Biden resurrects 30% crypto mining tax in new budget proposal

larry_vw_1955

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Quote from: bbc.reporter on April 29, 2024, 09:19:44 PM

@larry_vw_1955. I am starting to speculate that these warnings, wells notices, cases from uncle Gary and all these anticrypto campaigns from American politicians might cause a big dump similar to May 2021 when China bitcoin and the whole of the cryptospace in their jurisdiction.

i don't know about that. i don't think bitcoin is actually being used by people to buy products and services anymore than it was 5 or 6 years ago. it's kind of stagnated in that area companies have already had a chance to start accepting bitcoin and if they haven't by now then they probably never will.

Quote

Will the uncle Gary and the politicians be successful in forcing the cryptospace out of America or will the new mayor of bitcoin defeat them?

Larry Fink the new mayor of bitcoin

so to invest in Larry Fink's bitcoin ETF, you have to trust him that he actually owns all the bitcoin even though you really can't verify that and have to just pretty much trust. plus he charges you a fee. not only that but you have to make your investment on COINBASE, who can freeze your account at anytime. sounds like a winning combo. Shocked

bbc.reporter

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@larry_vw_1955. I am starting to speculate that these warnings, wells notices, cases from uncle Gary and all these anticrypto campaigns from American politicians might cause a big dump similar to May 2021 when China bitcoin and the whole of the cryptospace in their jurisdiction.

Will the uncle Gary and the politicians be successful in forcing the cryptospace out of America or will the new mayor of bitcoin defeat them?

Larry Fink the new mayor of bitcoin

larry_vw_1955

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Quote from: bbc.reporter on April 26, 2024, 09:09:26 PM

It appears the FBI knows about the argument on developers and the users of the cryptospace to be more anonymous after implementation of higher taxes and stricter regulations hehehee. They have warned that Americans should not use unregistered cryptocoin exchanges and services. However, what will they do? They will seize of their domains? This is headshaking because this will be very much a similar occurrence on the darknet where they seize 1 domain and 3 more illegal services are created. This will also make it more harmful for everyone and more advantageous for criminals.

yeah it's just a "warning" don't eat yellow snow, look both ways before you cross the street.... who needs to hear what they have to say?

Quote from: fuguebtc on April 26, 2024, 08:23:23 AM

If this proposal is approved, the US government is shooting itself in the foot because many investors and operators will find more ways to avoid taxes than comply with the law.

maybe they can find a more friendly country for rich people one that doesn't try and tax them at such a high rate. but its going to require some upfront capital to buy citizenship in some other country so you can ditch that IRS...

bbc.reporter

legendary

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It appears the FBI knows about the argument on developers and the users of the cryptospace to be more anonymous after implementation of higher taxes and stricter regulations hehehee. They have warned that Americans should not use unregistered cryptocoin exchanges and services. However, what will they do? They will seize of their domains? This is headshaking because this will be very much a similar occurrence on the darknet where they seize 1 domain and 3 more illegal services are created. This will also make it more harmful for everyone and more advantageous for criminals.

The U.S. Federal Bureau of Investigation has warned Americans against using unregistered crypto money transmitting services.

Americans should avoid crypto services from firms that are not registered as Money Services Businesses (MSBs) under federal law and do not follow anti-money laundering rules, according to a Thursday statement from the FBI's Internet Crime Complaint Center (IC3).

"A few simple steps can prevent unintentional use of non-compliant services," the FBI wrote in the release. "For example, avoid cryptocurrency money transmitting services that do not collect know your customer (KYC) information from customers when required."

Read in full https://www.theblock.co/post/291009/fbi-warns-americans-against-using-unregistered-crypto-money-transmitting-services

fuguebtc

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Quote from: bbc.reporter on April 25, 2024, 09:20:01 PM

@larry_vw_1955. It will cause developers and users to become more anonymous and use more illegal methods to swap their coins to fiat currencies. Also, the government will use fud to make ordinary people afraid to adopt crypto. This is headshaking because if the government is successful, the users that will be left are the natives of the cryptospace and the criminals who are not afraid to use this.

If this proposal is approved, the US government is shooting itself in the foot because many investors and operators will find more ways to avoid taxes than comply with the law. But I don't think the government is stupid to spread Fud to keep people away from crypto when they have approved bitcoin ETFs. If they do that then who will invest in bitcoin and how will they tax everyone?

Governments are becoming more and more crypto-friendly and in the near future, we will soon see crypto adoption worldwide. The era of anti-crypto governments is over, we don't need to have such negative, hostile thoughts anymore.

bbc.reporter

legendary

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@larry_vw_1955. It will cause developers and users to become more anonymous and use more illegal methods to swap their coins to fiat currencies. Also, the government will use fud to make ordinary people afraid to adopt crypto. This is headshaking because if the government is successful, the users that will be left are the natives of the cryptospace and the criminals who are not afraid to use this.

