Ted Budd’s proposed July 25th bill was again pending before the U.S. Congress. The date of the second reading is not yet known, although the document has already appeared on the official website of the budget committee of the House of Representatives.
Double cryptocurrency tax
As it became known, Congressman Ted Budd resubmitted a bill to abolish double taxation of digital assets. According to information on the website of the House of Representatives, the bill calls for amendments to the already existing Code of Internal Revenue (1986).
The main feature is the abolition of double tax by ignoring the status of cryptocurrency assets as private property. The official name of the bill was “Virtual Value Tax Fix Act”. However, this bill also contains comments on the United States Internal Revenue Service. So, at the moment, the tax considers Bitcoin an element of private property. That is, the transfer, sale and exchange of an asset is accompanied by a corresponding tax percentage, 40% of the amount.
According to the congressman, cryptocurrencies should be taxed less stringently so as not to hamper the development of technology. So the “Virtual Value Tax Fix Act” bill calls for lowering the taxation of digital money to 20%.
In the United States, cryptocurrencies are exempt from double tax. Recall that in the last month in the United States, two crypto tax bills have already appeared.
Editor: Alyona Nabok