Yugocean
Valued Contributor
USA may not tax normal crypto enthusiastic, but only brokers will be taxed. This was informed by US Senator Rob Portman of the US state of Ohio.
In a tweet, Senator Portman claimed that crypto miners, stakers (HODLers) and those who sell hardware or software for crypto wallets, are "not subject to tax reporting obligations". Alongwith this, Portman also clarified that it only applies to brokers.
Portman's claim is based on a letter from the US Treasury Department sent to him by Jonathan Davison, the Assistant Secretary for Legislative Affairs. Portman has also shared that letter with his tweet for clarification purpose.
The confusion in the US regarding taxes on cryptocurrencies is somewhat cleared by Portman's tweet, ie if you are not a broker, then you don't have to worry about this. Although this might be good for small investors; but, many people on Twitter are objecting this by claiming that it is only to not tax the rich, and I do not understand this type of objection and claims.
What is your thought on this?
In a tweet, Senator Portman claimed that crypto miners, stakers (HODLers) and those who sell hardware or software for crypto wallets, are "not subject to tax reporting obligations". Alongwith this, Portman also clarified that it only applies to brokers.
Portman's claim is based on a letter from the US Treasury Department sent to him by Jonathan Davison, the Assistant Secretary for Legislative Affairs. Portman has also shared that letter with his tweet for clarification purpose.
The confusion in the US regarding taxes on cryptocurrencies is somewhat cleared by Portman's tweet, ie if you are not a broker, then you don't have to worry about this. Although this might be good for small investors; but, many people on Twitter are objecting this by claiming that it is only to not tax the rich, and I do not understand this type of objection and claims.
What is your thought on this?
