A bill needs to be approved first before it becomes a law? Right?
So it's still possible that the bill would get rejected??
Topic: Bitcoin Rally - Bill in Congress to treat Bitcoin as Currency (Read 2978 times)
Who cares what congress does? Worst criminal terrorists in the world.
Always remember - you can't trust the goverment at all and anything they try to do with bitcoin will be for their own benefit.
Fuck the feds, fuck the irs, fuck the entire united states.
Always remember - you can't trust the goverment at all and anything they try to do with bitcoin will be for their own benefit.
Fuck the feds, fuck the irs, fuck the entire united states.
This looks like good news. I think finally the bear market is over after months of pain.
That would be FAR worse, for me at least. I plan on retiring and paying 0% taxes! How can I do that if they class it as a currency?
That's very smart of you! Are you from US? If so, not paying your taxes is. Ot only a crime, but it is what SCUMBAGS DO! If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane?
Listen, paying taxes suck! But it is necessary in modern societies. You can debate all you want how crooked politicians waste our tax income, or how taxes are too high...but one thing you SHOULD NOT DO IS NOT PAY YOUR TAXES! That is one of the dumbest AND least patriotic things you can do! If you love your country, then you must pay your taxes. Period.
This silly superstition that a single, special, flag-wavy institution has an exemption from morality will by its very nature lead to catastrophic results every time. You were possibly made ignorant of how taxes really work thanks to those very same public schools you so dearly value. However, the current corrupt system is not a fluke. It is the nature of the beast.
So you just need a digital wallet to help you do all the accounting behind the scene, and generate a report for you at the end of the tax year
"just"
I love that optimism
We barely have wallets that don't randomly destroy your money or run on iOS...Yes, just
IRS has nothing to do with insecure wallet or Apple policy, right?
Uh, sure... IRS has nothing to do with this.
Bolting complex accounting features on to existing apps, on the other hand, does.
I'd say it is very simple. As all bitcoin transactions are timestamped on the blockchain, a software can trace all your addresses in the past year, match with the bitcoin price record, and calculate your capital gain/loss for each time you buy a cup of coffee. For the user, it literally requires only one click to generate the report.
Here is the actual bill. http://www.scribd.com/doc/217067121/Virtual-Currency-Tax-Reform-Act
It does not levy any kind of sales taxes on Bitcoin. What is does do is treat Bitcoin as currency for tax purposes and this has two implications.
1) A $200 per transaction exemption for "personal transactions"
2) A higher tax rate equal to that of currency transactions.
http://www.law.cornell.edu/uscode/text/26/988
The net effect of this is to encourage the use of Bitcoin for day to day transactions by eliminating the bookkeeping burden for small transactions while increasing the tax burden of those using Bitcoin as an instrument for speculation.
For governments to treat Bitcoin as currency simply makes a lot of sense and consequently this bill in on the right track.
It does not levy any kind of sales taxes on Bitcoin. What is does do is treat Bitcoin as currency for tax purposes and this has two implications.
1) A $200 per transaction exemption for "personal transactions"
2) A higher tax rate equal to that of currency transactions.
http://www.law.cornell.edu/uscode/text/26/988
The net effect of this is to encourage the use of Bitcoin for day to day transactions by eliminating the bookkeeping burden for small transactions while increasing the tax burden of those using Bitcoin as an instrument for speculation.
For governments to treat Bitcoin as currency simply makes a lot of sense and consequently this bill in on the right track.
OK.. so I'm now somewhat on the fence... Did some research and confirmed the 200 exemption... Unfortunately as far as I can tell it has stayed 200 since inception in 1997 and is not being indexed for inflation. In today's world, it is really easy to rack up a $200 bill, so the majority of people are still going to have to track at least some of their transactions. I still see a need for tracking to be integrated into wallets. ( Also, coin control becomes even more important.. use the "high gain" coins for <$200 transactions, and use the "low gain" coins for >$200 )
So, as wallet tracking integration is still needed either way, we can remove that from the equation.
It all boils down to: capital gains (lower) tax rate on all transactions vs. standard income (higher) tax rates on just the bigger transactions. Either way some people win, some lose. I can't at this time say which method results in more people winning.
Sigg
So you just need a digital wallet to help you do all the accounting behind the scene, and generate a report for you at the end of the tax year
"just"
I love that optimism
We barely have wallets that don't randomly destroy your money or run on iOS...Yes, just
IRS has nothing to do with insecure wallet or Apple policy, right?
Uh, sure... IRS has nothing to do with this.
Bolting complex accounting features on to existing apps, on the other hand, does.
That would be FAR worse, for me at least. I plan on retiring and paying 0% taxes! How can I do that if they class it as a currency?
The secret is not to live in the country you are citizen of. In case you are US citizen, you are f***ed.
Here is the actual bill. http://www.scribd.com/doc/217067121/Virtual-Currency-Tax-Reform-Act
It does not levy any kind of sales taxes on Bitcoin. What is does do is treat Bitcoin as currency for tax purposes and this has two implications.
