prager, ceo of crypto mining company terawulf, joining us. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, the co-owner and executive chef. ♪his is bloomberg. guy: live from london, i'm guy johnson. alix steel in new york. this is "bloomberg markets." the senate blocking a change to cryptocurrency reporting rules. the current language in the legislation will require entities such as miners and software reporters to report tax data to the irs. for more we are joined by paul prager, terawulf ceo and founder. terawulf is building an environmentally sustainable bitcoin mining facility, which is going to use nuclear and hydropow

the committee on ways and means has said it wants to look at how the irs audits the returns of presidents. but lawyers say they have asked for his returns, not any other president's returns, they didn't ask the irs how it audits presidents, so that's just a pretext. it says ever since donald trump was a candidate the democrats have been trying to get their hands on his tax returns and that didn't diminish after he got elected. let me quote you one line from the filing. it says the chairman of the house ways and means committee sought president trump's tax returns and return information because his party recently gained control of the house. president trump was and is their political opponent and they want to use the information to damage him politically. so for all those reasons, they say the court should not honor this request from the committee on ways and means. as you know, the justice department most recently said that there's a federal statute that says if congress asked for individual returns it should get them and that's the end of the matter. what the trump lawyers say is that ne

it is obviously the whole goal of their program with increasing number of irs agents they will increaseaxes as well. and look, i was a small business owner for over 32 years and one of the primary responsibilities of government next to protecting our homeland is job creation and making sure that we're growing our economy. it is making sure we're setting a fertile environment for job growth in our economy and in our nation. that is extremely important. what the democrats are doing now, especially with this $3.5 trillion spending spree which is nothing more than a progressive priority list, nothing more than a socialist wish-list, if you will, what they're doing is they're causing inflation to rise. we see it. we see it at the gas pump. we see it at the grocery store. i was sitting in the chair, my wife came in. honey i've been to the grocery store. i have good news and bad news. the bad news i spent $200. the good news i only have one bag to bring in. we're seeing inflation rear its ugly head. inflation is nothing more than a tax, nothing more than a cut in your paycheck. edward: on that

what the telegraph and the ir drawing attention to is the government...n the community most. for all of the fanfare about how important this is, the bottom line is is the government committed to actually putting the money behind something? we've got cop26 coming up in november. there's going to be lots of fanfare about what we can do, but where is the real money to support people? 50. do, but where is the real money to support pe°ple?_ do, but where is the real money to support people?— support people? so, some of the detail in the _ support people? so, some of the detail in the telegraph's - support people? so, some of the detail in the telegraph's story, i detail in the telegraph's story, government sources told the ministers were examining plans to boost the clean he got, which is a two—year seeing —— clean heat grants, a two—year scheme. a one—off payment of £4000 to help with the upfront cost of replacing a gas boiler. 0ne upfront cost of replacing a gas boiler. one option is to boost that cash amount. joe, you introduced the idea of a sizeable minor

it was an instant viral internet hit in poland, and soon drew the ire of the country's ruling party.enly became the-- the national enemy by the prime minister, who was accusing me of lies, anti-polish lies. >> reporter: poland's slide towards authoritarianism hasn't been without pushback. other countries in the european union have noticed the changing attitudes about women's rights, the independence of the courts, and the protection of the l.g.b.t. community's rights. here in pulawy, for example, where an anti-l.g.b.t. resolution was passed, two cities in europe, which were twinned with pulawy, ended their partnership with the municipality in protest. six other european cities cancelled twinning applications with polish municipalities that have enacted the declarations. and it's not just symbolic. some e.u. funding was also suspded. although they don't carry the force of law, these texts aren't for the faint of heart. pulawy's declaration is titled "on halting the ideology pushed by the l.g.b.t. subculture." it effectively equates homosexuality with pedophilia, declaring that the cit

so i think they will be looking at how the irs audits presidents. ey do. and then we may learn through some kind of criminal indictment, because they probably will not release the tax returns, they have a right to have them, the courts and the department of justice now have said there is no question that the internal revenue code allows the request to be granted, not just allows it, it says "it shall be turned over" when congress requests it, when the proper committee requests it. so i think we can learn a lot about his business, his charitable donations which are probably nonexistent, about how much he owes, who he owes it to, is he indebted to some foreign country that may explain some of his behavior in his presidency? there's a lot that can be learned from these documents, and congress has to do its oversight duties to investigate it. >> jill, i have about 15 seconds but you know i have to ask you about your pins. >> this is a special one. today i'm saying what a super woman simone biles is, and her team who went on and won silver without her. it

