- This topic has 11 replies, 1 voice, and was last updated 2 months ago by Cur_scaling.
- Tuesday, July 26th, 2022 at 19:44 #345271GlyniFranParticipant
I guess this should be pretty great news for penny crypto investors in the USA. While $50 may be considered as a very little amount to start investing in crypto with, there are still so many coins that price below this. Coins like XRP, ADA, SHIB, HOT, TOKLOK, MATIC, REEF etc are some coins that could be picked with a $50 investment budget.
Senators Pat Toomey and Kyrsten Sinema are introducing a bill aimed to streamline crypto in small transactions.The bill which is called “Virtual Currency Tax Fairness Act” would spare crypto users from reporting personal transactions as taxable events.
The bill would apply to transactions valued at less than $50, with a provision to adjust that benchmark alongside inflation. It also avoids applying to trades between crypto and a fiat currency, as well as “all sales or exchanges which are part of the same transaction (or a series of related transactions) shall be treated as one sale or exchange.” I however feel that the benchmarked amount of $50 dollars is low. This exemption may end up covering less than 2% of all crypto investorsTuesday, July 26th, 2022 at 19:44 #345272DingDongWhoDis
> While $50 may be considered as a very little amount to start investing in crypto with, there are still so many coins that price below this. Coins like XRP, ADA, SHIB, HOT, TOKLOK, MATIC, REEF etc are some coins that could be picked with a $50 investment budget.
You’re aware you can buy $50 worth of Bitcoin and other coins/tokens priced above $50 each?Tuesday, July 26th, 2022 at 19:44 #345273Cw_Alker
My 322 $49.99 transactions it’s not meant to be tax evasion, trust me broTuesday, July 26th, 2022 at 19:44 #345274ipetgoat1984
I don’t mean to sound negative, but, it’s a very low number to get excited about. Bread is about to cost $50 soon.Tuesday, July 26th, 2022 at 19:44 #345275rulesforrebels
there was something years ago called the cryptocurrency tax fairness act or something along those lines that would excempt purchases up to $600 from taxes so you could actually buy items with crypto.
I thought that $600 threshhold was pretty generous, personally I’d just spend my crypto, live off it and never pay taxes.Tuesday, July 26th, 2022 at 19:44 #345276BlubberWall
It’s a step in the right direction, but practically speaking $50 isn’t much for a currency transaction. Especially since they have the provision about not including to fiat sells, it should be biggerTuesday, July 26th, 2022 at 19:44 #345277broskie94
It’s been proposed.. Nothing official. Plus, US Government add taxes, not lower taxes.Tuesday, July 26th, 2022 at 19:44 #345278jakeba
>I guess this should be pretty great news for penny crypto investors in the USA.
Thats not who this is for, its to encourage people to actually use crypto for purchases.Tuesday, July 26th, 2022 at 19:44 #345279kirtash93
Spain should learn.Tuesday, July 26th, 2022 at 19:44 #345280Interesting_Horse869
Fuckers are trying to throw crumbs to the masses again. This is a 2022 version of ‘let them eat cake’ as they pretend to care, all while they somehow get wealthy as elected officials.Tuesday, July 26th, 2022 at 19:44 #345281Business-Bus-9439
That’s… that’s not how this works..Tuesday, July 26th, 2022 at 19:44 #345282Cur_scaling
Its great news throwing small fries a bone ? How many 50 dollar transactions will it take to fundamentally change a life ?
Textbook look busy doing nothing.
- You must be logged in to reply to this topic.
Related Forum Topics:
- → When BTC became legal tender in El Salvador, it was removed from taxation (exempt from capital gains taxes or even income taxes when paid in it). This set a beautiful standard that Mexico is considering, & Portugal has already partially implemented but without the “legal tender” part. QUESTION:
- → so i did my crypto taxes today and.. yeah.. it’s uhh not looking great.. please advisze on a scale from 1-to-complete-and-utter-financial-ruin exactly how much trouble i might be in with these numbers (experts on canadian crypto taxes this is your time to shine)
- → Germany Declares Crypto Gains Tax-Free After 1 Year — Even if Used for Staking, Lending – Taxes BTC News [Crypto News]
- → There is nothing wrong with paying taxes on your crypto gains if you live in a country where you feel the government is using these taxes to help the needy and improve living conditions.
- → The crypto transaction bill being pushed through by Cynthia Lummis makes bitcoin transactions less than $600 no longer subject to capital gains tax reporting in the US.
- → 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
- → Missouri Lawmaker Introduces Bill to Exempt Crypto from State Property Taxes
- → Bill to eliminate taxes on BTC if the associated capital gains are $200 or less? Yes please
- → Capital gains taxes Canada
- → Senators details new crypto legislation to create a tax exemption for capital gains [Crypto News]
- → Indian government equates Crypto gains with gambling/lottery/horse racing. If you hodl crypto through multiple 90% corrections to make big gains, how is it a lottery? Supreme court has ruled even fantasy sports is a “game of skill” but these clueless buffoons equate crypto with lottery.
- → New Introduced Bill Would Exempt BTC From Missouri Taxes
- → A Bill in Panama Eliminates Capital Gains Tax on Cryptocurrencies [Crypto News]
- → Cryptocurrencies won’t be truly mainstream until transactions <100 are tax exempt
- → Crypto Taxes Fall Under EU Lawmakers’ Gaze