Gaetz unveils bill allowing bitcoin tax payments
Gaetz unveils bill allowing bitcoin tax payments
39 comments
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Isn't gaetz one of the ones you wouldn't want near your kids?
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Yes, he is a Republican.
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Which is probably why he knows so much about Bitcoin
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Someone is heavily invested in bitcoin.
Can we see his portfolio for a sec? Not saying there's an ulterior motive, but....
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A lot of congress is invested in Bitcoin. If you have anything in mutual funds, investments funds, pension funds, most of them have some degree of exposure to it. Even excluding that, 25-40% of Americans own crypto directly depending on what survey you read.
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If you have anything in mutual funds, investments funds, pension funds, most of them have some degree of exposure to it.
Ok. I call bullshit on this. Funds do not hold crypto unless they explicitly say they do, like some of these crypto ETFs that have started up. The regulatory landscape is so weird for crypto right now that we don't even know if they are handled as a security or not. So I think it's safe to assume that fund managers are steering clear of it unless they explicitly call out that they are in it. Unless you mean indirect exposure through investing in Crypto related businesses like Coinbase, but even that's a stretch
Congress, on the other hand: yeah, they're all into it. How else would they get their foreign bribe money?
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Bitcoin and crypto is dumb and a waste of resources. We should tax it at 100% to kill off this unstable energy sink.
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Bitcoin actually helps to incentivize the provisioning of renewables on the grid by evening out demand curves. Keep in mind that banking, finance, remittance services, all have an energy cost too, it just doesn't make headlines because it's not new or novel.
https://www.lynalden.com/bitcoin-energy/ https://www.youtube.com/shorts/6x_nfuNigI8
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Considering the extreme fluctuation of Bitcoin, it feels like that's a payment that has to be processed and cashed out within an hour of the filing for the Federal government to not get screwed.
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They can easily do that. Bitcoin payments process in under a second for < 1% fee (Lightning) or 10 minutes for roughly $1-$2 in fees (main chain), selling on an exchange is instant. The federal government has also held onto some BTC long-term from criminal cases, that ended up being a pretty good investment decision for them. They hold onto lots of currencies.
In any other Bitcoin payment situation, you are credited the value of the BTC at the time you send it. What the receiver of that BTC does with it later or how its value changes is not your problem. Same with any other currency. The IRS isn't coming after you for an additional 20% from your last return just because a US dollar buys 20% less bread than it did when you made your payment last tax year.
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That's beside the point, because you don't pay taxes in denominations of "loaves of bread", you pay them in US dollars. If you pay with an asset that is wont to change its value in US dollars on a whim, that's a gamble for the government. There's a reason people don't regularly pay taxes with stock options.
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Why? I know why far-right Republican bozos want it — all the bribes (or “donations”) from the crypto and oil industries. But how would anyone else benefit from this? We don’t pay our taxes in random things that have a perceived value, whether it’s Mexican Pesos, airline miles, gold doubloons, futures contracts, corn, land, etc. for a reason. Individuals sell those assets (and often pay capital gains taxes on the sale) to get dollars, the national currency that has a known value and doesn’t need to be sold.
Then, the U.S. government would have to sell them all anyway and the price fluctuations make that very risky. Why put that risk on the government? And only for Bitcoin, which is by design1 super volatile. It doesn’t even have a central bank. The U.S. government collecting and selling loads of BTC every April would probably make it even more volatile and speculative.
1 Probably unintentionally since Bitcoin fanboys all seem to have found their Economics knowledge in a Cracker Jack box instead of a textbook.
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Hey crypto bros, it's a trap! Once they get your tax payment in Bitcoin, they will consider that a capital gain and expect to see the transaction on next year's tax return.
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Nah fuck off.
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No Venmo?
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You can buy/sell and deposit/withdraw BTC in venmo and cash app, so yes to venmo.
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This would be just like all the other services that allowed payments with Bitcoin and later sunset them because no one used it. See Wikipedia...
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I would gladly pay my taxes this way
39 comments