Biden resurrects 30% crypto mining tax in new budget proposal - page 4.

pooya87

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Quote from: legiteum on March 15, 2024, 09:12:17 AM

2. It does not compare the average income of workers. Back when a Hershey bar only cost ten cents, the average worker only made two dollars a day. Today the average wage in the USA is over $250 per day.

That's what the image is trying to say: dollar value is dumping over long run as inflation keeps growing thanks to non-stop money printing policies.
Assuming your numbers are correct, two dollars a day was the wage when dollar hadn't dumped this much. Now that it is significantly dumped the employers are forced to to pay workers 125x higher wages!

YUriy1991

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#SWGT CERTIK Audited

Quote from: Pierre 2 on March 16, 2024, 11:00:36 PM

I still don't understand how government bureaucrats can convince themselves imposing %30 tax on crypto businesses is something normal. %30 is ridiculously high. Considering mining businesses can be with their ups and down in relation with Bitcoin or other altcoin prices. To be honest anything more than %10 is exceptionally shitty idea in cryptocurrency context. This is not a business where you put your products and services on market and sell. Its something completely new and governments should not mess it up.

Yes that's right and if we see the government's always make assumptions in setting the percentage limit is looking at the level of income and exactly as you say, the problem is that the 30% tax figure will probably be their burden with high assumptions. I am sure that they will recalculate to adjust the implementation costs and profits, whether it is suitable if it is not suitable and they lose, the risk is that they change places in carrying out their business activities.

Wherever the implementation of taxes is seen as able to increase state revenue, there needs to be a policy that has the right balance between encouraging growth and overcoming potential risks because Every growth of the tax collection industry is 2 things that will remain true anywhere and anytime , especially in the economy, especially in this case crypto mining which is growing rapidly today.

Pierre 2

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I still don't understand how government bureaucrats can convince themselves imposing %30 tax on crypto businesses is something normal. %30 is ridiculously high. Considering mining businesses can be with their ups and down in relation with Bitcoin or other altcoin prices. To be honest anything more than %10 is exceptionally shitty idea in cryptocurrency context. This is not a business where you put your products and services on market and sell. Its something completely new and governments should not mess it up.

cryptosize

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Quote from: legiteum on March 16, 2024, 10:42:39 PM

Quote from: cryptosize on March 16, 2024, 09:55:46 PM

You need to explain why food/gasoline prices have skyrocketed since 2021... not me.

What we need to ignore is you claiming that Biden is a "sane" politician or that FED has a "sane" monetary policy. Either you're trolling or you're crazy.

There was a pandemic. The United States recovered from the pandemic better than almost every other western country.

Inflation is now essentially back to normal pre-pandemic levels.

Prices are not back to normal, they're double... wages have not doubled.

legiteum

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Quote from: cryptosize on March 16, 2024, 09:55:46 PM

You need to explain why food/gasoline prices have skyrocketed since 2021... not me.

What we need to ignore is you claiming that Biden is a "sane" politician or that FED has a "sane" monetary policy. Either you're trolling or you're crazy.

There was a pandemic. The United States recovered from the pandemic better than almost every other western country.

Inflation is now essentially back to normal pre-pandemic levels.

cryptosize

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Quote from: legiteum on March 16, 2024, 09:21:00 PM

Quote from: cryptosize on March 16, 2024, 06:53:02 PM

You better explain Biden math. I don't trust WEF puppets.

Sure thing.

1. I had mentioned that the US dollar has been pretty darn stable for the last 40 years.

2. You countered this by giving the example of the inflation that happened around 1971.

3. I pointed out that 1971 was 53 years ago, based on the mathematical equation: 2024 - 1971 = 53

4. You seem to continue to object to this, while throwing out some personal insults, implying that math is a partisan thing, which is probably best that we ignore.

You need to explain why food/gasoline prices have skyrocketed since 2021... not me.

What we need to ignore is you claiming that Biden is a "sane" politician or that FED has a "sane" monetary policy. Either you're trolling or you're crazy.

Quote from: legiteum on March 16, 2024, 09:21:00 PM

implying that math is a partisan thing, which is probably best that we ignore.

Ignore what? Psychological projection? Or gaslighting me?

Quote from: legiteum on March 16, 2024, 05:09:47 PM

Interesting. What is 2024-1971 using Trump Math^TM?

Just curious…

You implied first (you even used a trademark, FFS!) that math is a "partisan" thing, not me.

[moderator's note: consecutive posts merged]

Quote from: legiteum on March 16, 2024, 09:21:00 PM

implying that math is a partisan thing, which is probably best that we ignore.

Ignore what? Psychological projection? Or gaslighting me?

Quote from: legiteum on March 16, 2024, 05:09:47 PM

Interesting. What is 2024-1971 using Trump Math^TM?

Just curious…

You implied first (you even used a trademark, FFS!) that math is a "partisan" thing, not me.

legiteum

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Quote from: cryptosize on March 16, 2024, 06:53:02 PM

You better explain Biden math. I don't trust WEF puppets.

Sure thing.

