Rep. Matt Gaetz Introduces Bill To Allow Bitcoin Payments On Federal Income Tax

BADecker

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Quote from: Don Pedro Dinero on July 06, 2024, 02:48:47 AM

Quote from: BADecker on July 03, 2024, 05:00:00 PM

What?? He's betting Trump won't get in and cancel the income tax??

Even the good guys in government are crazy.

Cool

Is there any conspiracy theory that you do NOT believe in?

~

Did you need a few more blankies in your spot int the Matrix? Or is your padding sufficient?

Cool

Don Pedro Dinero

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Quote from: BADecker on July 03, 2024, 05:00:00 PM

What?? He's betting Trump won't get in and cancel the income tax??

Even the good guys in government are crazy.

Cool

Is there any conspiracy theory that you do NOT believe in?

Leaving this aside, I would like to know how likely it is that the bill will pass. Without knowing the details, I would say that the Democrats will not be in favour, and although there are some renowned pro-bitcoin Republicans, I don't think they will all vote for it either.

BADecker

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^^^ Average people want a safe strong fiat rather than a safe strong Bitcoin. No Federal Income tax.

Cool

legiteum

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Quote from: M. C on July 03, 2024, 07:45:52 AM

What are the pros & cons of allowing citizens and businesses to pay their taxes in bitcoins, tether or in another cryptos ?

You can convert Bitcoin into US dollars in a few seconds for minimal cost. This bill has no practical use in actual reality. Bitcoin is an investment instrument like any other.

This would be like the president of Apple demanding the Congress allow taxes to be paid using AAPL shares. It's a meaningless publicity stunt.

Bitcoin went up 500% under president Biden. Matt Gaetz knows that, and knows that Trump and the Republicans are going to lose the Bitcoin vote (such as it exists) because people know that Trump will promise more criminals like SBF will run free and destroy the market, sending investors running for the hills and the prices plummeting.

The safe route here is to go with Biden and the Democrats, which has been a proven winner for Bitcoin and crypto. Matt Gaetz is grasping at straws here.

348Judah

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Quote from: M. C on July 03, 2024, 07:45:52 AM

What are the pros & cons of allowing citizens and businesses to pay their taxes in bitcoins, tether or in another cryptos ?

https://gaetz.house.gov/media/in-the-news/exclusive-matt-gaetz-introduces-bill-allow-bitcoin-payments-federal-income-tax

They can't support for adoption, still call the currency a fraudulent one, yet they seize from other looters and keep for themselves and now, they are accepting this same bitcoin for payment of tax, who is now deceiving who, the earlier the better that our governments have to realize this as a fact about bitcoin that it has come to stay, they are only trying to camp us under their regulatory as slaves when we should be free to make choice and decisions on our own concerning our finances.

Hispo

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Quote from: BADecker on July 04, 2024, 09:52:14 PM

Quote from: Hispo on July 04, 2024, 07:50:49 PM

Quote from: BADecker on July 03, 2024, 05:00:00 PM

What?? He's betting Trump won't get in and cancel the income tax??

Even the good guys in government are crazy.

Cool

Do you actually believe Trump is going to get into office and eliminate income tax of all kinds? because in my opinion, that sounds rather like a fantasy. I don't have the number right now at hand, but doing something like that would only skyrocket the best of the country, forcing the nation to further elevate the debt ceiling of the nation.
Instead of doing something like that, a responsible president would try to find ways to relieve the country of that outstanding debt it has, not the contrary.
Actually, if I am not wrong, I think I recall Trump promising to relieve the country of that debt while he was on campaign back in 2016, instead of it, he did the opposite.

Read about it. Moneys will come from elsewhere. To start, from China debt payments that will increase first of the year.

Cool

What do you even mean? China is the biggest holder of United States debt on the planet. The United States owes a lot of money to China because of the deficit the USA has kept accumulating for decades and continues to accumulate by issuing more debt and increasing the debt ceiling each time they are about to default the holders of the bonds (China).
And do not even say you mean China is going to pay because Trump is planning to put some tariffs on imported Chinese goods, those tariffs are going to be paid by the average American people, since the corporations will still need to bring goods from China and the extra money it costs them will be simply put on the final price for the consumer, big corporations and importers will never operate at the same volume and accept less profit for it.

