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Cryptocurrency transactions under $50 may soon be tax-free.

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For personal transactions, no capital gains tax is owed if the asset increases by less than $50.

For the second time in as many years, two senators have proposed legislation to exclude acquisitions of digital assets worth $50 or less from the country’s high capital gains taxes.

Senator Pat Toomey of Pennsylvania, a Republican, and Senator Kyrsten Sinema of Arizona, a Democrat, are the primary sponsors of the Virtual Currency Tax Fairness Act.

The IRS would be prohibited from collecting taxes from retail traders if an asset’s value increases by less than $50 under the proposed legislation.

Toomey said in a statement that “our present tax structure stands in the way” of digital currencies being “an everyday part of the daily lives of Americans.”

As part of the “Virtual Currency Tax Fairness Act,” the U.S. would exclude certain personal transactions, like a cup of coffee, from taxation.

It is currently interpreted that anybody who utilizes cryptocurrencies to make a transaction regardless of the value of the cryptocurrency or cryptocurrency asset must report any profits they have made.

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