The thought of crypto and taxes makes my brain hurt. Obviously treating them like shares and paying tax on the crypto that you realise/convert to fiat sounds fair to me... but that doesn't really cover buying goods or services straight from crypto... on the other hand, recording every transaction is so incredibly painful... and with such volatile assets how do you know when to tax them? It's so hard.
I honestly don't mind the idea of the GST (Goods and services tax) where you're paying tax on what you spend. Obviously it's not perfect... but it does mean that lower income people pay less in taxes. It does mean that rich people hoarding money isn't taxed, but if they were to buy other assets then it would. It would put the effort to work it out on the sellers of goods and services, which seems fine to me.
The very upsetting aspect is when companies like H&R Block lobby the government to keep convoluted tax laws and processes to keep themselves in business. So terrible.
I like the GST model. 25% and no other taxes. Can't see it being adopted, though. The point isn't fundraising, its control.
They take from everyone, then give back to the obedient.
If I remember correctly, I think the Australian Federal Government had little to no power over the individual Australian states until they took over income tax... I'm not sure we would have had much of a Federal Government without that particular move... and now they can pretty much tell the states what to do.
In the US we're paying Federal Tax and State Tax... the individual states set their own tax rate (and there is also property tax on top) so they have greater autonomy. I actually like the states having more resources and ability to make their own laws, it means people can (theoretically) move to a state that suits their financial goals and ideology.
The closer your government, the better. Some want it a few thousand miles away; I want it at my dining room table.
Have you ever considered running? You'd honestly be amazing.
That's very kind. It's unfortunately a well-worn path. Lots of liberty minded people have tried it over the years and they're either completely ineffective at securing real, lasting change; or they're corrupted by it and end up just as bad as the others.
I'm going to continue focusing on projects like this. If we can give people an alternative to government issued money and convince them to use it; Gresham's law will starve the nation state out of existence.
That makes sense. Instead of trying to fix the system from within, creating a superior, more equitable system to replace it. Definitely a project worthy of our time.
You'd best start believing in anarchist revolutions, Mr Ninja.
You're in one.
Would make sense, right? I don't even mind the government level tax, but it should come with full transparency. Government spending should be blockchained and always equal zero. Then, there should be a percentage of it where the user gets to decide what is supported.
So much this!
I've been thinking about blockchained Government so much recently. As far as I can see it, it would end the party system instantly and make consequences immediate for elected officials who don't do their jobs.
It would change everything - which is why they fear crypto. Once people are acccustomed to transparency and handling their own wealth - their next sight is on governance. Look at Hive as an example of what could be and while this is DPoS, that "stake" could be any number of factors applied through a smart contract. Rather than voting for an individual or even a party, you vote across a spectrum and the job gets given to the most qualified etc - it makes politicians hired bureaucrats again, not celebrities.
I'm constantly appalled with how much money is spent on campaigning in the US. It's astronomical and obviously affects policy decisions, etc... imagine if the money spent on convincing people you were going to fix the problems, was just spent on fixing the problems.
I'd think we'd still see some levels of it, "Vote Smith on Proposal 8573" but we'd also get to see proof of Smith's track record, successes, failures, etc... something that just doesn't seem to be a factor whatsoever in today's politics.
Imagine if there was a proposal system similar to Hive for some expenditures where a percentage of support had to be reached based on stake. How many would be willing to pay out of their private wallets for the next war?
I guess it depends on how much "defense" contractors are willing to spend whipping up a media frenzy but yes, if everything is recorded then it might only work once. If it was an additional cost to each citizen, then, no chance.
Now, to widen a road that eases my commute... sign me up!
It's damn near impossible. Just for curating, dozens of micropayments every day. Add to that earning dribs and drabs of DEC playing Splinterlands, buying/selling/renting cards, daily quests where you might earn credits, potions, or cards, Hive-Engine transaction that can easily be dozens a day. And that’s just parts of the Hive ecosystem.
Yeah... we might eventually all have to move to Portugal where crypto is untaxed... just because it's easier.
The problem with GST in Finland is, it is so variable on different items and is applied in weird ways. For example, if I buy something from outside the EU (and Finland in many cases), I get double taxed and, it depends on what I buy. For example, let's say I buy a T-shirt and a pair of shoes - the T-shirt has something like an 18% tax, the shoes 28% - and then, it depends on what it is made out of.... it is all silly here - Finland is the land of tax.
The crypto tax is mental...
The start of the loophole level that puts a price most can't pay to access the loopholes.
Ooof!
Is it taxed at the moment of purchase? Or do you have to work it out annually?
I personally don't mind slight differences in tax rates for different items, Lambos and Private Jets taxed at a higher percentage than milk and bread, sure... but what you're describing would drive me bonkers.
As it comes into the country. If it is over 100€ (maybe 150), it goes straight to customs and they won't release it until it is paid.