03-09-2015 Utah’s Bitcoin Bill Is Close To Being Voted Into LAW

Armis

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Quote from: MegaFall on March 09, 2015, 06:12:17 PM

Quote from: MrTeal on March 09, 2015, 05:40:02 PM

Quote from: MegaFall on March 09, 2015, 05:38:58 PM

Of course this would somewhat defeat the purpose of BTC. You pay taxes/fees in BTC, now they know you use them and at the very least one of your BTC addresses.

The purpose of BTC is tax evasion?

Where did I say that? I'm saying one of the purposes of BTC is privacy from government intrusion. If you pay a tax liability in BTC, they're going to know you use BTC, and thus will be more than likely, if given at some point it is heavily regulated or made illegal to use, will know who to target for investigation.

Just because you pay YOUR taxes with btc, doesn't mean you sent it, you owned the btc, or that you will continue to use a service that pays your bills with btc.

BTC is a currency, a means of exchange. If you go into a money center that has btc service, instead of sending money gram, or wires, you could send BTC faster and cheaper so that's how you opt to pay your bill. You give the cashier $1200 they send $1200 worth of btc to the IRS on your behalf.

Don't be so paranoid. You give them too much credit.

MrTeal

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Quote from: MegaFall on March 09, 2015, 06:12:17 PM

Quote from: MrTeal on March 09, 2015, 05:40:02 PM

Quote from: MegaFall on March 09, 2015, 05:38:58 PM

Of course this would somewhat defeat the purpose of BTC. You pay taxes/fees in BTC, now they know you use them and at the very least one of your BTC addresses.

The purpose of BTC is tax evasion?

Where did I say that? I'm saying one of the purposes of BTC is privacy from government intrusion. If you pay a tax liability in BTC, they're going to know you use BTC, and thus will be more than likely, if given at some point it is heavily regulated or made illegal to use, will know who to target for investigation.

That the purpose of BTC is privacy from government intrusion is very debatable. BTC is actually a pretty terrible way to keep all your financial activities private.
Regardless, the ability to pay taxes in BTC is a huge boon for those that do business in BTC. If you have income in BTC it allows you to pay the tax owed on that income directly instead of having to convert it to fiat would simplify many things. Taxation on BTC is complicated enough already.

MegaFall

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Quote from: rexxarofmoknathal on March 09, 2015, 06:32:03 PM

I think this is good for bitcoin either way, it gives it some more "useful" purpose in the real world. And I doubt it would be made illegal if it's being integrated into government stuff.

Government's always do stuff that is counterproductive... this, to me, is clearly an attempt to prepare for something else. Politicians always look for ways to trap people; especially when it has to do with money.

rexxarofmoknathal

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I think this is good for bitcoin either way, it gives it some more "useful" purpose in the real world. And I doubt it would be made illegal if it's being integrated into government stuff.

MegaFall

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Quote from: MrTeal on March 09, 2015, 05:40:02 PM

Quote from: MegaFall on March 09, 2015, 05:38:58 PM

Of course this would somewhat defeat the purpose of BTC. You pay taxes/fees in BTC, now they know you use them and at the very least one of your BTC addresses.

The purpose of BTC is tax evasion?

Where did I say that? I'm saying one of the purposes of BTC is privacy from government intrusion. If you pay a tax liability in BTC, they're going to know you use BTC, and thus will be more than likely, if given at some point it is heavily regulated or made illegal to use, will know who to target for investigation.

MrTeal

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Quote from: MegaFall on March 09, 2015, 05:38:58 PM

Of course this would somewhat defeat the purpose of BTC. You pay taxes/fees in BTC, now they know you use them and at the very least one of your BTC addresses.

The purpose of BTC is tax evasion?

MegaFall

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Activity: 56

Merit: 1

Of course this would somewhat defeat the purpose of BTC. You pay taxes/fees in BTC, now they know you use them and at the very least one of your BTC addresses.

srgkrgkj

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http://www.btcfeed.net/news/utahs-bitcoin-bill-close-voted-law/

Utah is one of three states in America, currently attempting to pass legislation – allowing the state to collect Bitcoin payments for fees and taxes. Utah’s digital currency bill, H.C.R_6 was proposed by State Representative Marc K. Roberts, on the 10th of February. The bill has overcome several hurdles: receiving a favorable recommendation by the House Revenue and Taxation Committee with 9 favorable votes. On the 3rd of March, the bill passed a 3rd reading at the House with a very close vote of 38-36 in favor. The bill is now in the Senate and has received a favorable 3-1 vote on the 6th of March, by the Senate Revenue and Taxation Committee.

Topic: 03-09-2015 Utah’s Bitcoin Bill Is Close To Being Voted Into LAW (Read 1319 times)