I reckon we should teach everyone to learn about everything on the cryptspace. Spread the knowledge of Bitcoin, Ethereum, scamcoins, ICO, tokens, Monero, Dash, Zcash, privacy, anonymity, proof of work, proof of stake, NFT, DeFi, CEX, DEX. Everyone should use the cryptospace with any coin and with any token.

larry_vw_1955

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Quote from: bbc.reporter on April 24, 2024, 10:28:58 PM

@SilverCryptoBullet. You are correct, they cannot. However, they will do enough to receive what is good for then and their sponsors. This is more wealth for themselves and less for you and this is not only a common occurrence in America. This is also in many countries.

In any case, what is this 44.6% capital gains tax? They want to steal more money from the American people to send to Ukraine?

In March, President Biden proposed a 44.6% capital gains tax in the 2025 government budget, the highest in history. The proposal includes a 25% tax on unrealized gains for high-net-worth individuals. A quote from the March budget proposal reads “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Source https://watcher.guru/news/president-biden-calls-for-44-6-capital-gains-tax-rate

We can be quite certain that the next president will be a Republican.

Satoshi would be in big trouble if he was American if this thing passed since he would owe billions of dollars to the us government and if he didn't pay up by selling some of his bitcoin, he would be considered an OUTLAW. so maybe satoshi saw this day coming when they wanted to tax UNREALIZED gains. they would throw him in jail until he coughed up his private keys. Shocked

i think this new rule would only apply to wealthy people. so probably most bitcoin users wouldn't be affected. but i'm sure they would eventually try and enforce it on them too.

bbc.reporter

legendary

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@SilverCryptoBullet. You are correct, they cannot. However, they will do enough to receive what is good for then and their sponsors. This is more wealth for themselves and less for you and this is not only a common occurrence in America. This is also in many countries.

In any case, what is this 44.6% capital gains tax? They want to steal more money from the American people to send to Ukraine?

In March, President Biden proposed a 44.6% capital gains tax in the 2025 government budget, the highest in history. The proposal includes a 25% tax on unrealized gains for high-net-worth individuals. A quote from the March budget proposal reads “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Source https://watcher.guru/news/president-biden-calls-for-44-6-capital-gains-tax-rate

We can be quite certain that the next president will be a Republican.

SilverCryptoBullet

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Quote from: bbc.reporter on April 10, 2024, 08:36:23 PM

Similar to what was being mentioned and argued before, the American government will use regulation and taxation to control different types of indistries that are under their jurisdiction. This is not only about bitcoin. However, also similar to what @pooya87 has mentioned, the American government has no choice but to increase taxes everywhere. Their national debt is very enormous and much of the monthly interest payment for this will be coming from taxes.

They can not do all things against their citizens because they need votes from citizens to support their positions in Congress and White house.

If one party over seriously do regulations, they will lose the Congress and White house after four years because most of citizens will not vote for them in a new President Election.

I see fact that no party will completely defend human rights and citizen rights in finance and what they give their citizens is started with their party benefit. It's like a story of "A carrot and a stick".

https://en.wikipedia.org/wiki/Carrot_and_stick

bbc.reporter

legendary

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Quote from: Reatim on April 09, 2024, 10:18:11 PM

Quote from: larry_vw_1955 on March 14, 2024, 01:17:23 AM

Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin. Shocked

He knows or the government sees how impactful bitcoin has been to the individual livelihood of their citizens. America has one of the most bitcoin transactions in the world and we don’t even have the exact number of bitcoin owners in the country.

Of course the government needs to capitalize on that. Quite a bad news for american investors.

Similar to what was being mentioned and argued before, the American government will use regulation and taxation to control different types of industries that are under their jurisdiction. This is not only about bitcoin. However, also similar to what @pooya87 has mentioned, the American government has no choice but to increase taxes everywhere. Their national debt is very enormous and much of the monthly interest payment for this will be coming from taxes.

Reatim

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Eloncoin.org - Mars, here we come!

Quote from: larry_vw_1955 on March 14, 2024, 01:17:23 AM

Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin. Shocked

He knows or the government sees how impactful bitcoin has been to the individual livelihood of their citizens. America has one of the most bitcoin transactions in the world and we don’t even have the exact number of bitcoin owners in the country.

Of course the government needs to capitalize on that. Quite a bad news for american investors.

bbc.reporter

legendary

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Quote from: pooya87 on March 31, 2024, 10:45:18 AM

Quote from: bbc.reporter on March 27, 2024, 09:08:54 PM

I predict that if the Donald Trump will win the presidency of America, his administration will certainly treat the cryptospace much better than the Biden administration has treated this. The Donald will want to regulate this, however, it will not be similar to how uncle Gary has done where he is doing regulation through enforcement. The Donald's tactic of regulating the cryptospace will be more diplomatic and fair. We can be quite sure of this.

Whoever takes the office will face the same budget deficits, ginormous expenses, $35 trillion national debt, global dedollarisation, and a lot more issues. They'll have to pretty much increase taxes, increase interest rates, print trillions of dollars, and a lot more to get out of the mess that has been building up for the past 20+ years...

You have made a very good argument. It appears this Cointelegraph is again only creating another fud for our clicks and engagement hehehe.

