""The thresholds are SO low and there should be NO CAP for goods and services. Make it about spending/payments. This is good for consumers.""
""I'm happy to see the threshold will be adjusted for inflation, but the $300 transaction cap and $5,000 annual spending cap are disappointing.""
Senator Lummis introduced a bill allowing U.S. citizens to spend up to $300 worth of bitcoin on goods and services tax-free, with a $5,000 annual limit. Starting in 2026, spending thresholds will adjust for inflation. Initially proposed as an amendment, the legislation responds to the lack of a vote on Lummis' previous amendment regarding bitcoin tax reform. While some support the measure, notable critiques highlight the low thresholds and call for eliminating caps. There is a consensus that consumers should not be taxed on bitcoin expenditures similarly to traditional currency.
Read at Bitcoin Magazine
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