1. I had mentioned that the US dollar has been pretty darn stable for the last 40 years.

2. You countered this by giving the example of the inflation that happened around 1971.

3. I pointed out that 1971 was 53 years ago, based on the mathematical equation: 2024 - 1971 = 53

4. You seem to continue to object to this, while throwing out some personal insults, implying that math is a partisan thing, which is probably best that we ignore.

cryptosize

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Quote from: legiteum on March 16, 2024, 05:09:47 PM

Quote from: cryptosize on March 16, 2024, 04:10:18 PM

Quote from: legiteum on March 16, 2024, 03:05:40 PM

Quote from: cryptosize link=topic=5488827.msg63815597#msg63815597 date=

Hmmm, not really:

https://wtfhappenedin1971.com/

1971 was 53 years ago.

That you have to go back that far sorta makes my point for me…

Didn't expect much from a Biden fan. Your perception of reality is roughly the same.

Interesting. What is 2024-1971 using Trump Math^TM?

Just curious…

You better explain Biden math. I don't trust WEF puppets.

#HFSP

legiteum

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Quote from: cryptosize on March 16, 2024, 04:10:18 PM

Quote from: legiteum on March 16, 2024, 03:05:40 PM

Quote from: cryptosize link=topic=5488827.msg63815597#msg63815597 date=

Hmmm, not really:

https://wtfhappenedin1971.com/

1971 was 53 years ago.

That you have to go back that far sorta makes my point for me…

Didn't expect much from a Biden fan. Your perception of reality is roughly the same.

Interesting. What is 2024-1971 using Trump Math^TM?

Just curious…

cryptosize

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Activity: 1666

Merit: 310

Quote from: legiteum on March 16, 2024, 03:05:40 PM

Quote from: cryptosize link=topic=5488827.msg63815597#msg63815597 date=

Hmmm, not really:

https://wtfhappenedin1971.com/

1971 was 53 years ago.

That you have to go back that far sorta makes my point for me…

Didn't expect much from a Biden fan. Your perception of reality is roughly the same.

legiteum

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Activity: 182

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Quote from: cryptosize link=topic=5488827.msg63815597#msg63815597 date=

Hmmm, not really:

https://wtfhappenedin1971.com/

1971 was 53 years ago.

That you have to go back that far sorta makes my point for me…

cryptosize

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Activity: 1666

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This isn't a Biden tax, it's a deep state tax to make BTC mining less competitive in the US. Wink

Sleepy Joe doesn't even remember the breakfast he ate today! Grin

Quote from: legiteum on March 15, 2024, 09:12:17 AM

Quote from: MusaMohamed on March 15, 2024, 08:43:39 AM

There are so, so many things wrong with this graphic:

1. It cherry-picks very specific consumer goods, which are subject to market volatility--and the items it picks are really bad examples since they are simple products. A better example is something complicated like an new car. Plug that into the graph above--and then account for things like the longevity and quality of the good--and your graph gets much flatter.

2. It does not compare the average income of workers. Back when a Hershey bar only cost ten cents, the average worker only made two dollars a day. Today the average wage in the USA is over $250 per day.

But even if you still use this graph, you would note that in the last 40 years, the US dollar has been amazingly stable.

Hmmm, not really:

https://wtfhappenedin1971.com/

[moderator's note: consecutive posts merged]

stompix

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Blackjack.fun

Quote from: ?? on ??

it would seem like the only way out of this situation is to move to a proof of stake model because they can always track you down by your power useage.

And what, you think they can't track you if you go PoS?

Furthermore, it would take just a warrant and two major staking pools taken over and you've just granted one authority control over the coin, at least with farms they will need to keep them staffed, consuming power, replace gear, make somehow impossible for the others to get more gear so they can overpower the controlled one, with ETH for example you just go after lido and you have 30% of the staking eth, raid coinbase and kraken and you are close in for a majority!

If an ETH ETF is approved you might see BlackRock owning more than enouhg to control it alone completely, what solution are you going to have then?

Poker Player

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I am correcting you:

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.

Socialist policies consist of taking away what they have from the most productive people to give crumbs to the non-productive people and make more and more of society dependent on the state. Argentina is a good example of this. From having the highest GDP in the world to being a disaster of a country for many years.

Quote from: Wakate on March 15, 2024, 01:15:49 PM

Looking at this, is like the Biden government has never supported the idea of Bitcoin mining and investment.

Of course. How is he going to support an asset that is used in part as currency and that he cannot control. An asset that gives people freedom? No way. There is nothing they hate more. Free people independent of the state.

larry_vw_1955

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Quote from: davis196 on March 15, 2024, 01:40:37 AM

What if the electricity is "green"(produced by solar panels and wind turbines)?

that wouldn't matter at all to biden.

Quote from: stompix on March 15, 2024, 01:34:37 PM

So they don't want people to get rich and have money and to tax them but instead, they want the masses to be poor so they have no taxes to collect and need to pay them all kinds of social welfare programs from the government budget.

the federal minimum wage is only about $7 per hour so yeah. they do want them to be poor. if they didn't they would raise that to what most cities have had to do anyway. the government dropped the ball.

