Barter transactions are already subject to federal income tax (and probably sales tax in most jurisdictions):
http://www.irs.gov/businesses/small/article/0,,id=187920,00.html
http://dor.wa.gov/Content/GetAFormOrPublication/PublicationBySubject/TaxTopics/Bartering.aspx
Topic: Can we have a "Digital Commodity" since BTC is a Digital Currency? - page 2. (Read 2428 times)
April 30, 2012, 04:39:53 PM
April 30, 2012, 04:30:44 PM
Please, let's not be so naive as to think that a thing potentially endangering the government's monopoly on money and their ability to tax would/could not get attacked by them becuase of what words we use to describe bitcoins.. 
Either way, that's about all there is to it I guess.
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April 30, 2012, 04:30:14 PM
Please, let's not be so naive as to think that a thing potentially endangering the government's monopoly on money and their ability to tax would/could not get attacked by them becuase of what words we use to describe bitcoins..
Spirit of the law vs. Letter of the law. They'll get you on the spirit of the law, but they'll get you on the letter of the law even quicker.
April 30, 2012, 04:28:43 PM
Please, let's not be so naive as to think that a thing potentially endangering the government's monopoly on money and their ability to tax would/could not get attacked by them becuase of what words we use to describe bitcoins..
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April 30, 2012, 04:27:28 PM
Bitcoin.org for the longest time has been calling it a digital currency and "money" if I'm not mistaken. Even at the CIA presentation, I think Gavin Andreson called it money, so yea, we're pretty fucked on that front already.
April 30, 2012, 04:26:05 PM
April 30, 2012, 04:23:22 PM
Can you [insert
April 30, 2012, 04:21:41 PM
Can you [insert free activity] without the government whining?
April 30, 2012, 04:19:29 PM
Are bytes of data a commodity or a currency?
The information stored on your hard drive?
Can you trade a TV for a piece of software without the government whining?
The information stored on your hard drive?
Can you trade a TV for a piece of software without the government whining?
April 30, 2012, 04:10:07 PM
My greatest concern with using BitCoin is the Government trying to impose some sort of tax or stifling it in some way, as it is self classified as a currency. What we need is a Digital Commodity, to make trading between people more like "trading" than "selling/buying".
If I pay cash for a TV, the Govt will demand a slice in the form of sales Tax. However, if I were to trade a PS3 for said television, there is no "currency" involved.
Any ideas?
Edit: We need an economist in here, I've probably fudged the buy vs trade analogy right up. And how do those taxes work?
If I pay cash for a TV, the Govt will demand a slice in the form of sales Tax. However, if I were to trade a PS3 for said television, there is no "currency" involved.
Any ideas?
Edit: We need an economist in here, I've probably fudged the buy vs trade analogy right up. And how do those taxes work?
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