Bitcoin Rally - Bill in Congress to treat Bitcoin as Currency

[siggy]

That would be FAR worse, for me at least.  I plan on retiring and paying 0% taxes!  How can I do that if they class it as a currency?

Have to agree here...  I saw people going all apeshit over the initial ruling and just can't get my head around why...  Doesn't everyone (well us Americans anyways) realize that this was the BEST realistic tax treatment for bitcoin?  Classifying Bitcoin as currency means the majority of Americans will pay MORE in taxes.   The only thing that could have been better was a ruling of no-taxes.. and I do not consider this a realistic hope.

Sigg

You aren't thinking this through. Treating bitcoins as property for tax purposes makes it hard to spend. If it is hard to spend then nobody will use it. If nobody uses it, then it's value will be 0, and your investment will be worth nothing.

You aren't thinking this through. Treating bitcoins as currency for tax purposes makes it hard to spend.  If it is hard to spend.......   

Most Americans are at least familiar with how capital gains work.  How many Americans actually know how to report foreign currency transactions?  Do YOU know all the reporting requirements for foreign currency transactions?  Assuming someone wants to be legit on his taxes it is much easier and cheaper for the average american if BTC is property, not currency.  Heck, I'd wager a significant portion of tax PREPARERS aren't completely up on all the FOREX reporting requirements.

This of course assumes that the average american actually wants to correctly pay their taxes.  If not, then both our opinions are moot.

[siggy]

That would be FAR worse, for me at least.  I plan on retiring and paying 0% taxes!  How can I do that if they class it as a currency?

That's very smart of you! Are you from US? If so, not paying your taxes is. Ot only a crime, but it is what SCUMBAGS DO! If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane?

Listen, paying taxes suck! But it is necessary in modern societies. You can debate all you want how crooked politicians waste our tax income, or how taxes are too high...but one thing you SHOULD NOT DO IS NOT PAY YOUR TAXES! That is one of the dumbest AND least patriotic things you can do!  If you love your country, then you must pay your taxes. Period.

Good lord.. are you for real..  Or do you just not understand the concept of LEGALLY minimizing the taxes you pay?  Up to a certain income, capital gains are tax free.  It is very simple to live off of capital gains and LEGALLY pay 0% on your taxes.   

As giving the gov't your money is so important to you, I'm assuming you are donating to the federal government over and above your legally required tax burden?  What, you're NOT?  you SCUMBAG !!!  If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane?

[Wilhelm]

That would be FAR worse, for me at least.  I plan on retiring and paying 0% taxes!  How can I do that if they class it as a currency?

That's very smart of you! Are you from US? If so, not paying your taxes is. Ot only a crime, but it is what SCUMBAGS DO! If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane?

Listen, paying taxes suck! But it is necessary in modern societies. You can debate all you want how crooked politicians waste our tax income, or how taxes are too high...but one thing you SHOULD NOT DO IS NOT PAY YOUR TAXES! That is one of the dumbest AND least patriotic things you can do!  If you love your country, then you must pay your taxes. Period.

Good lord.. are you for real..  Or do you just not understand the concept of LEGALLY minimizing the taxes you pay?  Up to a certain income, capital gains are tax free.  It is very simple to live off of capital gains and LEGALLY pay 0% on your taxes.   

As giving the gov't your money is so important to you, I'm assuming you are donating to the federal government over and above your legally required tax burden?  What, you're NOT?  you SCUMBAG !!!  If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane?

Stop the bitchfight!

Paying tax is no fun but without taxes you'll live in a hellhole for sure. Countries don't live off of donations (yet).
Everyone should pay their taxes and everyone should pay ONLY their share as defined by the law.
Minimizing your tax expenditure, within legal boundaries, should be done by everyone in my opinion. If can pay 0% tax then you should!!!

