Arizona Senate Passes Bill to Accept Tax Payments in Bitcoin

[tornikejr]

This bill allows residents to pay their taxes with Bitcoin or other cryptocurrencies that are “recognized” by Arizona state revenue authorities.
Source:
https://cryptoslate.com/arizona-senate-passes-bill-accept-tax-payments-bitcoin/
https://cointelegraph.com/news/bill-to-allow-to-pay-taxes-in-bitcoin-passes-arizona-house-committee

What do you think other governments will follow? Is it good for BTC?

[pxo.011]

is this for real? how they can know your earnings in bitcoin i think its very obvious that this is a fud news haha

[Arabella.Theo]

The German chancellor has come out this morning and announced they will recognise crypto as legal currency. More good news.

[hashshashin]

The German chancellor has come out this morning and announced they will recognise crypto as legal currency. More good news.

Was it today that Germany accepts bitcoin as a means of payment? This news is already a week, but still both news are good for the development of crypto currency. I hope that such steps of these countries will serve as an example for the rest.

[aoihs00]

This bill allows residents to pay their taxes with Bitcoin or other cryptocurrencies that are “recognized” by Arizona state revenue authorities.
Source:
https://cryptoslate.com/arizona-senate-passes-bill-accept-tax-payments-bitcoin/
https://cointelegraph.com/news/bill-to-allow-to-pay-taxes-in-bitcoin-passes-arizona-house-committee

What do you think other governments will follow? Is it good for BTC?

Though they pass the bills or not we can still pay the taxes for our bitcoin earning and make it look like legit way of earning or legit money itself. If people loose the thinking of bitcoin a way to hide the taxes then government might just love it and may start imposing such good regulations all over the globe. Good step taken by Arizona government and it seems that they are finally declaring the bitcoin and other crypto currency as legal tender. That's good one.

is this for real? how they can know your earnings in bitcoin i think its very obvious that this is a fud news haha

Whenever you transact using your wallet your transaction is trackable. When you convert the bitcoin to cash and when you withdraw this into your bank account then it becomes fully visible by your banks and authorities. That's how they can know your earnings.

[CCRBNews]

Technically it has only passed the first stage of a three part series for it to actually become law.

http://learnccrb.com/2018/03/arizona-endorse-bill-to-pay-taxes-in-crypto-currency/

[fortunecrypto]

This bill allows residents to pay their taxes with Bitcoin or other cryptocurrencies that are “recognized” by Arizona state revenue authorities.
Source:
https://cryptoslate.com/arizona-senate-passes-bill-accept-tax-payments-bitcoin/
https://cointelegraph.com/news/bill-to-allow-to-pay-taxes-in-bitcoin-passes-arizona-house-committee

What do you think other governments will follow? Is it good for BTC?

It's really good for the community in general, much more if more countries will follow, imagine many nations paying their taxes through Bitcoin, this is a good move from one state we all hope more States will follow, but we have to see how they will implement this

[kingcrypto-the2nd]

thanks senator john mccain state,yall energizing us

[sergeykravcov177]

Of course, wherever the legalization of bitcoins takes place, a system with taxes comes along. Because the government bites bite than not to get a penny and so from the free currency.

[CCRBNews]

Of course, wherever the legalization of bitcoins takes place, a system with taxes comes along. Because the government bites bite than not to get a penny and so from the free currency.

They have already figured out how to tax it. They are hitting the exchanges.

http://learnccrb.com/2018/02/coinbase-to-send-13000-users-data-to-the-irs/

[bitcub]

The government motive is very clear, they hate the crypto currency to the point of scaring people of banning it. But look, they want our Bitcoins? If you really hate Bitcoin you should not add it to your payment mode list.

This bill allows residents to pay their taxes with Bitcoin or other cryptocurrencies that are “recognized” by Arizona state revenue authorities.
Source:
https://cryptoslate.com/arizona-senate-passes-bill-accept-tax-payments-bitcoin/
https://cointelegraph.com/news/bill-to-allow-to-pay-taxes-in-bitcoin-passes-arizona-house-committee

What do you think other governments will follow? Is it good for BTC?

