U.S. lawmakers propose 'Virtual Currency Tax Fairness Act' to boost payment use of cryptocurrencies

time:2022-02-06 04:00 source:Internet

U.S. Representatives Suzan DelBene and David Schweikert introduced the "Virtual Currency Tax Fairness Act of 2022" on Thursday. The bill was co-sponsored by bipartisan members of Congress Darren Soto and Tom Emmer. The bill "will create a workable structure to tax purchases made using virtual currencies," the lawmakers explained, and it would also expand the use of cryptocurrencies for payments and further strengthen "the legality of virtual currencies in our digital economy." sex". Current legislation mandates that any crypto gains must be reported as taxable income, regardless of the size or purpose of the transaction, the lawmakers stressed, “including purchases as small as a cup of coffee.” The Virtual Currency Tax Fairness Act would exempt personal transactions in virtual currencies for earnings of $200 or less.

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