Illinois Set to Begin Taxing Bitcoin, Crypto Transactions as Critics Slam 'Most Punitive' Tax
Decrypt·
60-second summary
Illinois is poised to implement a transaction-level tax on Bitcoin and crypto transactions, sparking widespread criticism from industry experts who deem it the most punitive tax of its kind. The tax is expected to be applied to every transaction, with no exemptions, potentially crippling the crypto industry and consumers in the state, raising concerns about its long-term viability.
Critics say the Illinois transaction-level tax could deal severe consequences to the crypto industry and consumers in the state.