[gjtnwls1]

If this is really happening, it is great news for crytocurrency!! What we can ask more to government!

[crocozino]

Wow, nice news today from US and Germany!
I hope if there would be more news like this from Korea, Japan and China the price of bitcoins will react as I wish. gradually start to rise
I hope to see 25000usd level in 3 -5 month, really tired of 10K ))

[MakeMoneyBtc]

Other governments will surely follow this and add bitcoin as a payment method for taxes if they are going to see that people are interested into paying with cryptocurrencies. But governments dont just add bitcoin as a payment method because firstly they have to see some activity on it and people have to ask them to add it.

This is just the beginning because I am sure in the future not only governments will accept bitcoin but also grocery, clothes stores and also people that sell houses.

[diwataluna]

I read about the Arizona bill last week, I think and was very surprised about it. It's one way to trick you to reveal your crypto profit so it can get taxed. Still good since they will accept bitcoin anyway. Curious how they will manage this fiscal change in terms of adjusting for fluctuation against the target collections per year for the state.

[CutieKeisha]

many states are moving towards bitcoin.  It is good right?

[Lorna t]

  :)I read about a news Arizona bill last week I think and I was surprised about it this the first way to have trick you reveal crypto profit so it can get taxed .and stay good since everyone is actually accepting the bitcoin.somehow I am just curious of all how to manages this fiscal change in terms if its adjusting for fluctuations against the target per person collection for the state .and others government are faithfully follows a rules and add bitcoin as a method of payment for taxes .I all go to see those who are interested in paying with cryptocurrencies..

[Kakmakr]

:)I read about a news Arizona bill last week I think and I was surprised about it this the first way to have trick you reveal crypto profit so it can get taxed .and stay good since everyone is actually accepting the bitcoin.somehow I am just curious of all how to manages this fiscal change in terms if its adjusting for fluctuations against the target per person collection for the state .and others government are faithfully follows a rules and add bitcoin as a method of payment for taxes .I all go to see those who are interested in paying with cryptocurrencies..

Most people do not use just one Bitcoin address for everything they do. The only positive thing for them from this, is that they would be able to identify Bitcoin users, once these people start paying their taxes in Bitcoin. So once you paid with Bitcoin, you would be under their radar as a Bitcoin user and you could expect a full audit of your finances.

The government will never do something good, if there is not something in it for them.  

[magneto]

:)I read about a news Arizona bill last week I think and I was surprised about it this the first way to have trick you reveal crypto profit so it can get taxed .and stay good since everyone is actually accepting the bitcoin.somehow I am just curious of all how to manages this fiscal change in terms if its adjusting for fluctuations against the target per person collection for the state .and others government are faithfully follows a rules and add bitcoin as a method of payment for taxes .I all go to see those who are interested in paying with cryptocurrencies..

Most people do not use just one Bitcoin address for everything they do. The only positive thing for them from this, is that they would be able to identify Bitcoin users, once these people start paying their taxes in Bitcoin. So once you paid with Bitcoin, you would be under their radar as a Bitcoin user and you could expect a full audit of your finances.

The government will never do something good, if there is not something in it for them. 

Agreed. And I guess they also think that it encourages more crypto users to pay tax since it makes the process easier for them, which I think is fair enough. But they may start recording people as potential "crypto users" and selectively judging their finances and targeting them because of their status as a "crypto user".

That is undeniable, and a huge risk for anyone to pay their taxes in crypto. Just pay in it fiat, it's to the government and no real advantages since you're going to apparently be subject to "24h" of crypto volatility according to the article. Converting crypto to fiat is pretty easy anyways.

Arizona is probably trying to become a more progressive state in terms of cryptocurrency and Fintech by doing this, but they're not going to find success by legitimising crypto payments in taxes. They need to do much more than that to make an impact.