Two Senators Propose Exempting Trump from Crypto Business Taxes
Two U.S. Senators, Republican Thom Tillis and Democrat Ruben Gallego, have proposed an amendment that could exempt former President Donald Trump from taxes on his crypto business income for many years, potentially saving him millions. The amendment would allow Trump to avoid capital gains tax if he reinvests proceeds from asset sales and holds them until death. Trump reported $1.4 billion in income from cryptocurrency and meme coin projects for 2025. Without the deferral, he would face an immediate 20% tax on gains. As president, he is not required to divest income-generating assets.
Uncertainty over an "ethical aspect," demanded by Democratic congressmen, has delayed Senate consideration of the CLARITY bill before the recess. Senate Republican leader John Thune did not file a cloture motion by August 7 to advance the vote, citing protracted negotiations with the administration. The Senate is on recess until September 14, with few sessions scheduled before the midterm elections on November 3.
Reports conflict on whether Trump agreed to the ethical provisions in late July meetings with senators. Meanwhile, in early August, Senate Democratic Leader Chuck Schumer introduced a bill to create an independent anti-corruption bureau with the power to hold the U.S. president and officials accountable for illicit funds, including from cryptocurrencies.
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