Bill to remove tax on crypto transactions under $200

[C.Grigg]

A bill has been reintroduced to the US Congress to remove tax on transactions that are $200 or less.
How do you think this bill will affect the crypto markets? Do you think this is a good thing for crypto? Discuss your thoughts!

 

[Nova_]

I think it would lead to more issues considering this would force the blockchains to process low amounts to avoid taxes and collectively it would lead to people trying to bypass the taxes. I personally think crypto should be taxed high or low depends on how much it impacts in market.

 

[GoldenLady]

A bill has been reintroduced to the US Congress to remove tax on transactions that are $200 or less.
How do you think this bill will affect the crypto markets? Do you think this is a good thing for crypto? Discuss your thoughts!

Definitely this will help retail traders. This will make people more willing to try it out spending less money without worrying about tax. Some people might use it though to evade the taxes by breaking up their transactions into smaller bits.

 

[C.Grigg]

Definitely this will help retail traders. This will make people more willing to try it out spending less money without worrying about tax. Some people might use it though to evade the taxes by breaking up their transactions into smaller bits.

Mmhmm. First thing I thought of. xD I know people will attempt that, but I'm sure they have a way to mitigate it.

 

[Heatman]

Most traders really hate transactions fees especially when it's on the high side. It's why people hardly make use of Ethereum for their transaction purposes.

 

[GoldenLady]

Mmhmm. First thing I thought of. xD I know people will attempt that, but I'm sure they have a way to mitigate it.

They might place a limit on total transactions within a time frame to avoid that. But I won't deny that it's a very attractive thing to do to escape tax of 30%.

 

[Nomad]

Did they pass this bill? The bill favors small traders and investors and I think it is good