US Lawmakers Reintroduce Bill to Provide Tax Relief for Small Crypto Transactions

Posted on by American Coins & Gold

US Lawmakers Reintroduce Bill to Provide Tax Relief for Small Crypto Transactions
A bipartisan group of U.S. House representatives has reintroduced a bill that would exempt consumers from paying taxes on crypto payments of less than $200.The “Virtual Currency Tax Fairness Act,” an amendment to IRS tax code announced on Thursday by Reps. Suzan DelBene (D-Wash.), David Schweikert (R-Ariz.), Darren Soto (D-Fla.) and Tom Emmer (R-Minn.), would simplify tax burdens on daily crypto users who must currently report even the smallest capital gains.“Virtual currency has evolved rapidly in the past few years with more opportunities to use it in our everyday lives,” DelBene said in the announcement. “The U.S. must stay on…