Senate Bill To Exempt Tax On Small Bitcoin Transactions – Bitcoin Magazine

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  • The Virtual Currency Tax Fairness Act seeks to provide tax exemption for transactions up to $50 or trades which net a capital gain of less than $50.
  • Senators Patrick Toomey and Krysten Sinema will introduce the bill today.
  • A House bill was previously introduced with a threshold of up to $200 this past February under the same name.

The Virtual Currency Tax Fairness Act is being introduced today by Senator Patrick Toomey (R-PA) and democratic Senator Krysten Sinema (D-AZ) to provide tax exemption for bitcoin transactions up to $50, or trades which net a gain of up to $50, according to CNBC.

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