Eliminate the need to hold dollars, legalize the use of BTC to pay taxes!!!

[capandfree]

So I recently saw a petition to legalize the use of Bitcoin in the USA for paying state and federal taxes. Now I know no one likes paying taxes, but as long as they are necessary, and as long as dollars are needed to pay them...well, Bitcoin can never be your ONLY money supply. Thus, why not help the push for Bitcoin adoption and lets legalize the CHOICE to pay taxes in Bitcoin.

Sign the petition below! And help us get the first 150 signatures! After 150, the petition becomes public and "searchable" within the database.

http://wh.gov/iV5Nq

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[USB-S]

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

[saturn643]

The government won't let that happen. Bitcoin's price is too volatile for them so they could lose money from accepting Bitcoin. They also think Bitcoin is that illegal magic internet money which, since it is "illegal", then they can't accept it.

[dothebeats]

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Bitcoin would only be just an option to pay for your tax. I don't see how tax evasion comes to play with that. The petition is not about taxing bitcoin but to use bitcoin as a form of payment for taxes.

[mixan]

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Bitcoin would only be just an option to pay for your tax. I don't see how tax evasion comes to play with that. The petition is not about taxing bitcoin but to use bitcoin as a form of payment for taxes.

There should be other forms of payments available to pay for taxes and bitcoin should be one of them. The government of course will question where those funds were obtained. But it shouldn't matter. They should only care if they get their payment or not. I also agree it should be an opinion to be able to pay in this way.

[dothebeats]

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Bitcoin would only be just an option to pay for your tax. I don't see how tax evasion comes to play with that. The petition is not about taxing bitcoin but to use bitcoin as a form of payment for taxes.

There should be other forms of payments available to pay for taxes and bitcoin should be one of them. The government of course will question where those funds were obtained. But it shouldn't matter. They should only care if they get their payment or not. I also agree it should be an opinion to be able to pay in this way.

That made me thinking. Since US tax capital gains on bitcoin, would they actually accept that form of payment when they (the government) themselves can't define what exactly bitcoin is?

[Pattart]

That made me thinking. Since US tax capital gains on bitcoin, would they actually accept that form of payment when they (the government) themselves can't define what exactly bitcoin is?

What do you mean they can't define what Bitcoin is?

Also, the capital gains tax is only for when you buy and sell Bitcoin and the gains from those transactions. Of course you should contact a lawyer about the whole taxing Bitcoins thing though.

[conspirosphere.tk]

want to pay taxes... in bitcoin

[dothebeats]

That made me thinking. Since US tax capital gains on bitcoin, would they actually accept that form of payment when they (the government) themselves can't define what exactly bitcoin is?

What do you mean they can't define what Bitcoin is?

Also, the capital gains tax is only for when you buy and sell Bitcoin and the gains from those transactions. Of course you should contact a lawyer about the whole taxing Bitcoins thing though.

ECJ came into conclusion that bitcoin isn't a form of good ergo it isn't subjected to VAT whereas US courts define bitcoin as a good/currency/legal tender and couldn't come up with a unified definition of bitcoin, that's what I'm talking about.

[maokoto]

I am not a US citizen and cannot sign it honestly, but I think is a good idea to do it. However counterintuitive it is, it will help Bitcoin adoption in some way, and that is good.

[franky1]

So I recently saw a petition to legalize the use of Bitcoin in the USA for paying state and federal taxes. Now I know no one likes paying taxes, but as long as they are necessary, and as long as dollars are needed to pay them...well, Bitcoin can never be your ONLY money supply. Thus, why not help the push for Bitcoin adoption and lets legalize the CHOICE to pay taxes in Bitcoin.

