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RE: Blockchain technology needs deregulation and a hands off approach from state and federal regulators

in #ethereum8 years ago

Also, you have to realize when you are going too far with your suggestions.

Forgiving ALL TAXES is not something that will happen.

Reducing the tax rate from 35% to something much more comparable to Mauritius' 15% would be something that a government official will actually listen to.

After having worked with government officials first hand, I see now why you have to come with a pragmatic solution, and not go extreme.

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Also, you have to realize when you are going too far with your suggestions. Forgiving ALL TAXES is not something that will happen.

What I think should happen is what I suggest. What actually will happen is a different story. Lawmakers are not always wise about these things. Of course they'll probably not forgive the taxes but we should push for it because we believe it should happen not because we think it's an easy victory.

After having worked with government officials first hand, I see now why you have to come with a pragmatic solution, and not go extreme.

Libertarians usually come with their extreme solution. Then pragmatists meet in the middle. We should demand tax forgiveness, but if we do not get that then we should hopefully get tax relief similar to what the Internet had with the Internet Tax Freedom Act. They didn't want to let the Internet be tax free either but if people didn't demand the impossible or what was seen as impossible back then we wouldn't have got that. A tax free Internet back then was seen as extreme but it ended up being the best thing for the Internet and for the economy.

Reducing the tax rate from 35% to something much more comparable to Mauritius' 15% would be something that a government official will actually listen to.

Capital gains taxes are 0% in some instances. 15% capital gains has unintended consequences which they need to be aware of. The possible unintended consequence is that it's easy to get into crypto, build wealth, and then hard to spend it, hard to get out, and this is in effect locking people in as people might be afraid to actually spend their stash because cashing out could mean 39% tax. 15% tax is much more reasonable I agree, but 0% tax is what is desired while 15% is a compromise from that.