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Senator Lummis’ new bill enables U.S. citizens to spend #bitcoin without incurring capital gains taxes - which is very cool.

The only problem is that the spending thresholds are too low.

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She must have based it off of nostr zap amounts. lol

I’d imagine she factored those into her calculations!

😂😂

Needs at least one 0 tacked on

The yearly amount should at least equal 90th percentile rent/mortgage payments.

You could sell in small increments, but then you're doing "structured transactions" and the IRS is going to find a way to bill you anyway.

I’m not sure I follow.

I guess it's a moot point with a yearly limit. It's common to make repeated payments below a reporting threshold, like the $10k BSA threshold.

The yearly limits hurts the spirit of what the bill is trying to facilitate, yes, but it’s a start.

Why is it even denominated in dollars? It ought to be in BTC for inflation proofing.

That being said, I am grateful for any babystep in the right direction.

The legislation would apply to all digital assets, not just bitcoin, so just providing a bitcoin denomination doesn’t work.

Oh, makes sense. I keep forgetting that there are other digital "assets".

And she, along the way, forgot that bitcoin is the only real thing.

Way too low. Laughable.