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Lummis’ Bill Enables Tax-Exempt Bitcoin Spending - But Thresholds Are Too Lowbitcoinmagazine.com/takes/senator-lummis-new-bitcoin-tax-exemption-bill-is-insufficient-but-its-a-start
580 sats \ 5 comments \ @k00b 13h Politics_And_Law
Today, Senator Lummis unveiled a bill that would enable U.S. citizens to spend up to $300 worth of bitcoin on goods and services, with a yearly cap of $5,000, without having to pay capital gains taxes on the transactions.
For micropayments thought these limits are high enough, but they are too low for anything else that's routine. Ideally, they'd be set based on grocery bills or exempted for anything that isn't currency exchange. To have any de minimus exceptions are better than none though I guess?
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286 sats \ 1 reply \ @freetx 13h
To have any de minimus exceptions are better than none though I guess
I don't understand why they didn't just use the existing "de minimus" exemption that IRS already uses for Forex.
If you travel abroad, and you "make money" on your forex (ie. price changes so that you profit between when you buy / sell), you are allowed a $200 per transaction allowance.
That means that as long as the profit was less than $200, there is no reporting required....and that is per transaction. So theoretically you could gain $199 in profit every day and not need to report.
This to me seems better than whats being offered. It would also seem easier to implement as I'm not even sure a new law is needed....simply get IRS to declare coverage of existing forex rule to "crypto"
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21 sats \ 0 replies \ @k00b OP 12h
Great point. I didn't know about the existing exemption.
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50 sats \ 0 replies \ @BlokchainB 9h
What happened to $600! American men are so cucked
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10 sats \ 0 replies \ @bitcoingecko 6h
It's not ideal but it is progress. Hope it can pass!
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0 sats \ 0 replies \ @028559d218 1h
What are they talking about again???
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