Congress' Budget Bill Advances From Senate Without Crypto Tax Provision
2025-07-01 17:29:50
Main Idea
The U.S. Senate passed a budget bill without including a proposed crypto tax provision, despite lobbying efforts by Senator Cynthia Lummis, and the bill now moves to the House for further consideration.
Key Points
1. The Senate passed a budget bill advancing President Donald Trump's policy agenda without including a crypto tax provision advocated by Senator Cynthia Lummis.
2. Senator Lummis had pushed for changes to the U.S. tax approach regarding cryptocurrencies, but her amendment was not included in the final bill.
3. The budget bill, which involves over $3 trillion in government spending, will next face scrutiny in the House of Representatives.
4. Senate Majority Leader John Thune celebrated the bill's passage, emphasizing tax relief and economic benefits, while Senator Elizabeth Warren criticized corporate tax breaks included in the bill.
Description
With the U.S. Senate's passage of the bill meant to carry forward the bulk of President Donald Trump's policy agenda, last-minute changes to the " One Big Beautiful Bill " didn't include a proposal to clarify and ease crypto taxation. Though Senator Cynthia Lummis had advocated changes to the U.S. approach to taxing cryptocurrency transactions, including waiving capital-gains taxes on small-scale activity, it wasn't among the amendments to the bill that narrowly passed on a 50-50 vote on Tuesday...
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