A new bill has been proposed in the US Senate to prevent Americans from paying taxes on Bitcoin payments of less than $50. The special thing about the bill is that it is a two-party proposal. Both Republicans and Democrats are on board.
Digital money has great potential
Senator Patrick Toomey is responsible for the bill on behalf of Republicans. He says the following to the press. “Digital money has the potential to become a part of everyday American life, and our current tax law stands in the way of that.” thus toomey.
According to Toomey, the law would help Americans “more easily use cryptocurrencies as a means of everyday payment by eliminating taxes on small personal transactions.” At the moment Bitcoin as a means of payment, at least based on the law, is an impossibility.
Every transaction with Bitcoin or other crypto is potentially a taxable action, which means that the dollar remains a more attractive means of payment. Toomey and Sinema’s new bill could change that.
Current legislation is ancient
According to Suzan DelBene of the Democrats, the current legislation that applies to crypto is ancient. “The ancient legislation surrounding digital money does not take into account the potential it has for our daily lives. These laws treat digital money like a stock or ETF,” DelBene said of the current legislation.
In that respect, it is an interesting development in the United States. A country where Bitcoin fits perfectly in theory in terms of norms and values. America is known as the “land of the free” and Bitcoin as money without a monopolist seems to fit the bill perfectly.
That is a realization that also seems to penetrate into American politics, because more and more politicians are standing up for Bitcoin. Something that almost no one expected in the early years.
