Bitcoin will be accepted for tax payments in Colorado

[rudolfaxl]

From what I've seen, state taxes only account for 20% in the US, with a vast majority of taxes collected being federal. So if Colorado makes a decision, it won't affect most taxes people pay. I also wonder if a decision to collect taxes in Bitcoin is something a state can decide on its own or if the green light must be given on the federal level for that as well. And if they collect the taxes in Bitcoin, but then convert them into fiat, doesn't it call for a sell tax on behalf of whoever does the conversion? I wonder if a decision like this can actually work in the US.

I also have the same question. Why do they accept tax payments in bitcoin and will they convert to fiat immediately after?. What is the purpose of this and what effect will it have on them. I find them completely meaningless for bitcoin and the benefits they will achieve.

[YOSHIE]

It seems that many countries are looking at and making new rules about taxes, Bitcoin seems the best solution to start receiving new taxes, one of which is what Colorado wants to do, I think that in the next 3-5 years 70% of the countries in the world will receive tax payments using crypto, especially Bitcoin, if we see every day there are countries implementing tax rules with Bitcoin.

I wonder, if all countries accept tax payments with Bitcoin, can the price be higher than ATH has ever been or Bitcoin will have a stable price crypto fate.....!

[KennyR]

It seems that many countries are looking at and making new rules about taxes, Bitcoin seems the best solution to start receiving new taxes, one of which is what Colorado wants to do, I think that in the next 3-5 years 70% of the countries in the world will receive tax payments using crypto, especially Bitcoin, if we see every day there are countries implementing tax rules with Bitcoin.

I wonder, if all countries accept tax payments with Bitcoin, can the price be higher than ATH has ever been or Bitcoin will have a stable price crypto fate.....!

More countries are into taxation of bitcoin. As it is possible to make anonymous transaction governments find it difficult to tax people in a precise manner. Anyhow with technology countries will make the best to tax cryptocurrency users. Same time it makes people into some fear, because we don't know what range countries are gonna tax the users. If things happen same as the taxation from India, it'll surely be a big problem.

[Webetcoins]

More countries are into taxation of bitcoin. As it is possible to make anonymous transaction governments find it difficult to tax people in a precise manner. Anyhow with technology countries will make the best to tax cryptocurrency users. Same time it makes people into some fear, because we don't know what range countries are gonna tax the users. If things happen same as the taxation from India, it'll surely be a big problem.

How are the taxation goes in India? Ah I think I remember now, people are charge 30% of tax right? Ouch that hurts especially for a person which income is only small but I guess they need that to improved their country and to chase other country that are already well developed.

Other countries can charge a tax smaller than on what on India because like I said earlier, they are already well developed so no need for us to worry but even if the government charge a high tax I think that will still be okay as long as they allow cryptos to be legalize in our country. We can still benefit because more adoptions means more price hike and more profits for us.

[haasanjui]

A Governor Jared polis announced that taxes and feese are paid via Cryptocurrency. And Colorado will be the first city in the world who accept BTC for pay Taxes and feeses.