Senate Bill To Exempt Tax On Small Bitcoin Transactions – Bitcoin Magazine

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  • The Virtual Currency Tax Fairness Act seeks to provide tax exemption for transactions up to $50 or trades which net a capital gain of less than $50.
  • Senators Patrick Toomey and Krysten Sinema will introduce the bill today.
  • A House bill was previously introduced with a threshold of up to $200 this past February under the same name.

The Virtual Currency Tax Fairness Act is being introduced today by Senator Patrick Toomey (R-PA) and democratic Senator Krysten Sinema (D-AZ) to provide tax exemption for bitcoin transactions up to $50, or trades which net a gain of up to $50, according to CNBC.

“While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way,” Toomey said, regarding the bipartisan effort.

Senator Toomey isn’t alone in his opinion, as multiple introductions of legislation have been presented in an effort to ease tax requirements for those looking to transact in or invest small amounts of money into bitcoin and other cryptocurrencies.

Congressional representative Suzan K. DelBene from Washington previously sponsored the Virtual Currency Tax Fairness Act introduced earlier this year that sought to exempt gains from bitcoin transactions of less than $200.



Source link Bitcoin Magazine

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