Thanks for the heads up. I read the Bill. Peer to Peer transaction are NOT taxed. It is only exchanges or firms that sell crypto products or facilitate crypto financial services.
To be honest, this is a good thing. For one, if the States start generating revenue from it, they will protect it. Two, in order for Bitcoin to replace USD , there tax structure is probably going to look different because, well, Bitcoin IS different.
Furthermore, it’s also great that this is a State experimenting with this tax. It will bring in data and maybe it fails altogether but at least it’s not at the Federal level.
Again thank you for bringing my attention to this so I could read the bill. Remember, it’s not a tax on ALL transactions. #bitcoin