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New York Proposes 0.2% Crypto Transaction Tax to Fund Substance Abuse Programs
New York Proposes 0.2% Crypto Transaction Tax to Fund Substance Abuse Programs
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BTCCSquare news:
New York State Assemblymember Phil Steck has introduced legislation for a 0.2% excise tax on cryptocurrency transactions, projecting $158 million in annual revenue. The funds would target substance abuse prevention in upstate schools, where opioid addiction remains a critical issue.
The proposal cites Chainalysis data and GDP trends to justify its revenue estimates. Steck, who chairs the state's alcoholism and drug abuse committee, frames the tax as leveraging crypto investors' speculative behavior for public health initiatives.
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