Crypto Payroll on the Horizon: Tax Exemptions for Small Transactions
As Bitcoin gains more traction as a payment method, the advocates for tax exemptions on smaller transactions are getting louder. Heavyweights like Jack Dorsey are pushing for tax exemptions, claiming it could open up crypto payments for everyday purchases. But what are the pros and cons of these exemptions? Let’s dive into it.
Tax Exemptions: Who Gets the Benefit Here?
Big names in the crypto world, including Jack Dorsey and U.S. Senator Cynthia Lummis, are advocating for a de minimis tax exemption on small Bitcoin transactions. Dorsey, who helped start Square, believes that these exemptions could pave the way for Bitcoin to be used for daily purchases, making it more practical. Lummis has even proposed legislation to exempt Bitcoin…
