Missouri Moves to Make Cryptocurrency Gains Tax-Free, a First in the U.S. Toward Abolishing Capital Gains Tax

On the 9th, the Missouri State Legislature passed 'House Bill 594', which is now awaiting signature from Governor Mike Kehoe to abolish the state's capital gains tax. If the bill passes, Missouri will be the first state in the U.S. to eliminate capital gains tax. Governor Kehoe has already expressed strong support for the bill, which is considered highly likely to pass.

Missouri's tax law does not clearly distinguish between capital gains and income tax, so this bill would allow a 100% income tax deduction on capital gains income. This will effectively eliminate state tax on profits from the sale of assets such as cryptocurrencies, stocks, and real estate.

Currently, in the U.S...