Italy is set to increase its capital gains tax on cryptocurrencies from 26% to a staggering 42%, according to media reports. The move has sparked a wave of outrage among the crypto community, with many criticizing the government’s decision.
One user on X (formerly Twitter) expressed frustration, claiming the government is always eager to “take a slice of your hard-earned money.” Another commentator went as far as to label the taxation approach “mafia-like,” suggesting that authorities are simply waiting for businesses to become profitable before swooping in to claim a share.
Previously, the 26% tax rate applied to income derived from cryptocurrency trading if gains exceeded €2,000 within a tax period.
Meanwhile, in a contrasting move, Ohio State Senator Niraj Antani recently introduced a bill that would require the state and local governments to accept cryptocurrencies for the payment of taxes and fees.
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