Quote from: someone703 on March 15, 2024, 11:51:10 AM

The real eyebrow-raiser is the whole "reporting your income" thing.

I agree! It's like I said, gun owners have more privacy than bitcoin miners will if this thing passes. Even people that own semi-automatic rifles like the AR-15 killing machine.

Quote

This tax plan might mean power companies start acting like the energy police, looking for houses that are using way too much juice. It's like when they used to check your electricity bill to see if you were growing weed in your basement!

that goes without saying if this thing passes.

it would seem like the only way out of this situation is to move to a proof of stake model because they can always track you down by your power useage.

https://www.forbes.com/sites/jamesbroughel/2023/03/15/biden-shouldnt-tax-cryptos-electricity-use/?sh=21aab6306418

The proposed tax would also likely favor proof of stake (PoS) models of transaction verification over proof of work (PoW) models. PoW is the method currently used by Bitcoin; as noted, it involves solving complex mathematical problems. PoS, on the other hand, obliges users to stake their own cryptocurrency as collateral to verify transactions. The PoS method requires significantly less energy than the PoW method and is therefore—at least for now—more environmentally friendly.

[moderator's note: consecutive posts merged]

stompix

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Blackjack.fun

Quote from: Lucius on March 14, 2024, 06:24:21 AM

Does anyone really think this is Biden's idea?

With the number of laws and regulations that happen every day it's highly possible he isn't even aware of the details, no president alive unless he governs over 100 people would be able to keep up with all those, it just gets passed from commission to commission to agency when it finally makes it to a higher office and then it's a matter of who's backing it.

Quote from: retreat on March 15, 2024, 01:42:12 AM

Luckily in my country the government does not impose such high taxes on Bitcoin mining businesses, on the contrary the government gives them tax discounts to keep their operations continuing and keep the cryptocurrency ecosystem in my country further developing.

The first time I heard such a thing, I saw you're from Indonesia and I' 've never seen news of any large farm there, so what are those discounts?
Because a 30% tax on 2.5 cents per kwh is still cheaper than a discount of 50% from 8 cents.

Quote from: Wakate on March 15, 2024, 01:15:49 PM

This is atr people that don't want people to get rich though Bitcoin investment that is why they are always ready to bring tax that would make people to stay away from Bitcoin mining or trading.

So they don't want people to get rich and have money and to tax them but instead, they want the masses to be poor so they have no taxes to collect and need to pay them all kinds of social welfare programs from the government budget. And you think that's their plan? Cheesy

legiteum

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Quote from: Wakate on March 15, 2024, 01:15:49 PM

Looking at this, is like the Biden government has never supported the idea of Bitcoin mining and investment.

Before Biden won the election in November of 2020, Bitcoin was at about $15,000.

Bitcoin is over $68,000 today.

Biden, in short, has been been coincidental with a 450% appreciation of Bitcoin.

Unlike Biden, Trump needs hundreds of millions of dollars to pay for lawsuits, and has a business on the verge of collapse, meaning he could potentially need billions. Nobody should trust somebody like that to not try to manipulate crypto markets in his own favor to the detriment of other coins like Bitcoin. One word from Trump could send Bitcoin into the toilet and he knows that. And if that meant TrumpCoin would do better, then that's exactly what he would do.

Personally, I'm voting for stable government in 2024. That's the best thing for the digital currency markets.

Wakate

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

https://cointelegraph.com/news/crypto-mining-tax-united-states-budget

United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.

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

Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.

Looking at this, is like the Biden government has never supported the idea of Bitcoin mining and investment. This is atr people that don't want people to get rich though Bitcoin investment that is why they are always ready to bring tax that would make people to stay away from Bitcoin mining or trading. It is obvious that the government has no good plan for all bitcoiners in the United States. ID the government wants to collect 30% tax on electricity, it means that the miners would have not reasonable profits from the mining couples with how expensive the tools for Bitcoin mining could be and other things that are involved.

philipma1957

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'The right to privacy matters'

most usa mining ⛏️ is large farms. not people doing 25kwatt to 150kwatt

small people with one miner may go under the wire.

Antotena

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

https://cointelegraph.com/news/crypto-mining-tax-united-states-budget

United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.

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

Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.

I know there has been a great internal interest in the next USA coming elections but I think we have to let these guys be who they are and not involve them into crypto affairs. The past few days, they infiltrate into the Bitcoin saying some good stuffs about the Bitcoin and that's because they want the Bitcoin community to support their candidates but after the election, they ditch everyone and set up unfavorable policy that will scare the investors from Bitcoin but to come back their own bonds and stock market.

I might not be too familiar with the system of the US but even tax from othwr investment is always heavy, also in between 30% or lower depending on the size of your investment. The US system is known for heavy task since the immemorial, so I don't think if this should be a propaganda or anything affirmative for the government. As long as they don't ban Bitcoin, I don't have a problem with them.

Topic: Biden resurrects 30% crypto mining tax in new budget proposal - page 4. (Read 1267 times)