Today, Senator Lummis has presented a bill that would allow US citizens to spend up to $ 300 of Bitcoin on goods and services, with an annual limit of $ 5,000, without having to pay taxes on gravations in transactions.
The proposed legislation also provides that the shopping threshold will be adapted for inflation starting from 2026.
These provisions were initially conceptualized as an amendment that Senator Lummis prompted to have included in the only Big Beautiful Bill (Obbb), but it was not.
In the wake of the president of the Senate Financial Committee, Mike Crapo, did not implement an amendment by Senator Lummis for one vote in the amendment session of the marathon for the Obbb that occurred at the beginning of this week, Senator Lummis said he would continue to work on the legislation relating to the tax reform on Bitcoin’s expense.
The account he released this morning was the proof of his remaining faithful to his word, which should be recognized and appreciated.
However, the details on the exemptions de minimis on Bitcoin expenditure were welcomed with a justifiable criticism.
Trey Walsh, founder of the progressive bitcoiner and collaborator of Bitcoin magazine, said on X that the “thresholds are so low” and that “there should be no limit for goods and services”.
“Shopping/payments. This is positive for consumers,” added Walsh.
“You are not taxed for your money (dollars) for shopping. You shouldn’t be taxed for your money (bitcoin) for shopping.”
Zach Herbert, founder of foundation devices, expressed his discontent with the account in less words:
And Nick Anthony, a political analyst at the Center for Monetary and Financial Alternatives of the Cato Institute, proposed an alternative to the shopping thresholds for purchases:
Personally, I can live with some spending caps, but I feel they should be substantially larger.
I would like to see the exemption of minimis applied to the transactions assessed up to $ 600 (the original level of Lummis proposed for the amendment to the Obbb) and that the annual threshold is closer to $ 25,000.
Now, some texts by John Lennon could come to mind while I put the idea of spending up to $ 25,000 Bitcoin per year without being taxed on it in the universe:
“You could say that I’m a dreamer …”
But that line deserves to end when we consider that a number of other prominent rumors in the Bitcoin space also spoke to ask that the provisions in the account regarding the Bitcoin expense are more substantial:
“… but I’m not the only one.”
So, if you agree with where we come, perhaps some of you will join us in politely lift your items to request Senator Lummis to consider the increase in the spending thresholds in the bill – also expressing your gratitude for the dedication of Senator Lummis to create and advance the legislation that treats bitcoin as a means of exchange.
This article is a Take. The opinions expressed are entirely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.