1) A $200 per transaction exemption for "personal transactions"
2) A higher tax rate equal to that of currency transactions.
http://www.law.cornell.edu/uscode/text/26/988
The net effect of this is to encourage the use of Bitcoin for day to day transactions by eliminating the bookkeeping burden for small transactions while increasing the tax burden of those using Bitcoin as an instrument for speculation.
For governments to treat Bitcoin as currency simply makes a lot of sense and consequently this bill in on the right track.
It does not levy any kind of sales taxes on Bitcoin. What is does do is treat Bitcoin as currency for tax purposes and this has two implications.
1) A $200 per transaction exemption for "personal transactions"
2) A higher tax rate equal to that of currency transactions.
http://www.law.cornell.edu/uscode/text/26/988
The net effect of this is to encourage the use of Bitcoin for day to day transactions by eliminating the bookkeeping burden for small transactions while increasing the tax burden of those using Bitcoin as an instrument for speculation.
For governments to treat Bitcoin as currency simply makes a lot of sense and consequently this bill in on the right track.
Agreed ....lets look at the bigger picture ..Is this good for crypto ..I think its a Yes
Here is the actual bill. http://www.scribd.com/doc/217067121/Virtual-Currency-Tax-Reform-Act
It does not levy any kind of sales taxes on Bitcoin. What is does do is treat Bitcoin as currency for tax purposes and this has two implications.
1) A $200 per transaction exemption for "personal transactions"
2) A higher tax rate equal to that of currency transactions.
http://www.law.cornell.edu/uscode/text/26/988
The net effect of this is to encourage the use of Bitcoin for day to day transactions by eliminating the bookkeeping burden for small transactions while increasing the tax burden of those using Bitcoin as an instrument for speculation.
For governments to treat Bitcoin as currency simply makes a lot of sense and consequently this bill in on the right track.
It does not levy any kind of sales taxes on Bitcoin. What is does do is treat Bitcoin as currency for tax purposes and this has two implications.
1) A $200 per transaction exemption for "personal transactions"
2) A higher tax rate equal to that of currency transactions.
http://www.law.cornell.edu/uscode/text/26/988
The net effect of this is to encourage the use of Bitcoin for day to day transactions by eliminating the bookkeeping burden for small transactions while increasing the tax burden of those using Bitcoin as an instrument for speculation.
For governments to treat Bitcoin as currency simply makes a lot of sense and consequently this bill in on the right track.
So you just need a digital wallet to help you do all the accounting behind the scene, and generate a report for you at the end of the tax year
"just"
I love that optimism
We barely have wallets that don't randomly destroy your money or run on iOS...Yes, just
IRS has nothing to do with insecure wallet or Apple policy, right?
If you love your country, then you must pay your taxes. Period.
I still remember the warm autumn when I fell in love with my country. Leaves were falling down and all I could do was think of her. Her red lips and sweet embrace, her generous bosom feeding us all with oil, grains, warm wind of summer.
Inevitably so...
perhaps any of the jackasses here could just READ the article instead of flinging turds at each other? HUH??
"Stockman’s proposal would, rather, require the payment of sales taxes on all virtual currency transactions."
sales tax is usually not much, and extremely simple and linear - much better than property, and it makes BTC fungible again. in practice it could mean a 0.5% tax or something like that when buying/selling or spending BTC = low bookkeeping overhead and less volatility due to high frequency day trading
so whine, complain and insult each other while BTC rocket leaves (340 - 520 already), the market has spoken.
Sales tax is 25% in my country. On top of a ~50% income tax. And hundreds of other hidden taxes, such as a 180% tax on cars bought outside the borders. "Stockman’s proposal would, rather, require the payment of sales taxes on all virtual currency transactions."
sales tax is usually not much, and extremely simple and linear - much better than property, and it makes BTC fungible again. in practice it could mean a 0.5% tax or something like that when buying/selling or spending BTC = low bookkeeping overhead and less volatility due to high frequency day trading
so whine, complain and insult each other while BTC rocket leaves (340 - 520 already), the market has spoken.
Our discussion was off topic. but it was still a discussion.
perhaps any of the jackasses here could just READ the article instead of flinging turds at each other? HUH??
"Stockman’s proposal would, rather, require the payment of sales taxes on all virtual currency transactions."
sales tax is usually not much, and extremely simple and linear - much better than property, and it makes BTC fungible again. in practice it could mean a 0.5% tax or something like that when buying/selling or spending BTC = low bookkeeping overhead and less volatility due to high frequency day trading
so whine, complain and insult each other while BTC rocket leaves (340 - 520 already), the market has spoken.
"Stockman’s proposal would, rather, require the payment of sales taxes on all virtual currency transactions."
sales tax is usually not much, and extremely simple and linear - much better than property, and it makes BTC fungible again. in practice it could mean a 0.5% tax or something like that when buying/selling or spending BTC = low bookkeeping overhead and less volatility due to high frequency day trading
so whine, complain and insult each other while BTC rocket leaves (340 - 520 already), the market has spoken.
