[Delio] US Senators Advocate Crypto Transactions Under $50 Tax-Free

Prominent U.S. senators are introducing a new bill that would free Americans from reporting tax on transactions worth less than $50, media channel CoinDesk reported on July 26.

The newest measure will make it simpler for consumers to utilize cryptocurrency as a regular form of payment by exempting minor personal transactions from using required-to-pay taxes. The House of Representatives’ Virtual Currency Tax Fairness Act is a continuation of a previous proposal. A modest exemption from reporting taxes on Bitcoin transactions is provided by the statute.

Prior legislation required that any profit made from the sale of virtual currency in a personal transaction be deducted from gross income for income tax purposes up to $200. Senators Lummis and Gillibrand introduced the comprehensive cryptocurrency bill in June.

Notably, the prospect of omitting low-level transactions from tax considerations has also been seen in other countries as the method to implement crypto into daily life.

Source: COINDESK

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