In any case, the outcome from this will be similar. Some of these miners under the jurisdiction of America will begin to be not be profitable enough to maintain their mining farms and they will start to migrate to other countries. However, the new mayor of bitcoin might have something to do about this. He does not want his investment bothered by puppets heheheee.

larry_vw_1955

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Quote from: pooya87 on April 04, 2024, 12:28:11 AM

What's funnier is that in a country of over 300 million, Americans are forced to choose between two of the worst candidates of their short 200 year history. Two senile old men both of whom are terrible for everything you can think of from Bitcoin and cryptocurrencies all the way to small domestic issues. Grin

What would be even funnier is if america made the same mistake twice in picking him for president a 2nd time after the disaster he has made of it the first time. but i wouldn't put anything past people in america. i don't have an issue with people who voted for biden as long as they keep their mouth shut about all his immigration policies and bitcoin policies but as soon as they say one word of complaint then that makes me think they are as dumb as he is.

trump is better than biden. but i don't think he's ideal for bitcoin. he's too rich and traditional (embedded into the world of fiat) so where he doesn't need or see a need for bitcoin for himself so he thinks other people don't need it either. he's not a proponent of it and he would never do anything to help bitcoin. not what we need.

Maybe AOC for president. I'm not sure what her views on crypto are though.

Albarq

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Quote from: bbc.reporter on March 27, 2024, 09:08:54 PM

Quote from: Haunebu on March 26, 2024, 10:32:46 AM

Yet another proposal thread being portrayed like it will definitely become a law in the future. Personally, I don't think this particular proposal will be approved though we never know.

Also, it's hilarious seeing naive people think that Trump would magically care about crypto investors. Most government heads will always try their best to suppress the power of crypto.

I predict that if the Donald Trump will win the presidency of America, his administration will certainly treat the cryptospace much better than the Biden administration has treated this. The Donald will want to regulate this, however, it will not be similar to how uncle Gary has done where he is doing regulation through enforcement. The Donald's tactic of regulating the cryptospace will be more diplomatic and fair. We can be quite sure of this.

with the crypto mining tax, the tactic is to suppress bitcoin and launch digital money, but on the other hand, it will destroy the progress of this industry, but in the future, Trump will enforce bitcoin and care about all of that.

Luzin

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Quote from: FatFork on March 14, 2024, 02:35:19 AM

I'm starting to like Trump more and more. Although he is a Republican. Cheesy

Good luck, America! God help us all.

You are too honest... Lol.
But I definitely support trum if I'm a U.S. citizen. The tax is huge, Trump seems to have changed he started supporting crypto with NFTs. So I think everyone will vote for a leader who supports following his interests. I hope Trump's decision to become president will make decisions that continue to support the development of crypto.

pooya87

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Quote from: legiteum on April 02, 2024, 10:33:45 PM

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

That was a funny way of campaigning for a presidential candidate Wink

What's funnier is that in a country of over 300 million, Americans are forced to choose between two of the worst candidates of their short 200 year history. Two senile old men both of whom are terrible for everything you can think of from Bitcoin and cryptocurrencies all the way to small domestic issues. Grin

larry_vw_1955

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Quote from: legiteum on April 03, 2024, 10:45:36 PM

There seem to be a lot of Trump supporters here who advocate voting for Trump for the good of their Bitcoin value.

i hope no one thinks trump cares about their crypto. i seriouisly doubt he cares about crypto at all. he's just not interested in it look at the regulations that got enacted on bitcoin when he was president. people started having to pay taxes on their bitcoin. and yet people want to vote for him because they think he helps bitcoin? he doesn't give a damn about it. trump let the irs start holding americans accountable for declaring their bitcoin to the government he really doesn't care about freedom. Shocked

legiteum

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Quote from: larry_vw_1955 on April 03, 2024, 10:21:47 PM

Quote from: legiteum on April 02, 2024, 10:33:45 PM

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

what exactly did biden do to make bitcoin go up though? name one policy.

There seem to be a lot of Trump supporters here who advocate voting for Trump for the good of their Bitcoin value. I agree it's a tenuous connection to any president, but if there is any, the only president who could beat Biden's record is... Obama

.

larry_vw_1955

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Quote from: legiteum on April 02, 2024, 10:33:45 PM

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

what exactly did biden do to make bitcoin go up though? name one policy. "printing more money" is the only thing i can think of. i dont understand why anyone thinks that a us president could have any affect on bitcoin price at all though. other than "printing more money". all their policies to tax it and things like that only affect americans.

legiteum

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Quote from: takuma sato on April 02, 2024, 10:27:57 PM

I don't understand how can anyone vote for Biden while holding any stack on BTC. If you are serious about this and want to not see the project sabotaged, then you want to put people in power that will lobby for your interests, simple as that. Biden, Warren, AOC and co think they will get more votes being anti Bitcoin and pro Bitcoin, so even if I don't like Trump because he is a clown, I would vote for him at this point. At least he has shown a predisposition to not be hostile against Bitcoin. If they want to go on and vote democrat then they will not have a right to complain when the mining industry in USA collapses and that would suck since investing in Bitcoin miners is a great way to get extra alpha on bullruns.

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

Topic: Biden resurrects 30% crypto mining tax in new budget proposal (Read 1268 times)