Important Bill in US Congress Regarding Taxing of Crypto

taskmaster4450 in LeoFinance • 7 months ago

Note: The bill does included staking rewards as created property.

Here is the article mentioned in hte video:

https://cointelegraph.com/news/crypto-mining-block-rewards-taxes-legislation

In this video I discuss how there is a bill that was presented in Congress that would alter the US tax code and treat crypto that comes as a result of block production (for either PoW or PoS) as created property. This means the tax implications would not be applied when it is received but, rather, when it is sold.

▶️ 3Speak

#leofinance #crypto #taxes #createdproperty #archon #mancave #neoxian

7 months ago in LeoFinance by taskmaster4450

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edicted 7 months ago

It's hard to imagine this being a thing because these mining companies could start collateralizing their Bitcoin in exchange for secured debt, and thus never sell it, and thus never incur a tax event. Might be interesting.

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6 votes

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taskmaster4450le 7 months ago

So you are saying a law that favors corporations and not the general population?

You are right...never will happen.

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3 votes

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edicted 7 months ago (edited)

Well yeah in theory it benefits anyone with access to cheap energy but that does tend to be the bigger entities. A tax reduction to zero seems a bit extreme but perhaps this is par for the course.

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taskmaster4450le 7 months ago

Well that is how the tax code does handle things such as stock options. They are taxable until they are exercised.

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2 votes

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edicted 7 months ago

They are taxable until they are exercised.

Do you mean are or are not?

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5 votes

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taskmaster4450le 7 months ago

Oops.

Are not. You are correct.

It doesnt matter to me...Roger Ver is my crypto accountant. He will tell me what to do (or not to do).

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mirroredspork 7 months ago

Well, it's something. I just wish the guvment would keep their hands out of my pocket unless they planned on spending that money on something more than military surplus and pay raises.

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6 votes

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outwars 7 months ago

I guess I'm not surprised. Once ETFs were approved, it was only a matter of time before crypto was taxed. I wonder how they can enforce this though. Maybe they can work with CEX, but I wonder if people use things like the V4V app and pay with crypto directly. It wasn't technically sold for profit, and the purchase is taxed anyways.

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6 votes

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taskmaster4450le 7 months ago

Crypto has always been taxable, at leas tin the US. Just ask Roger Ver who is now facing a lot of trouble over his failure to pay taxes.

The idea crypto was tax free or exempt wasnt true.

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1 vote

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outwars 7 months ago

I see. I don't think it is in the Philippines. But since we seem to be copying a lot of what the US is doing with crypto (Binance issues), we might be implementing something similar soon.

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christybliss 7 months ago

Taxing crypto! If they pull it through in the US, the whole world will adopt it. But must they take our money?

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5 votes

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taskmaster4450le 7 months ago

Is you are asking you do not understabd politicians.

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christybliss 7 months ago

Well, not as if I'm against development. Because they always say they are using the taxes for infrastructural development. It's only that we pay much and see little done.

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5 votes

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tahirmuneer 7 months ago

sharing is caring

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5 votes

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preparedwombat 7 months ago

One’s a Republican, the other a Democrat. So, maybe a chance for it? The Democrat is a backbencher, but the Republican is Chief Deputy Whip.

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5 votes