also require any digital asset transactions of $10,000 or more to be reported to the irs. industry. the industry arguing that it is not widespread and won't raise the extended revenue charles reddit saying it is one reason uncollected taxes now total up to $1 trillion a year, joe. >> wondering what it looks like in terms of how you would round things up. if your wallet is on coin base or something like that, it seems like you're going to need regulation or need some -- at least some guidelines for what these exchanges do look how well coinbase did on the ipo. they got plenty of money they have to start making it easy for everyone doing business there. they don't generate any information at this point for year-end taxes, robert do they do that yet? >> some of the exchanges, coinbase for instance, say that they provide information to the irs. it's largely voluntary it's unclear whether it's completed. the other issue, apparently crypto holders move their crypto from one exchange to the other quite often so you might buy it on coinbase but then switch it to binance and binance

saying we are completely okay with reporting to the irs. a tweet storm describing in saying 1099s are good, but other companies shouldn't have report certain information to the irs saying it's choking and stifle innovation the argument fortunate kripo industry back to libra >> look at what happened to libra and then someone was making the analogy yesterday on the world economic forum panel talking about defy and one of the panelists said the internet, said if it was too regulated early on it wouldn't have developed but on the flipside of that, regulating later when the industries have become so large is also really difficult proposition >> absolutely. the libra example they clamped down and it's all about semantics. we were talking with a senator supporting the amendment and she said the rest of the senate doesn't necessarily understand the industry let alone what a word like broker would mean. it's so subtle and there are a couple of senators paycheck the way as crypto friendly and states going that direction >> that's the challenge, wide

i understand the situation with the irs. because of covid they have been with less workers. >> reporter: she's now among the millions of americans who could face possible eviction after a federal moratorium expired over the weekend. >> it's not the moment when you want people couch surfing. you want people out on park benches sleeping. you want people in their homes. >> reporter: democratic lawmakers have called on the biden administration to extend the moratorium, but the white house says a decision by the u.s. supreme court has tied their hands. the administration is now asking state and local governments to take faster action to speed up distribution of covid relief money that could help. only about $3 billion of the 46 billion in rental assistance had gone out as of the end of june. >> if some states and localities can get this out and effectively, there's no reason any state and locality can't. >> reporter: a group of states illinois, new jersey, california, new york has extended protections in place for the near future.

host: what happened to the proposition that they would expand the budget of the irs and go after delinquentaxes more diligently? guest: that was something the bipartisan group in the senate was looking at in order to offset the cost of the infrastructure package. ultimately, they could not agree on that, so we expect democrats to use that as a source of revenue in their package. host: mark on the republican line. caller: good morning. you know, it seems to me that i t's weird that we are repeating history. we had a crash in 1929 and unemployment rose. i think it could be argued we would not have had a decade of the great depression had of the federal government not gotten in and messed around with it. unemployment was already going back down five months after the stock market crash, but fdr had to get involved and make things worse. after this last year and a half of closing businesses down, it just reminded me of the manic state, giving everybody welfare. and there are a lot of things in these bills that have nothing to do with infrastructure and have a lot to do with registering illegals.

it seemed as if union generals were divided on the issue and the conditions on the ground drew the ire of the enemy. the confederate war department ordered that major general hunter and brigadier general phelps be no longer held and treated as public enemies of the confederate states but as outlaws and in the event of the capture of either of them or any other commissioned officer employed in drilling, organizing or constructing slaves, that they shall not be regarded as a prisoner of war but held in close confinement for execution as a felon. confederate secretary of war explained that, quote, slaves in a flagrant rebellion are subject to death by the laws of every slave holding state. drilling regiments of african-americans generated questions about the conduct of war and confederate officials maintained a hard line on the legal status of enslaved people as chattel and thus fugitives. he argued that, quote, they cannot be recognized in any way as soldiers subject to the rules of war and to trial by military courts. as refugees inched further toward union lines, the question concernin