Biden plan would overhaul 151-year-old mining law, make companies pay royalties

[larry_vw_1955]

It seems to me that people in the USA are more afraid of tax inspectors than the police. I'm right?

it depends on what law you're breaking  but maybe both are in need of reform. police get paid a huge amount of money and that's all funded by taxpayers. and yet they have attitudes. figure that. tax law is way too complex and if it all got thrown in a trash dumpster and lit on fire that would be a wonderful bonfire...

[zasad@]

It seems to me that people in the USA are more afraid of tax inspectors than the police. I'm right?

it depends on what law you're breaking  but maybe both are in need of reform. police get paid a huge amount of money and that's all funded by taxpayers. and yet they have attitudes. figure that. tax law is way too complex and if it all got thrown in a trash dumpster and lit on fire that would be a wonderful bonfire...

What's so complicated about US tax law? Declaring cryptocurrencies is quite clear and there are already many good services.
I know that in the USA tax forms do not change for decades, but in Russia declarations change every year and sometimes several times a year. And if you have a company, then you need a good accountant. But on the other hand, if you are self-employed or an individual, then the tax inspectors will pay the least attention to you.

[larry_vw_1955]

What's so complicated about US tax law? Declaring cryptocurrencies is quite clear and there are already many good services.

if everything is so simple why do they need 50 page pdf files for instructions on how to fill out a single form? With hundreds if not thousands of such forms. Obviously you have no idea about how complex their rules are.

I know that in the USA tax forms do not change for decades,

wrong. they change all the time. they used to have one big form 1040 then they broke it up into a crapload of smaller forms that just makes things more confusing and complicated but i know you don't anything about that...

but in Russia declarations change every year and sometimes several times a year.

they literally have to have huge book length pdf files for instructions for some of the forms the IRS does. because things are so complicated it takes that long to explain but i know you dont realize that having never been here and subject to that situation.

[philipma1957]

Bitcoin has already become popular and it is not profitable to fight with it.
You can fight by closing exchanges, but as experience shows, where there is profit, there is a shadow market.

if exchanges were outlawed then people wouldn't be able to use their bank accounts to buy and sell bitcoin. pretty much tanking the price of it. but i think that's the least of bitcoin's worries because i don't see amazon letting people pay with bitcoin. or ebay or anywhere. seems like it hasn't really become useful form of payment yet. which is probably why regulators haven't paid alot of attention to it. yet. but the more places it is used the more regulations as we all know...

Yeah if there is a demand some supply will show up 🆙 in some part of the world. But it would be a crime and you could be jailed for having the item.

BTC can be greatly hurt by major countries if they choose to do it.

[Poker Player]

Yeah if there is a demand some supply will show up 🆙 in some part of the world. But it would be a crime and you could be jailed for having the item.

BTC can be greatly hurt by major countries if they choose to do it.

That's for sure. If we want Bitcoin to be massively adopted and the price to continue to rise we need favorable regulations and inevitably the use of centralized entities to buy and sell it is going to continue. With the current usage it is not going to magically happen that people are going to become aware and move to an exclusively P2P use.

Any ban is a sign of weakness. I talk to Europeans and they themselves say that if their government bans cryptocurrencies, they will go on strike.

no one here is going on any type of strike against the government i can guarantee you that. they're too busy with other things.

Not a chance. Nowhere in the world would people go on strike if they banned cryptocurrencies. Except for workers of some companies that had to close and things like that, but nothing massive for sure.

[zasad@]

What's so complicated about US tax law? Declaring cryptocurrencies is quite clear and there are already many good services.

if everything is so simple why do they need 50 page pdf files for instructions on how to fill out a single form? With hundreds if not thousands of such forms. Obviously you have no idea about how complex their rules are.

I know that in the USA tax forms do not change for decades,

wrong. they change all the time. they used to have one big form 1040 then they broke it up into a crapload of smaller forms that just makes things more confusing and complicated but i know you don't anything about that...

but in Russia declarations change every year and sometimes several times a year.

they literally have to have huge book length pdf files for instructions for some of the forms the IRS does. because things are so complicated it takes that long to explain but i know you dont realize that having never been here and subject to that situation.

