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Horsford's PARITY Act: Bipartisan Crypto Tax Reforms
Description
Representative Steven Horsford from Nevada unveiled his bipartisan PARITY Act at Consensus Miami, advocating for incremental crypto tax rules over a sweeping overhaul. Co-authored with Ohio Republican Max Miller, the bill aims to clarify income versus capital gains for everyday folks, small businesses, and asset holders. Key features include a cost-basis test for stablecoin payments, a five-year tax deferral option for staking and mining rewards, and extended wash-sale rules to digital assets. Horsford plans to add retirement account access later, aiming to boost long-term planning. Despite midterm elections approaching, he remains optimistic about bipartisan momentum for these reforms.
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