Jack Dorsey, former CEO of Twitter, has advocated for a tax exemption on Bitcoin transactions under $300 to enhance its use as everyday currency. Dorsey expressed his views on X, coinciding with Square's new feature allowing merchants to accept Bitcoin payments. This aligns with Senator Cynthia Lummis's proposed crypto tax bill, which suggests a $300 exemption threshold with a $5,000 annual cap. Currently, all Bitcoin transactions are subject to capital gains tax in the U.S., which hampers their use for daily transactions. The proposed exemption could boost cryptocurrency adoption for small-value transactions.
Jack Dorsey Pushes for Tax Exemption on Small Bitcoin Transactions
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