U.S. Senators Propose Bill to Cut Taxes on $50 Crypto Payments

Key Takeaways

  • Senators Patrick Toomey and Kyrsten Sinema have introduced a new bill to the U.S. Senate to exclude small crypto transactions from capital gains tax requirements.
  • The bill would apply to transactions worth less than $50, with a provision to adjust that benchmark alongside inflation.
  • Similar bills, putting the benchmark at $200, have been introduced to Congress in the past.

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