Trump does not even seem to know how tariffs work, and that is very bad considering he wants to become the president once more. Tariffs is a simple concept which even a elementary student could get.

BADecker

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Quote from: Hispo on July 04, 2024, 07:50:49 PM

Quote from: BADecker on July 03, 2024, 05:00:00 PM

What?? He's betting Trump won't get in and cancel the income tax??

Even the good guys in government are crazy.

Cool

Do you actually believe Trump is going to get into office and eliminate income tax of all kinds? because in my opinion, that sounds rather like a fantasy. I don't have the number right now at hand, but doing something like that would only skyrocket the best of the country, forcing the nation to further elevate the debt ceiling of the nation.
Instead of doing something like that, a responsible president would try to find ways to relieve the country of that outstanding debt it has, not the contrary.
Actually, if I am not wrong, I think I recall Trump promising to relieve the country of that debt while he was on campaign back in 2016, instead of it, he did the opposite.

Read about it. Moneys will come from elsewhere. To start, from China debt payments that will increase first of the year.

Cool

Hispo

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Leading Crypto Sports Betting & Casino Platform

Quote from: BADecker on July 03, 2024, 05:00:00 PM

What?? He's betting Trump won't get in and cancel the income tax??

Even the good guys in government are crazy.

Cool

Do you actually believe Trump is going to get into office and eliminate income tax of all kinds? because in my opinion, that sounds rather like a fantasy. I don't have the number right now at hand, but doing something like that would only skyrocket the best of the country, forcing the nation to further elevate the debt ceiling of the nation.
Instead of doing something like that, a responsible president would try to find ways to relieve the country of that outstanding debt it has, not the contrary.
Actually, if I am not wrong, I think I recall Trump promising to relieve the country of that debt while he was on campaign back in 2016, instead of it, he did the opposite.

Zlantann

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Quote from: M. C on July 03, 2024, 07:45:52 AM

What are the pros & cons of allowing citizens and businesses to pay their taxes in bitcoins, tether or in another cryptos ?

https://gaetz.house.gov/media/in-the-news/exclusive-matt-gaetz-introduces-bill-allow-bitcoin-payments-federal-income-tax

I read from the article that Rep. Matt Gaetz visited El Salvador and maybe he has seen some benefits of collecting taxes with cryptos. One of the benefits of paying taxes using cryptocurrencies is that it promotes flexibility and freedom. People now have options on how to pay their taxes instead of depending on only fiat. Some people might be comfortable paying taxes using fiat. It could also help the government to raise more taxes since people who operate crypto-related businesses will also easily pay taxes. The government can also make some profit from cryptocurrencies of the price appreciates.

Some of the disadvantages I can think of is high transaction fees especially when the mempool is clogged by ordinal inscriptions. Another problem might be the volatility of cryptocurrencies which can make the government lose money if the price drops. The government might have to spend money on training staff and employing personnel who have crypto knowledge to manage the tax payment systems.

Hispo

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It would be good if you included the source of that information attached to your post, by the way. Here in the politics and society section is not rare to encounter bad quality sources which are rather misleading and some would even tag as disinformation. Anyways... one of the cons on allowing Cryptocurrencies to be used to pay for taxes would be the weakening of the local currency in favor of the crypto being used to pay for those economical duties. Taxes being paid in FIAT generates a demand for that FIAT by the citizens who are obliged to pay taxes on their income, if enough people stops paying their taxes using the United States Dollar and switch to Bitcoin, then it would be translated to an appreciation on the Bitcoin value and a drop on the perceived value of the United States Dollar.

Also, even if a proposal like this one is brought onto the table by a lawmaker, it is very unlikely to pass all it's way to the office of the president to get approved.

BADecker

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What?? He's betting Trump won't get in and cancel the income tax??

Even the good guys in government are crazy.

Cool

M. C

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What are the pros & cons of allowing citizens and businesses to pay their taxes in bitcoins, tether or in another cryptos ?

https://gaetz.house.gov/media/in-the-news/exclusive-matt-gaetz-introduces-bill-allow-bitcoin-payments-federal-income-tax

Topic: Rep. Matt Gaetz Introduces Bill To Allow Bitcoin Payments On Federal Income Tax (Read 81 times)