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New York proposes cryptocurrency trading tax, expected to generate $1.58 billion annually

Summary: According to reports from Decrypt, New York State Assemblyman Phil Steck has introduced a bill proposing a 0.2% consumption tax on cryptocurrency transactions. Based on Chainalysis data and recent GDP statistics, this tax is estimated to generate $1.58 billion in revenue annually. These funds will be used to assist schools in upstate New York in ...

According to reports from Decrypt, New York State Assemblyman Phil Steck has introduced a bill proposing a 0.2% consumption tax on cryptocurrency transactions. Based on Chainalysis data and recent GDP statistics, this tax is estimated to generate $1.58 billion in revenue annually. These funds will be used to assist schools in upstate New York in addressing substance abuse issues.

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