Dennis Porter calls for tax exemption for small crypto transactions worth $200

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PANews
01-26
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PANews, January 26 news, Satoshi Action Fund (SAF) co-founder and CEO Dennis Porter posted on the X platform that the complete cancellation of the cryptocurrency capital gains tax requires congressional legislation, but is difficult to achieve in the short term, with the main obstacle being the impact of tax revenue losses on the fiscal budget. Currently, the top priority of the US government is to extend the tax cut policies of the Trump era, and any proposals that threaten this policy are likely to be shelved.

Porter suggested that the Bitcoin and digital asset industry should focus on promoting a $200 small transaction tax exemption policy, consistent with the existing $200 tax exemption standard for foreign exchange transactions. This would significantly reduce the tax filing burden for small daily transactions (such as coffee, dining or groceries), while having a relatively small impact on tax revenue. He emphasized that this policy has bipartisan support and is a feasible solution that balances innovation and fairness.

He also suggested linking the tax exemption amount to inflation to ensure the long-term effectiveness of the policy, and called on the crypto industry and tax policy experts to provide suggestions to jointly promote this legislative proposal.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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