How the New U.S tax law affects Bitcoin

[sunnex100]

In the next few days, president Donald Trump will sign the new tax legislation which scaled through at both houses of congress this week. Analysts have said that digital currency owners are obliged by the new U.S. Tax regime to pay taxes when they exchange it for dollars or buy tangible items or goods. What do you think this now portend for the crypto world now that Mr Trump want a share of the loot?

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[davis196]

In the next few days, president Donald Trump will sign the new tax legislation which scaled through at both houses of congress this week. Analysts have said that digital currency owners are obliged by the new U.S. Tax regime to pay taxes when they exchange it for dollars or buy tangible items or goods. What do you think this now portend for the crypto world now that Mr Trump want a share of the loot?

The new US tax law is good for the cryptocurrency community,because the rich people and big corporations will pay less taxes,which means that they will have to money to invest into bitcoin and altcoins.
Cryptocurrency users were obligated to pay taxes before this new legislation,and i doubt that most of them pay taxes for their crypto savings.

[BartS]

In the next few days, president Donald Trump will sign the new tax legislation which scaled through at both houses of congress this week. Analysts have said that digital currency owners are obliged by the new U.S. Tax regime to pay taxes when they exchange it for dollars or buy tangible items or goods. What do you think this now portend for the crypto world now that Mr Trump want a share of the loot?

In theory you were already obligated to do that, but now it is going to be signed into law, to be honest it does not change anything those that want to comply are going to do it law or no law, and those that do not want to comply are not going to do it no matter the amount of laws that are passed, it is in moments like these that I love living in a country that is not that powerful.

[Hydrogen]

I honestly haven't 100% kept up with the US tax bill. The impression I got was that it would cut the corporate tax in the USA. The media attempts to apply negative spin to this, claiming its a "tax cut for the rich". The USA has the highest corporate tax in the world, which greatly reduces the amount of money invested into the united states economy, job markets and real estate. There's a side effect where reducing the corporate tax has potential to increase the amount of investment capital poured into the USA, which could have tangible gains in terms of job markets, the economy and other sectors.

The second part of the tax bill is its tax cuts on the poor to middle class. Ronald Reagan did something similar under his campaign. Reagan gave poor to middle class americans tax cuts to shift the tax burden more squarely upon the wealthy. That is what Trump's proposal for tax cuts represented.

Another aspect of the tax cuts are the counter intuitive nature of taxes. Sometimes tax cuts will bring higher tax revenues due to decreased tax evasion and tax loopholes. The rich might view a 30% tax as being too high and unfair and so they might resort to tax evasion. But if taxes were cut to 20% many would view that as a fair price to pay, which could cut the number of wealthy who resort to tax evasion, tax shelters and similar practices.