Senator Lummis Introduces New Crypto Tax Bill With a $300 Tax-Free Threshold
Senator Cynthia Lummis has introduced a crypto tax bill that exempts capital gains of $300 or less and has a $5,000 annual exemption cap. The US Senator has introduced the bill to address what she believes is the unfair treatment of crypto traders. Lummis said that her tax bill will allow US citizens to engage with the crypto economy without inadvertently accruing a tax bill. Lummis justifies the viability of her bill by stating that the Congressional Joint Committee on Taxation estimates it will generate $600 million by 2035. This is a significant step for the crypto community, which has faced uncertainty and regulatory hurdles for quite some time now, and would like to embrace financial innovations without having to deal with…
