U.S. senator proposes 1% wealth tax on Bitcoin holders over $500,000

PANews reported on April 21 that U.S. Senator Elizabeth Warren submitted a letter to President Joe Biden proposing to pass the “Cryptocurrency Reporting and Wealth Tax Act” to address the challenges and wealth inequality caused by crypto assets. . The proposals include mandating individuals, trusts and entities holding more than $1,000 in cryptocurrency to report to the IRS and imposing a 1% wealth tax on cryptocurrency holdings over $500,000. Senator Warren believes the proposal strikes a balance between promoting innovation and ensuring a fair tax system, and urges support for the bill to address issues facing the financial system and economy.

It was reported yesterday that the US Internal Revenue Service released a draft digital asset tax form.