Senator Lummis’ New Bill Enables Tax-Exempt Bitcoin Spending — But Thresholds Are Too Low

Today, Senator Lomes revealed a draft law that enables American citizens to spend up to $ 300 of bitcoin on goods and services, with a maximum of $ 5,000, without the need to pay capital gains taxes on transactions.

The proposed legislation also states that the spending threshold for inflation will be modified starting in 2026.

Such judgments were initially imagined as a modification of Senator Lomes to include it in a beautiful, beautiful bill (OBB), but it was not.

In the wake of the Chairman of the Senate Finance Committee, Mike Crabo does not place the Senator Lomes amendment to vote in the marathon amendment session in favor of the OBB, which occurred earlier this week, Senator Lomes said it will continue to work on legislation related to tax reform on spending on bitcoin.

The draft law issued this morning was evidence of its remaining word – which should be recognized and appreciated.

However, details about the minimum extent related to bitcoin spending were met with some justified criticism.

You see Walsh, founder Progressive bitcoiner And the shareholder to the Bitcoin magazine, I mentioned on x The “thresholds are very low” and that “there should be no cover for goods and services.”

“Make it about spending/payments. This is a good thing for consumers,” Walsh added.

“You are not subject to tax on your money (dollars) for spending. You should not be taxed on your money (Bitcoin) for spending as well.”

Zach Herbert, founder of the founding devices, expressed his dissatisfaction with the bill in less words:

and Nick AnthonyThe policy analyst at the Cato Monetary and Financial Center for the Cato Institute, suggested a substitute for the sills of spending for purchases:

Personally, I can live with some spending covers, but I feel it should be much larger.

I would like to see the Mimimoris exemption applied to transactions worth $ 600 (the original Lummis proposed level to modify) and for the annual threshold to be closer to $ 25,000.

Now, some of John Lennon’s words may come to mind, where the idea of ​​spending up to $ 25,000 of Bitcoin annually is made without imposing taxes in the universe:

“You may say that I am dreamer …”

But this line requires the completion when considering that a number of other prominent voices in Bitcoin area may also occur to require that the provisions contained in the draft law related to bitcoin spending are more fundamental:

“… but I am not the only one.”

So, if you agree with where we come from, some people may join us in making your voices politely to request that Senator Lomes think about increasing spending thresholds in the draft law – while expressing your gratitude for Senator Lumis’s dedication to protesting and developing the legislation that treats Bitcoin as a way to exchange.

This article is a Take. The opinions expressed are fully author and do not necessarily reflect the views of BTC Inc or Magazine Bitcoin.