[Ibian]

I consider it immoral to pay taxes. Listen to Hillary Clinton support the murder of half a million children to support the petrodollar:

https://www.youtube.com/watch?v=x4PgpbQfxgo

If you have lived in Nazi Germany, would you have helped to hide Jews? Or would you have helped the government? Adolf Eichman obeyed the laws of his country, yet is despised by most people in the world.

ha ha ha...  Sorry you are a joke.

Punchline #1:  comparing things to Nazi, Hitler, killing Jews... especially when it comes to arguing against "paying taxes".

Punchline #2:  Did you even read the title of that youtube video?  Give you a hint is wasn't Hillary Clinton...

Go bad to the kids table, come back when you can at a least read a youtube video title.

Ait, history time. What Hitler wanted was to keep Germany safe. Excessive immigration is destructive to any culture, and since jews have never had their own country (they were originally nomads) they are by definition foreigners no matter where they go. As such, getting rid of the jews was a good move for Germany. The jew issue has also been greatly exaggerated. The nazis also went after gays, gypsies and anything else that was detrimental to a lasting culture. The jews was just a small part of it, yet it has been blown up to this huge thing by revisionist historians.

The only thing Hitler did wrong was lose the war. The winner is always right. Just ask the americans.

[chessnut]

That would be FAR worse, for me at least.  I plan on retiring and paying 0% taxes!  How can I do that if they class it as a currency?

That's very smart of you! Are you from US? If so, not paying your taxes is. Ot only a crime, but it is what SCUMBAGS DO! If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane?

Listen, paying taxes suck! But it is necessary in modern societies. You can debate all you want how crooked politicians waste our tax income, or how taxes are too high...but one thing you SHOULD NOT DO IS NOT PAY YOUR TAXES! That is one of the dumbest AND least patriotic things you can do!  If you love your country, then you must pay your taxes. Period.

goodness! if US citizens didnt pay taxes, the government couldnt make military aircraft, helicopters, war ships, thousands of nukes, pay troups, feed troups, fund private military organisations, and worst of all, they couldn't go bomb a bunch of countries.

BitchicksHusband is no scumbag, his taxes are not going to a good cause. If I understand correctly, it's not going to Obama care.... LOL.

you know, a mexican drug lord that was arrested was found to have So many billions of US dollars in his mansion that he could pay for the healthcare of all US citizens for 2 years.

This bullshit that we all need to pay our 15% taxes is bullshit. what we need is a government that has power to take money from the multinational corporations, and spend that money efficiently.

[siggy]

-- lots snipped --

Stop the bitchfight!

Paying tax is no fun but without taxes you'll live in a hellhole for sure. Countries don't live off of donations (yet).
Everyone should pay their taxes and everyone should pay ONLY their share as defined by the law.
Minimizing your tax expenditure, within legal boundaries, should be done by everyone in my opinion. If can pay 0% tax then you should!!!

awww.. but a good bitchfight is just so much fun.. and I've had a rough day at work 

I do agree 100% with everything else you said above, however..

Sigg

[BitchicksHusband]

That would be FAR worse, for me at least.  I plan on retiring and paying 0% taxes!  How can I do that if they class it as a currency?

That's very smart of you! Are you from US? If so, not paying your taxes is. Ot only a crime, but it is what SCUMBAGS DO! If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane?

Listen, paying taxes suck! But it is necessary in modern societies. You can debate all you want how crooked politicians waste our tax income, or how taxes are too high...but one thing you SHOULD NOT DO IS NOT PAY YOUR TAXES! That is one of the dumbest AND least patriotic things you can do!  If you love your country, then you must pay your taxes. Period.

goodness! if US citizens didnt pay taxes, the government couldnt make military aircraft, helicopters, war ships, thousands of nukes, pay troups, feed troups, fund private military organisations, and worst of all, they couldn't go bomb a bunch of countries.

BitchicksHusband is no scumbag, his taxes are not going to a good cause.

