Phil Steck, a New York State Assemblymember, has introduced a proposal for a 0.2% tax on all crypto transactions, including stablecoins. The revenue will support schools in combating substance abuse in upstate New York.
The proposed tax could raise approximately $158 million annually, but concerns have been expressed regarding the taxation of account transfers that do not yield profits, potentially leading to confusion.
If passed, Steck’s bill would impose the tax immediately without exemptions for high-frequency trading, as he views such trading as non-productive, likening it to gambling.
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