Senator introduces bipartisan legislation simplifying the use of digital payments for everyday purchases
WASHINGTON – Arizona senior Senator Kyrsten Sinema and Republican Senator Pat Toomey (Pa.) introduced the Virtual Currency Tax Fairness Act – bipartisan legislation that simplifies the use of digital payments for everyday purchases by ensuring Arizonans aren’t subjected to surprise taxes when using digital currency for lower-value payments.
“We’re protecting Arizonans from surprise taxes on everyday digital payments, so as use of digital currencies increases, Arizonans can keep more of their own money in their pockets and continue to thrive,” said Sinema.
“While digital currencies are quickly becoming a part of Americans’ everyday lives, our tax code has yet to catch up,” said Toomey. “The Virtual Currency Tax Fairness Act will allow Americans to more easily use cryptocurrencies as an everyday method of payment by exempting from taxes small personal transactions like buying a cup of coffee.”
Sinema and Toomey’s bipartisan Virtual Currency Tax Fairness Act eliminates capital gains taxes on small purchases – $50.00 and less – for goods and services using virtual money, such as Bitcoin – simplifying payment transactions for Arizonans.
Sinema partnered with Republican Senator Cynthia Lummis (Wyo.) to launch the bipartisan U.S. Senate Financial Innovation Caucus, which aims to highlight responsible innovation in the U.S. financial system, and how financial technologies can boost America’s economic global standing and expand opportunities in Arizona and across the country.