Bipartisan Bill Seeks To Eliminate Taxes on Crypto Transactions Under $50

A bill was introduced in the Senate today that would prevent Americans from needing to disclose capital gains or losses on most smaller-scale crypto transactions. From a report: Introduced by senators Patrick Toomey (R-PA) and Kyrsten Sinema (D-AZ), the Cryptocurrency Tax Fairness Act would exempt reporting crypto transactions of less than $50, or trades in which a person earns less than $50. "While digital currencies have the potential to become an ordinary part of Americans' everyday lives, our current tax code stands in the way," said Toomey, adding that the bill would help Americans "use cryptocurrencies more easily as an everyday method of payment by exempting from taxes small personal transactions like buying a cup of coffee." Right now, similar bills are working their way through Congress. The Responsible Financial Innovation Act, introduced by senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), would remove the obligation to provide information on crypto gains of $200 or less to the Internal Revenue Service.

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