There is an interesting bill that was presented in the US Congress. It is one which would allow citizens pay their income taxes in bitcoin.
In this video I discuss what this means, why this is a way to validate bitcoin although I think misguided. I also present what would have been a better idea.
▶️ 3Speak
I'm actually against that. Allowing payments via stablecoins would have been the better setup though. Bitcoin is very volatile, and that makes it very difficult to use as a payment option. But I think the fact that they are considering adding crypto as a payment option is really good.
I knew they couldn't resist but join the crypto world, I'm pretty sure this is a slow move to try and tax crypto earners too I may be wrong. I'm also thinking it's a way for government to profit from the assured rise of Bitcoin value. Or let me guess, they want to start owning all the bitcoins 🤔
I see it happening on state level before it happens federally.
Gaetz is one of the young freedom caucus guys and does actually believe in cryptocurrencies. I think he is trying to tack onto the same lines as Thomas Massie's 'End the Fed' bill. I do think that although he is a politician, but I have heard him on Tim Pool IRL a few times and the dude looks like be believes what he speaks about. I think he is trying to be one of the 'good guys'.
But again, he's a politician...
What it would also do to Bitcoin though is recognize it as a currency and SHOULD remove tax implications of trading it, at least that is what I have heard in the past, but would have to fact check that.
What it would also do to Bitcoin though is recognize it as a currency and SHOULD remove tax implications of trading it, at least that is what I have heard in the past, but would have to fact check that.
There are always tax implication of trading. If you trade FOREX, you are taxed on the gains also.
So I dont see that happening.
But if he is a freedom fighter, there is a lot he can do. Help Washington is the epitome of enslaving the masses.
I honestly don't trust any of them to do what they say, but we'll see.
I suppose you are right with FOREX, never really got into trading it. But that's why I trade crypto on DEXs, no 1099, and the way I manage my funds, they will have a hell of a time trying to track me, lol
Show me the law Mr Congressman, which states that I have to pay taxes towards a terrorist state ?
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