Texan Congressman To Introduce Virtual Currency Tax Reform Act
Earlier today, Congressman Stockman (TX-36) announced on his website in a press release that he plans to introduce the "Virtual Currency Tax Reform Act." I wish he had taken it a step further and called it the "Digital Currency Tax Reform Act," but one can only have so many wins in a day. This piece of legislation, if enacted, would revise the IRS Virtual Currency Guidance released very late last month. Instead of treating virtual currencies such as Bitcoin as property, the Virtual Currency Tax Reform Act will call for their treatment as currency. The exact text of the proposed legislation....
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Yesterday, Texas Congressman Steve Stockman introduced a new House Resolution (HR 5777) entitled: "To protect cryptocurrencies." Congressman Steve Stockman is a Republican, from Texas's 36th Congressional district, who has become one of cryptocurrency's most ardent supporters in politics. Back in May, Stockman introduced HR 4602: Virtual Currency Tax Reform Act after the IRS revealed its virtual currency guidance for taxation. Texas has established itself as one of the most friendly states towards Bitcoin and cryptocurrencies. Also read: Texan Congressman to Introduce Virtual Currency Tax....
Source: United States Congress. Congressman Steve Stockman of the 36th District of Texas is embracing digital currency. He made himself known in the bitcoin space at the end of last year when he began accepting bitcoin donations for a Senate campaign. Last night at the New York City Bitcoin Center, Representative Stockman brought a copy of a bill he's planning to introduce to the 113th Congress (second session) on the topic of virtual currencies. Entitled "To change the tax status of virtual currencies from property to currency", the bill (formally called the Virtual Currency Tax Reform....
Ross William Ulbricht, the person who was allegedly in charge of the Silk Road website, should not be charged with money laundering, according to his attorney, Joshua Dratel, who stated that Bitcoin are property and not real currency citing the IRS’ recent ruling. The Silk Road “mastermind” is charged with using Bitocoins to launder money related to drug deals and criminal services such as hit man-for-hire that was allegedly made available through the site. This is where it gets interesting as yesterday at Inside Bitcoins NYC, Congressman Steve Stockman (R-TX) announced that he is planning....
US Congressman Steve Stockman of Texas is preparing to introduce a new bill, the 'Virtual Currency Tax Reform Act', which, if passed, would tax bitcoins as currency instead of property. Currently, the US Internal Revenue Service (IRS) views bitcoin and other digital currencies as property. When someone sells their bitcoin or makes a purchase in bitcoin, they are subject to a 15% capital gains tax. Any wages paid out in digital currencies must also be reported to federal tax authorities. (Readers can learn more about the IRS decision here.) Stockman's proposal recognizes bitcoin and other....
We had the opportunity to sit down with Texan HODL and discuss his rabbit hole story and what makes Bitcoin special to him.