Thanks for having my back.  I didn't make the laws, I'm just using it to my advantage.  It frees up more of my money to give to good causes instead of propping up the US government to go around acting like a jerk to the rest of the world.

Of course, many of you may disagree on how much of a scumbag I am when you find out what age I am retiring at. 

[Equus]

...
jews ... are by definition foreigners no matter where they go.  ... jews ... gays, gypsies ... jews

The only thing Hitler did wrong was lose the war.
...

Go fuck yourself.

[siggy]

-- snipped for brevity --

Thanks for having my back.  I didn't make the laws, I'm just using it to my advantage.  It frees up more of my money to give to good causes instead of propping up the US government to go around acting like a jerk to the rest of the world.

Of course, many of you may disagree on how much of a scumbag I am when you find out what age I am retiring at.  

In regard to all the above, we're of like mind.. and I'll be joining the retirement-age scumbag club right along with ya  

Sigg

[teukon]

I consider it immoral to pay taxes.

+1

Anyone that reduces the taxes they pay, either legally or illegally, has my respect.

[Equus]

I think it is moral and reasonable to minimize your taxes within the law.

I think it is immoral to evade the taxes that you owe.


I also think it is immoral to write the tax laws for your own personal benefit, but so is most of what the lawmakers do before they go back to their banking jobs.

[dandirk]

goodness! if US citizens didnt pay taxes, the government couldnt make military aircraft, helicopters, war ships, thousands of nukes, pay troups, feed troups, fund private military organisations, and worst of all, they couldn't go bomb a bunch of countries.

BitchicksHusband is no scumbag, his taxes are not going to a good cause. If I understand correctly, it's not going to Obama care.... LOL.

you know, a mexican drug lord that was arrested was found to have So many billions of US dollars in his mansion that he could pay for the healthcare of all US citizens for 2 years.

This bullshit that we all need to pay our 15% taxes is bullshit. what we need is a government that has power to take money from the multinational corporations, and spend that money efficiently.

omg really?  really?

How does someone having piles of cash in their house have ANYTHING to do with paying taxes as it is written in the current law?  I didn't know healthcare made us bitcoiners pay taxes...  Do our BTC miners run lab test results or something I didn't know about?  oh I know they actually calculate the tax each us US citizen is supposed to pay if there isn't a drug lord with a ton of money in his house... makes sense!  Wait I am actually confused.

So let me get this straight... the US Government should get the power to take tax money?  ummm they already do, you are complaining about it right now.

Another thing I love, apparently the government wastes money on stuff you personally do not agree with or like... well we all know every other US Citizen agrees with you.  I mean who wouldn't want Al Pacino to "say hello" to your medical bill?  I do it makes so much sense!  Give more money to the DEA to seize dollars from someone in a different country who got it because its makes more sense to get it that way then to just make it legal and collect taxes on the sales.  

This way is better cause no taxes are involved just drug cartels.

 

[dandirk]

I think it is moral and reasonable to minimize your taxes within the law.

I think it is immoral to evade the taxes that you owe.


I also think it is immoral to write the tax laws for your own personal benefit, but so is most of what the lawmakers do before they go back to their banking jobs.

+1...

Do what you can to change the law... but follow the law while doing it.

[chessnut]

goodness! if US citizens didnt pay taxes, the government couldnt make military aircraft, helicopters, war ships, thousands of nukes, pay troups, feed troups, fund private military organisations, and worst of all, they couldn't go bomb a bunch of countries.

BitchicksHusband is no scumbag, his taxes are not going to a good cause. If I understand correctly, it's not going to Obama care.... LOL.

you know, a mexican drug lord that was arrested was found to have So many billions of US dollars in his mansion that he could pay for the healthcare of all US citizens for 2 years.

This bullshit that we all need to pay our 15% taxes is bullshit. what we need is a government that has power to take money from the multinational corporations, and spend that money efficiently.

omg really?  really?

