US Senators propose bill to exclude crypto transactions under $50 from taxes. Another step in the right direction.

Just now two US Senators have proposed a bill to congress that would exempt crypto transactions under $50 from crypto taxes. Good to see some people pushing for the right regulation of Crypto while keeping crypto adoption and government protection equally on sight.

Some may say that no crypto taxes at all would have been better but I disagree here, there should be no problem in giving some money to the government for public services (whether they actually do that is the other question) I mean we are protesting so that rich people should pay taxes so we should pay too. And under $50 seems like a very reasonable mark depending on how high the tax would be over that.

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26 thoughts on “US Senators propose bill to exclude crypto transactions under $50 from taxes. Another step in the right direction.”

  1. I don’t really understand why crypto to crypto transactions are taxed at all. Is there a reason why we don’t just put a simple 1 to 3% tax on crypto to fiat transactions and have that be the only crypto tax? It would be easier to monitor as well because most of those transactions happen on a regulated CEX anyway. Then we can just ignore everything else? Maybe I’m dumb idk but it’s an idea

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  2. >Just now two US Senators have proposed a bill to congress that would exempt crypto transactions under $50 from crypto taxes. Good to see some people pushing for the right regulation of Crypto while keeping crypto adoption and government protection equally on sight.

    How dumb you have to be to believe this is because of equality and social justice? The government just don’t have enough resources to pursue ALL crypto transactions so they’re just making it easier for them. It’s in their own interest, not yours.

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  3. Rather see transactions under 100 be exempt. Though I’ll just make two transactions and incur a bit of gas if needs be.

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  4. I dont mind paying profits at all, what i dont wanna do is list all the thousands of transactions i made detailed.

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  5. I think the IRS is getting tired of getting 100 page capital gains declarations with thousands of < $0.01 transactions.

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  6. A bill was reintroduced to the House in February to exclude under $200. Hopefully they can come to agreement on a number a bit higher than $50.

    In the end, this is a start, and would simplify transactions for all of us.

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  7. What if, you keep your transactions private, one can’t tax a wallet noone knows about, it’s the whole point of crypto, remove centralized bullies from the equation.

    Afraid of uncle Sam? I know, who wouldn’t, at some point we will have to do something about the bulling.

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  8. Wow. What a bill. Super. What are the taxes if the transaction is 51 dollars?

    Can an individual do 10 transactions under 50 dollars & save taxes ?

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  9. They use that tax money to enrich themselves. Local taxes pay for your ambulance, fire, roads etc. Fed taxes pay for money laundering ops via Ukraine and Afghanistan to rob humanity blind. Reminder that Monero is anonymous digital cash.

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  10. Do you pay a transaction fee when you pay your bills from your checking account? No? Then this joke of a money grab needs to stop. Just because crypto is the vehicle for the transaction is irrelevant – it’s just a transaction.

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