The way I see it the US is becoming quite crypto friendly, now that China has made its stance clear on Bitcoin, meaning that it has "almost completely" kicked it out of the country.
We have mayors having their paychecks in Bitcoin, both the Miami and New York mayor doing that, and according to a Cryptoslate report it seems that Colorado residents can now pay their taxes in crypto, or at least they will be able to do that soon...
As a sign of the mainstream public’s continued adoption of digital assets, Governor Jared Polis of Colorado, a state in the western part of the United States, disclosed that they would start accepting cryptocurrencies like Bitcoin and Ethereum as a payment option for taxes in the state.
“Our budget is still in dollars, our expenditures are still in dollars, and, of course, we don’t want to take the speculative risk of holding crypto, so we will be having a transactional layer there. It will be entering our systems as dollars.”
-Governor Jared Polis of Colorado
Meanwhile in my part of the world cash is kind and to some extent that is simply great because cash offers you privacy and financial freedom. I still love cash and I also love crypto, but... would I pay any tax in crypto?
Hmmm, why not?
But I wouldn't do that with Bitcoin or Ethereum, as the Colorado residents will be able to use, I'd rather stick with stablecoins. Ever since I started using crypto for "almost daily" purchases, I've been doing that by using stable coins.
I don't feel comfortable "giving away" an asset that might appreciate over time, it just doesn't feel right. With stable coins I feel more stable :D and yeah I'd pay taxes with it. I don't actually pay much taxes, but the ones that I do I'd definitely opt for crypto payments.
What about you, would you pay for any tax with crypto, if your current residence country would allow that?
Thanks for attention,
Adrian
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Wawo what an information!!
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Gas fee is already a tax. Witohut I wuold pay !PGM
100 PGM token to send 0.1 PGM three times per day
500 to send and receive 0.1 PGM five times per day
1000 to send and receive 0.1 PGM ten times per day
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I agree that I wouldn't like to use crypto for taxes, because it appreciates so much over time. Imagine looking at decade old tax returns in the future and thinking "that 100000 sats I paid in tax could buy a mansion now!"
Also: the second you pay in BTC or ETH, the second they have positive confirmation of an address under your control. True, most stablecoins would have a similar downside, but that also depends on how you run our wallets.
Personally I'd rather stick to fiat for taxes - or better yet - not pay those extortion fees at all!
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Crypto payment would be very convenient and it will prevent a lot of the complications that people go through but there's a problem with the idea.
First of all, if you pay tax in crypto, it means you're going to have to declare your onchain portfolio value.
Imagine dropping a Leofinance post and then agent of Romania government comments "Hey Adrian(Input your surname), remember to pay $3 of HBD from this post as tax" 😆.
That will be terrible man
Yea, with stables, for sure!
I'd love to be able to pay for more things with crypto!
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No I would not pay my taxes in crypto as it would be giving the government more information about your wallets. I guess it may show up eventually in the US but I really don't really think California will allow it anytime soon.
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