How does someone having piles of cash in their house have ANYTHING to do with paying taxes as it is written in the current law?  I didn't know healthcare made us bitcoiners pay taxes...  Do our BTC miners run lab test results or something I didn't know about?  oh I know they actually calculate the tax each us US citizen is supposed to pay if there isn't a drug lord with a ton of money in his house... makes sense!  Wait I am actually confused.

So let me get this straight... the US Government should get the power to take tax money?  ummm they already do, you are complaining about it right now.

Another thing I love, apparently the government wastes money on stuff you personally do not agree with or like... well we all know every other US Citizen agrees with you.  I mean who wouldn't want Al Pacino to "say hello" to your medical bill?  I do it makes so much sense!  Give more money to the DEA to seize dollars from someone in a different country who got it because its makes more sense to get it that way then to just make it legal and collect taxes on the sales.  

This way is better cause no taxes are involved just drug cartels.

no.... the US only have power to take money from the weak. cos they are governed by the multi national corporations. well actually, they are just pals... but hey. why do you put up with that? and why are you paying for bombs and SHIT health care?

The US need to catch the criminals that matter, they pick on little guys when there is a drug lord in mexico who could pay for health care for two years for the whole of America?

I will avoid paying taxes to any extent, and maybe you can ask Al Pacino nicely when the government raises taxes to 50% (as a good tax paying citizen  ) for a tip!

[JimboToronto]

This bullshit that we all need to pay our 15% taxes is bullshit. what we need is a government that has power to take money from the multinational corporations, and spend that money efficiently.

Amen.

As a Canadian I won't comment on American tax matters but here in my country, I find the income tax situation disgusting.

When personal income taxes were introduced during World War I, they were considered an emergency war measure, not a permanent means of bleeding the populace. Somewhere along the way they seem to have been accepted as an alternative to more ethical forms of taxation such as corporate taxes, estate taxes and luxury taxes.

To add insult to injury, many corporations now actually receive tax credits, i.e. welfare payments with the burden placed on anyone who's productive and non-corporate. Punishing productivity is evil beyond words.

The end result is that the working middle class  carries the biggest load, while the non-productive poor and rich get a free ride through welfare payments and tax credits respectively. This is just so wrong.

Only corporations should pay income taxes. The only personal income taxes should be on capital gains and dividends, never on wages or profits.

*** End of rant***

[leopard2]

perhaps any of the jackasses here could just READ the article instead of flinging turds at each other? HUH??

"Stockman’s proposal would, rather, require the payment of sales taxes on all virtual currency transactions."

sales tax is usually not much, and extremely simple and linear - much better than property, and it makes BTC fungible again. in practice it could mean a 0.5% tax or something like that when buying/selling or spending BTC = low bookkeeping overhead and less volatility due to high frequency day trading

so whine, complain and insult each other while BTC rocket leaves (340 - 520 already), the market has spoken.

[chessnut]

Our discussion was off topic. but it was still a discussion.

[Ibian]

perhaps any of the jackasses here could just READ the article instead of flinging turds at each other? HUH??

"Stockman’s proposal would, rather, require the payment of sales taxes on all virtual currency transactions."

sales tax is usually not much, and extremely simple and linear - much better than property, and it makes BTC fungible again. in practice it could mean a 0.5% tax or something like that when buying/selling or spending BTC = low bookkeeping overhead and less volatility due to high frequency day trading

so whine, complain and insult each other while BTC rocket leaves (340 - 520 already), the market has spoken.

Sales tax is 25% in my country. On top of a ~50% income tax. And hundreds of other hidden taxes, such as a 180% tax on cars bought outside the borders.

[serenitys]

This thread just went Godwin

http://en.wikipedia.org/wiki/Godwin's_law

Inevitably so... 

[joehal]

If you love your country, then you must pay your taxes. Period.

I still remember the warm autumn when I fell in love with my country. Leaves were falling down and all I could do was think of her. Her red lips and sweet embrace, her generous bosom feeding us all with oil, grains, warm wind of summer.