tldr; A bipartisan group of U.S. lawmakers has urged the IRS to revise its 2023 guidance on cryptocurrency staking rewards to prevent double taxation. Currently, staking rewards are taxed when received and again upon sale, leading to criticism. The lawmakers propose taxing rewards only at the time of sale to reflect actual economic gain. They also seek clarification on potential administrative barriers to updating the guidance before 2026. This initiative aims to support the U.S.’s position as a leader in the crypto industry and ensure fair taxation policies.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
[deleted] on
[deleted]
MemeyOreos on
this would be huge for adoption. staking rewards taxed twice is ridiculous. good to see lawmakers pushing for change
SeriousGains on
This is the only way it makes any sense. Forcing people to sell some just to cover the tax is ridiculous. Especially since some cryptos can’t even easily be swapped into USD.
wageslave2022 on
How’s the Clarity Act coming along?
ill-just-buy-more on
End double and start triple taxing it. Trash waste of energy
6 Comments
tldr; A bipartisan group of U.S. lawmakers has urged the IRS to revise its 2023 guidance on cryptocurrency staking rewards to prevent double taxation. Currently, staking rewards are taxed when received and again upon sale, leading to criticism. The lawmakers propose taxing rewards only at the time of sale to reflect actual economic gain. They also seek clarification on potential administrative barriers to updating the guidance before 2026. This initiative aims to support the U.S.’s position as a leader in the crypto industry and ensure fair taxation policies.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
[deleted]
this would be huge for adoption. staking rewards taxed twice is ridiculous. good to see lawmakers pushing for change
This is the only way it makes any sense. Forcing people to sell some just to cover the tax is ridiculous. Especially since some cryptos can’t even easily be swapped into USD.
How’s the Clarity Act coming along?
End double and start triple taxing it. Trash waste of energy