You write as if it’s my fault that the US has such harsh tax laws.
Here is an example of instructions for filling out a personal income tax return in Russia.
You will find more than 50 pages there. I sent such declarations to the tax office, but did not read these instructions
https://www.nalog.gov.ru/rn77/about_fts/docs/11684003/

It might be easier to sell tomatoes, I’m sure tax returns are easier in this business, or see how your colleagues solve this problem.

[larry_vw_1955]

It seems to me that people in the USA are more afraid of tax inspectors than the police. I'm right?

police carry guns and sometimes here in the USA they kill innocent people. by accident. for whatever reason. lawsuits might get filed but you can't bring someone back from the dead...

alot of times though the people that get shot by the police are people that were doing something they shouldn't have been and that put the police officer on a heightened sense of security. but i still don't think they should shoot at someone unless they get fired on first...

Here is an example of instructions for filling out a personal income tax return in Russia.
You will find more than 50 pages there. I sent such declarations to the tax office, but did not read these instructions Smiley
https://www.nalog.gov.ru/rn77/about_fts/docs/11684003/

you didn't read it so you could be breaking the law and just not know it. is that how you want to live your life is not knowing all the rules you're supposed to be following ? 

[zasad@]

Here is an example of instructions for filling out a personal income tax return in Russia.
You will find more than 50 pages there. I sent such declarations to the tax office, but did not read these instructions Smiley
https://www.nalog.gov.ru/rn77/about_fts/docs/11684003/

you didn't read it so you could be breaking the law and just not know it. is that how you want to live your life is not knowing all the rules you're supposed to be following ? 

In Russia people say: “There are a lot of laws and it’s impossible to know all the laws.”
Do you know what an analogy is? If I don’t want to read long instructions, I can ask for a tax return from a partner with approximately the same tax situation and fill it out according to the sample. Of course I read some pages of long instructions when filling out a tax return.
I know the principles of taxation and if errors in the tax return do not affect the amount of tax, or affect only slightly, then in my country there are no penalties for this. They will call me to the tax office and give me a deadline to submit an amended return and pay additional tax.

[larry_vw_1955]

In Russia people say: “There are a lot of laws and it’s impossible to know all the laws.”
Do you know what an analogy is? If I don’t want to read long instructions, I can ask for a tax return from a partner with approximately the same tax situation and fill it out according to the sample. Of course I read some pages of long instructions when filling out a tax return.
I know the principles of taxation and if errors in the tax return do not affect the amount of tax, or affect only slightly, then in my country there are no penalties for this. They will call me to the tax office and give me a deadline to submit an amended return and pay additional tax.

probably but i think albert einstein has a famous quote about keeping things as simple as possible but no simpler than necessary i guess that doesn't apply to countries taxing their citizens though huh? maybe you can find the quote.

what's wrong with just a flat tax so everyone pays the same percent no matter if they are an individual or business? then you could reduce your tax code down to one sentence and save alot of trees in the process. of course that would put alot of tax "professionals" out of work. so they wouldn't want that.

[zasad@]

In Russia people say: “There are a lot of laws and it’s impossible to know all the laws.”
Do you know what an analogy is? If I don’t want to read long instructions, I can ask for a tax return from a partner with approximately the same tax situation and fill it out according to the sample. Of course I read some pages of long instructions when filling out a tax return.
I know the principles of taxation and if errors in the tax return do not affect the amount of tax, or affect only slightly, then in my country there are no penalties for this. They will call me to the tax office and give me a deadline to submit an amended return and pay additional tax.

probably but i think albert einstein has a famous quote about keeping things as simple as possible but no simpler than necessary i guess that doesn't apply to countries taxing their citizens though huh? maybe you can find the quote.

what's wrong with just a flat tax so everyone pays the same percent no matter if they are an individual or business? then you could reduce your tax code down to one sentence and save alot of trees in the process. of course that would put alot of tax "professionals" out of work. so they wouldn't want that.

There are global accounting standards on the basis of which experts evaluate various global companies, their value, and so on.
But why is all this for individuals? Why do they need to know what value added tax is?
The state should be interested in individuals engaging in business, because this greatly reduces social costs. It is more profitable for the state for a citizen to do business rather than stand in lines for social benefits.

