U.S. Senate Proposes 1% Tax On BTC Holdings Over $500K To Align Crypto With National Tax Regulations?
The post U.S. Senate Proposes 1% Tax On BTC Holdings Over $500K To Align Crypto With National Tax Regulations? appeared first on Coinpedia Fintech News
The U.S. Senate on 21st April, Sunday, proposed a new tax regulation for the cryptocurrency industry. According to the new proposed regulation, individuals, trusts, and entities holding BTCs worth over $500,000 will be liable to pay 1% as tax.
This move was initiated as part of a large effort made by the centralized body to include cryptocurrency like Bitcoin in the national tax system.
The aim is to treat digital and traditional assets equally and make sure they make their fair contribution to federal revenues. Further, this step reflects the growing significance of cryptocurrencies in the financial landscape.
About Senator Elisabeth Warren’s Proposal:Elja, a well-known media house known crypto and Bitcoin investor with a substantial followers of 674.8K on the “X” platform recently posted a copy of a bill which was proposed by Elisabeth Warren to the President of the United States.
