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Report: US Could Gain Up to $2.58 Billion in Net Revenue Over 10 Years by Exempting Crypto Payments Under $300 from Taxes

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Odaily News: A report by the Cornell Brooks School Tech Policy Institute (BTPI) shows that if the US implements a de minimis exemption for bitcoin and cryptocurrency payments under $300, federal net revenue is projected to increase by $859 million over 10 years, with a range of $172 million to $2.58 billion. The estimates assume that the number of digital asset payment users remains at 5.4 million.

US Senator Cynthia Lummis has proposed S. 2207, which would exempt capital gains taxes on such payments, with an annual cap of $5,000 in tax-exempt capital gains. Some other legislative initiatives propose limiting the exemption to regulated stablecoins, and discussions are ongoing.

BTPI stated that current capital gains taxes and reporting requirements for small transactions discourage everyday bitcoin payments. Eliminating transaction-level tax and reporting burdens could increase bitcoin payments and demand; at current adoption levels, the near-term impact on bitcoin prices and tax revenue may be small, while the long-term impact depends on factors such as payment volume. (Bitcoin.com News)

This content is for informational and educational purposes only and does not constitute investment advice related to BTCC. BTCC makes every effort but cannot guarantee the truthfulness, accuracy, or originality of the content above.