I was tracking coverage of the Wyoming Blockchain Coalition over the past few months (including here) and while it's exciting to see that less taxes will be implemented on crypto, it doesn't stop the Federal government from taxing crypto. The federal level tends to be where heavy taxation is here in the states. In this case, Wyoming is not (to my knowledge) a particularly heavy state tax state to begin with. When I used to live in Texas, there were no income taxes from the state level and almost all withdrawals from paychecks came from the feds. Businesses also had veryyy beneficial tax breaks in Texas. (And with regard to Federal taxes, there is a new federal tax bill being put into place for 2018, but I'm not sure how much of a difference it will make on the whole for crypto. )
Anyway, it's still exciting to see how cryptocurrency is treated by various governments from a tax perspective, and as you stated, maybe crypto companies will migrate their HQ's to Wyoming. (Whether they physically locate there or not is another story -- hilariously enough, Facebook is technically operated out of Delaware because of the beneficial taxes, but its HQ is obviously in the Bay Area here in California. Hah.) Crypto taxation will clearly be an evolving field in the coming years and I'm sure tax lawyers and accountants will have to scramble to keep up!
Hey are you in Texas? A great state and you are right no State tax. It needs to start at the state level.
Hey @rebeccabe! No, I am not in texas anymore; I am now in California, but i lived in texas for about six years
California girl..well I am not in Texas ..nebraska for the last few years of all places
Maybe trying to diversify their economy right? It's a precarious position to be a in a resource type economy that depends on natural resources (coal). You might like this article I read recently why people are moving to Idaho and fleeing Wyoming https://www.denverpost.com/2017/12/26/idaho-wyoming-population-growth-economy/
I really liked your well written comment!
Thank you, @antimetica!! Yeah, spammers are not my fave and if Im gonna write a comment, I do my best to be thoughtful if I can (I imagine you are the same :]). In real life, though? Im not thoughtful at all :-P XD
Awesome article share, too. I think it is fascinating that wyoming has a pretty high cost of living... not sure that people transferring their bitcoins to Wyoming-based holding companies will make much of a difference to that uncomfortable life reality in the state!!