This bullshit that we all need to pay our 15% taxes is bullshit. what we need is a government that has power to take money from the multinational corporations, and spend that money efficiently.
Amen.
As a Canadian I won't comment on American tax matters but here in my country, I find the income tax situation disgusting.
When personal income taxes were introduced during World War I, they were considered an emergency war measure, not a permanent means of bleeding the populace. Somewhere along the way they seem to have been accepted as an alternative to more ethical forms of taxation such as corporate taxes, estate taxes and luxury taxes.
To add insult to injury, many corporations now actually receive tax credits, i.e. welfare payments with the burden placed on anyone who's productive and non-corporate. Punishing productivity is evil beyond words.
The end result is that the working middle class carries the biggest load, while the non-productive poor and rich get a free ride through welfare payments and tax credits respectively. This is just so wrong.
Only corporations should pay income taxes. The only personal income taxes should be on capital gains and dividends, never on wages or profits.
*** End of rant***
goodness! if US citizens didnt pay taxes, the government couldnt make military aircraft, helicopters, war ships, thousands of nukes, pay troups, feed troups, fund private military organisations, and worst of all, they couldn't go bomb a bunch of countries.
BitchicksHusband is no scumbag, his taxes are not going to a good cause. If I understand correctly, it's not going to Obama care.... LOL.
you know, a mexican drug lord that was arrested was found to have So many billions of US dollars in his mansion that he could pay for the healthcare of all US citizens for 2 years.
This bullshit that we all need to pay our 15% taxes is bullshit. what we need is a government that has power to take money from the multinational corporations, and spend that money efficiently.
omg really? really?
How does someone having piles of cash in their house have ANYTHING to do with paying taxes as it is written in the current law? I didn't know healthcare made us bitcoiners pay taxes... Do our BTC miners run lab test results or something I didn't know about? oh I know they actually calculate the tax each us US citizen is supposed to pay if there isn't a drug lord with a ton of money in his house... makes sense! Wait I am actually confused.
So let me get this straight... the US Government should get the power to take tax money? ummm they already do, you are complaining about it right now.
Another thing I love, apparently the government wastes money on stuff you personally do not agree with or like... well we all know every other US Citizen agrees with you. I mean who wouldn't want Al Pacino to "say hello" to your medical bill? I do it makes so much sense! Give more money to the DEA to seize dollars from someone in a different country who got it because its makes more sense to get it that way then to just make it legal and collect taxes on the sales.
This way is better cause no taxes are involved just drug cartels.
no.... the US only have power to take money from the weak. cos they are governed by the multi national corporations. well actually, they are just pals... but hey. why do you put up with that? and why are you paying for bombs and SHIT health care?
The US need to catch the criminals that matter, they pick on little guys when there is a drug lord in mexico who could pay for health care for two years for the whole of America?
I will avoid paying taxes to any extent, and maybe you can ask Al Pacino nicely when the government raises taxes to 50% (as a good tax paying citizen
) for a tip!I think it is moral and reasonable to minimize your taxes within the law.
I think it is immoral to evade the taxes that you owe.
I also think it is immoral to write the tax laws for your own personal benefit, but so is most of what the lawmakers do before they go back to their banking jobs.
I think it is immoral to evade the taxes that you owe.
I also think it is immoral to write the tax laws for your own personal benefit, but so is most of what the lawmakers do before they go back to their banking jobs.
+1...
Do what you can to change the law... but follow the law while doing it.
goodness! if US citizens didnt pay taxes, the government couldnt make military aircraft, helicopters, war ships, thousands of nukes, pay troups, feed troups, fund private military organisations, and worst of all, they couldn't go bomb a bunch of countries.
BitchicksHusband is no scumbag, his taxes are not going to a good cause. If I understand correctly, it's not going to Obama care.... LOL.
you know, a mexican drug lord that was arrested was found to have So many billions of US dollars in his mansion that he could pay for the healthcare of all US citizens for 2 years.
This bullshit that we all need to pay our 15% taxes is bullshit. what we need is a government that has power to take money from the multinational corporations, and spend that money efficiently.
omg really? really?
How does someone having piles of cash in their house have ANYTHING to do with paying taxes as it is written in the current law? I didn't know healthcare made us bitcoiners pay taxes... Do our BTC miners run lab test results or something I didn't know about? oh I know they actually calculate the tax each us US citizen is supposed to pay if there isn't a drug lord with a ton of money in his house... makes sense! Wait I am actually confused.
So let me get this straight... the US Government should get the power to take tax money? ummm they already do, you are complaining about it right now.
Another thing I love, apparently the government wastes money on stuff you personally do not agree with or like... well we all know every other US Citizen agrees with you. I mean who wouldn't want Al Pacino to "say hello" to your medical bill? I do it makes so much sense! Give more money to the DEA to seize dollars from someone in a different country who got it because its makes more sense to get it that way then to just make it legal and collect taxes on the sales.
This way is better cause no taxes are involved just drug cartels.
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