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US Senator Cynthia Lummis proposes comprehensive crypto tax reform bill, suggests tax exemption for small transactions and eliminating double taxation for miners and stakers
Summary: In breaking news, US Senator Cynthia Lummis introduced a comprehensive digital asset tax bill today, advocating for multiple key outcomes for the crypto industry and aiming to create a fair competitive environment for digital asset users across America. Cynthia Lummis stated: 'To maintain America's competitive edge, we must reform tax laws to adapt to the ...
In breaking news, US Senator Cynthia Lummis introduced a comprehensive digital asset tax bill today, advocating for multiple key outcomes for the crypto industry and aiming to create a fair competitive environment for digital asset users across America.
Cynthia Lummis stated: 'To maintain America's competitive edge, we must reform tax laws to adapt to the digital economy, rather than burdening digital asset users. Public feedback on this legislation is welcome, with the goal of reaching the President's desk soon.' According to estimates by the Congressional Joint Committee on Taxation, the bill is expected to generate approximately $600 million in net revenue from the fiscal years 2025 to 2034. The bill proposes reforms for various digital asset tax issues, including:
- Tax exemption for small transactions: setting a $300 minimum threshold
- Eliminating double taxation for miners and stakers
- Tax parity between digital assets and traditional financial assets (such as lending, wash sales, and market value taxation)
- Charitable donations without the need for valuation reports
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Link: US Senator Cynthia Lummis proposes comprehensive crypto tax reform bill, suggests tax exemption for small transactions and eliminating double taxation for miners and stakers [Copy]