Sign the petition below! And help us get the first 150 signatures! After 150, the petition becomes public and "searchable" within the database.

http://wh.gov/iV5Nq

seriously?? are you that naive.

i feel that you literally do not understand what bitcoin is about. and why bitcoin is better than fiat.. and instead want to turn bitcoin into fiat..

do you have a clue about circulation and control.
bitcoin is not going to replace fiat.. wake up to that fact.

bitcoin however can work along side fiat. imagine it like creating a whole new country, where bitcoin is treated like a foreign currency in regards to laws.
where you still pay taxes but in the native debt notes of the land you reside in..

what we do not need is handing atleast 10% of actual bitcoins to government/banks. as that 1btc. turns into 0.9btc in circulation and as it passes each person eventually 0.00000001 is in public circulation, while 0.99999999 is held for long term investment by US government /banks. whilst they still pay dollars to socia security using their 'fiat money creation' methods..

we do not want or need governments holding bitcoin. we do not want or need governments controling bitcoin. we do not want or need governments eventually 'price setting' bitcoin due to their hoards and controls..

in short.
why give governments real assets such as bitcoin.. if they are happy to receive their crappy pieces of paper and banking sql database balances known as fiat..
then give them that crappy debt ridden currency.. dont be stupid to hand over real assets!!

[johnyj]

Governments basically can borrow unlimited money from banks so they might not be interested in bitcoin which disabled that feature. However they are not directly involved in monetary policy, so they might accept bitcoin as an extra source of income

[jbreher]

Utah is currently studying the option for state taxes.

http://le.utah.gov/~2015/bills/static/HCR006.html

[Amph]

Governments basically can borrow unlimited money from banks so they might not be interested in bitcoin which disabled that feature. However they are not directly involved in monetary policy, so they might accept bitcoin as an extra source of income

i always thought, why we need to pay taxes..., when governments can actually have infinite money, they can feed their need by printing more, after all our money come from there...

[Mickeyb]

If they would allow for taxes to be paid with Bitcoin, wouldn't this essentially be as recognizing Bitcoin as a legal tender?

I don't see this happening so easy mate, especially in the states!

[Elwar]

You don't actually pay your taxes with dollars.

Have you ever stuffed an envelope with dollars and sent it to the IRS? Or did you use a bank or other third party service to pay it?

Why not just use a third party service to pay your taxes with bitcoins like you do with dollars?

[The Sceptical Chymist]

Ain't gonna happen for all the barbecue sauce in Texas, my friend.  Better to try to convince businesses to accept bitcoin, but the IRS isn't getting any of my bitcoin.  They'd just waste it.

[mastica]

If bitcoin can be used to pay taxes, its value will soar dramatically. This will help the usage and adoption of bitcoin.

[franky1]

If bitcoin can be used to pay taxes, its value will soar dramatically. This will help the usage and adoption of bitcoin.

no it wont!!
think passed the 5 minutes of fame by having news report it and think about bitcoin fundementals and controls..

for instance imagine the 10% income tax

imagine the world was paid 1btc (yea easy maths)

and you followed the taint of this 1 bitcoin each month and seen all the 10% being hoarded by the IRS and seeing the rest of the funds left in circulation decrease
circulation      IRS gift            left in circulation
1.00000000   0.10000000   0.90000000 month 1
0.90000000   0.09000000   0.81000000 month 2
0.81000000   0.08100000   0.72900000 month 3
0.72900000   0.07290000   0.65610000 month 4
0.65610000   0.06561000   0.59049000 month 5
0.59049000   0.05904900   0.53144100 month 6
0.53144100   0.05314410   0.47829690 month 7
0.47829690   0.04782969   0.43046721 month 8
0.43046721   0.04304672   0.38742049 month 9
0.38742049   0.03874205   0.34867844 month 10
0.34867844   0.03486784   0.31381060 month 11
0.31381060   0.03138106   0.28242954 month 12
   
after 12 months
left in circulation 0.28232954
hoarded by IRS  0.71757046   

do you really want government hoarding 71% of all funds within one year!!!

seriously!!

please do not ever envision giving real assets to the IRS.. instead keep btc in circulation and only hand over them debt currencies known as fiat.
and dont rebuttle that the IRS will pay out btc to social services and government agency wages.. the wont. they will hoard BTC and separately create
FIAT bonds to create new fiat to pay social securities.

then the government will use their 71% holding of bitcoin circulation to then control the currency in their favour.. so say goodbye to bitcoin freedoms and bitcoins true purpose

[Kollor]

After IRS takes in the bitcoin, it has to spend it. There is no way it can hold it for too long as the government has to borrow to fund all the social spending.