A New York Lawmaker Wants To Tax All Crypto Transactions, Sees It Raising $158 Million To Fight Substance Abuse
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A New York state lawmaker is targeting cryptocurrency users in the fight against substance abuse.
Assemblyman Phil Steck last week introduced a bill that proposes a 0.2% tax on all digital asset transactions, including non-fungible token and stablecoin transfers, to raise additional funds to help upstate New York schools fight substance abuse.
Steck, who chairs the assembly’s Standing Committee on Alcoholism and Drug Abuse, expects the tax to generate $158 million annually, Decrypt reported last week, citing a memo shared by the assemblymember.
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Steck arrived at his $158 million revenue…