[larry_vw_1955]

There are global accounting standards on the basis of which experts evaluate various global companies, their value, and so on.
But why is all this for individuals? Why do they need to know what value added tax is?
The state should be interested in individuals engaging in business, because this greatly reduces social costs. It is more profitable for the state for a citizen to do business rather than stand in lines for social benefits.

what i don't understand about taxes/royalties/whatever you want to call them. why not just instead of making people hand over their printed paper money. just print more of it so you don't need to ask them for theirs. what is the real difference? a little increase in inflation maybe? well if so then just don't print as much of it in the first place subtract off the amount of it you would be asking them to turn back in and then you don't need to collect taxes at all. just a thought.

[zasad@]

There are global accounting standards on the basis of which experts evaluate various global companies, their value, and so on.
But why is all this for individuals? Why do they need to know what value added tax is?
The state should be interested in individuals engaging in business, because this greatly reduces social costs. It is more profitable for the state for a citizen to do business rather than stand in lines for social benefits.

what i don't understand about taxes/royalties/whatever you want to call them. why not just instead of making people hand over their printed paper money. just print more of it so you don't need to ask them for theirs. what is the real difference? a little increase in inflation maybe? well if so then just don't print as much of it in the first place subtract off the amount of it you would be asking them to turn back in and then you don't need to collect taxes at all. just a thought.

Don't you really understand how economics works?
Bankers rule the world through global organizations such as the IMF and the Bank for International Settlements, the largest rating agencies, and all central banks are subject to their rules. If a country behaves badly, regulators deprive it of loans, and there is a crisis, and then a change of government.

According to the latest 2021 data, the US budget is 6.8 trillion dollars, and taxes collected are 3.8 trillion dollars. If you print that many dollars every year, it will soon be cheaper to wipe your ass with dollars.

[larry_vw_1955]

According to the latest 2021 data, the US budget is 6.8 trillion dollars, and taxes collected are 3.8 trillion dollars.

but what's the point of printing money if you plan to take back half of it? just print half of it to begin with and don't take anything. same end result right?

If you print that many dollars every year, it will soon be cheaper to wipe your ass with dollars.

that's about how much the us dollar is worth at this point. soon to be even more worthless...

[zasad@]

According to the latest 2021 data, the US budget is 6.8 trillion dollars, and taxes collected are 3.8 trillion dollars.

but what's the point of printing money if you plan to take back half of it? just print half of it to begin with and don't take anything. same end result right?

If you print that many dollars every year, it will soon be cheaper to wipe your ass with dollars.

that's about how much the us dollar is worth at this point. soon to be even more worthless...

This already looks like trolling
What's the point of eating food if you end up going to the bathroom with dollars instead of toilet paper?

We live in a time of change, when the old financial system is collapsing, and no one has yet proposed a new global financial project. Or America will find a new way to write off at least half of its debts, because the other half of the US government debt belongs to American citizens and companies.

[larry_vw_1955]

What's the point of eating food if you end up going to the bathroom with dollars instead of toilet paper?

because toilet paper at this point in time is cheaper to use? if that ever became not the case then I think you know what would happen.

We live in a time of change, when the old financial system is collapsing, and no one has yet proposed a new global financial project. Or America will find a new way to write off at least half of its debts, because the other half of the US government debt belongs to American citizens and companies.

If the Democrats by themselves can open the southern border and let millions of people flood into the country without any documentation or anything then trust me they can find a way to write off all their debt. It wouldn't have to be LEGAL you understand. They would just do it. Kind of like how they did this open border thing.   At first they were flying them in under the cover of darkness away from the prying eyes of the public but that could only last so long...

[zasad@]

What's the point of eating food if you end up going to the bathroom with dollars instead of toilet paper?

because toilet paper at this point in time is cheaper to use? if that ever became not the case then I think you know what would happen.

We live in a time of change, when the old financial system is collapsing, and no one has yet proposed a new global financial project. Or America will find a new way to write off at least half of its debts, because the other half of the US government debt belongs to American citizens and companies.

If the Democrats by themselves can open the southern border and let millions of people flood into the country without any documentation or anything then trust me they can find a way to write off all their debt. It wouldn't have to be LEGAL you understand. They would just do it. Kind of like how they did this open border thing.   At first they were flying them in under the cover of darkness away from the prying eyes of the public but that could only last so long...

Debts can only be legally written off through default. The ratio of government debt to US GDP unfortunately does not reflect real data, because all countries' GDP is greatly overestimated for statistics. Practically nothing is produced in the financial sector, so the 2022 GDP of 25 trillion can be reduced by 40-50%.