Senator Lummis introduced a bill allowing U.S. citizens to spend up to $300 worth of bitcoin on goods and services tax-free, with a $5,000 annual limit. Starting in 2026, spending thresholds will adjust for inflation. Initially proposed as an amendment, the legislation responds to the lack of a vote on Lummis' previous amendment regarding bitcoin tax reform. While some support the measure, notable critiques highlight the low thresholds and call for eliminating caps. There is a consensus that consumers should not be taxed on bitcoin expenditures similarly to traditional currency.
"The thresholds are SO low and there should be NO CAP for goods and services. Make it about spending/payments. This is good for consumers."
"I'm happy to see the threshold will be adjusted for inflation, but the $300 transaction cap and $5,000 annual spending cap are disappointing."
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