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Senator Lummis Introduces New Crypto Tax Bill With a $300 Tax-Free Threshold
Senator Lummis Introduces New Crypto Tax Bill With a $300 Tax-Free Threshold
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BTCCSquare news:
Senator Cynthia Lummis has proposed a crypto tax bill that exempts capital gains under $300 and sets a $5,000 annual cap, aiming to alleviate regulatory burdens for retail traders. The legislation, estimated to generate $600 million by 2035, seeks to modernize tax policy for digital assets.
"This groundbreaking legislation is fully paid-for and establishes common-sense rules for the digital economy," Lummis stated. The bill aligns with broader efforts to foster innovation while maintaining tax compliance, addressing longstanding industry concerns about punitive reporting requirements.
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