I just came across this news today!
The senator who has been in forefront of advocating for bitcoin strategic reserve and better crypto policies.
She has once again introduced a new bill that should update the tax code on digital assets. This happened after the federal budget was passed without a single mention of cryptocurrencies.
Key Focuses of the document:
1. Exemption of Tax for Small Transactions: transactions below $300 will be tax free with a yearly maximum of $5000
2. Deferral of taxes of mining and staking until the moment of assets sale. This addresses the issue of double taxation.
3. Tax Exemptions for crypto loans and charitable contributions in digital assets.
https://coingape.com/lummis-bill-simplifies-crypto-tax-compliance/She believes this will help promote innovation, reduce bureaucratic hurdles and clarify the obligations of tax payers for digital assets.
These changes when implemented will help maintain the US Competitive edge in digital economy.
Great! I can only see positives here! I wish every politicians think like this and helps countries to adopt crypto is a positive way. Unfortunately, many countries still see crypto as a potential threat.
I wish this bill is passed and make it into the book of tax law in US. It will open up real opportunities for further crypto adoption. It will help commoners like us to use crypto for small transactions with ease and without fear. It opens up doors for positive changes in crypto market.