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.
Stockman's proposal recognizes bitcoin and other digital currencies as legal tender. Instead of triggering capital gains taxes for each transaction, purchases made with bitcoins would require sales taxes instead.
In a brief statement, Stockman said that policies regarding bitcoin should be aimed at spurring innovation, rather than imposing restrictive levies:
When reached for comment, Stockman's office said that more information regarding the bill is forthcoming, and that a public version has not yet been released.
US Congressional interest in bitcoin grows
Stockman's legislation would constitute one of the first major efforts by Congress to regulate bitcoin usage in the United States. Since late last year, Congress has shown an increasing level of interest in the oversight and regulation of digital currencies.
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