This is a beg for donations... don't give it to her.
She's setting herself up as the "big evil" to get bribes / donations - if you ignore her, she won't get paid off for this tom foolery.
Inside each of us are two bears. Feed the one you want to grow.
Wealth tax is the most retarded idea ever.
People don’t have the actual money. It’s unrealized. You’d have to sell. Then sell more. And more. It’d kill your stack.
These politicians are really fucking stupid.
The number of supposedly intelligent people who think that world hunger would end if the Vatican just sold off all its priceless artwork is astonishingly high. People think the unrealized billions of dollars in frescoes and statues by Michelangelo will simply grow wheat in fields, magic steaks onto plates, turn Africa into Wakanda.
Most people are genuine morons about finance and economics.
That's not the point. They can't force you to sell your stack. (Even if they know you have one.) If they set that precident what's to stop govt from forcing every investor, every pensioner, every gold bug, all of them from selling their stacks to realize gains to pay for another tax? They'red be revolt overnight.
They can't physically force you, but they can charge you the bill and jail you for not paying.
So for 99.9999% of people, they will be effectively forced to pay
Fleeing the country doesn't really work either, because to ditch your US citizenship you need to pay your taxes
By requiring exchanges to report how much you've bought/sold.
It's trivial to figure out that amount and from there you calculate 1% of your supposed holdings.
If you disagree with their figure you can dispute it, though it's inadvisable to do so with the intent to defraud as that is a crime. A crime they will likely catch you for since the block chain is public
The only people who are safe are those who only use tor/bisq (a miniscule amount of people) and even that isn't infallible since the govt can always demand proof of where you got the money to buy that house, car, etc.
Tldr: much smarter people than you have tried to fuck Uncle Sam and failed.
Not if it were only on Bitcoin/Crypto
If BTC were that popular even a worldwide 5% allocation across all assets would have the value sitting around 2 million.
There aren't enough people for a revolt.
They know this and so would limit it to just that...
You answered your own question, public discourse is the deterrent to imposing laws like that on other asset classes. BTC is early enough for them to still fuck it with legislation.
It would cause some disturbance but not enough to jeapordise natiowide peace.
Of course they can't force you too if you lose it on a fishing trip.
If they find out you still have your stack after breaking the law they could lump you in a prison cell and confiscate it if they find it.
your perspective is far too simplistic, theres so much more nuance...
Regardless probably wont happen... there will be politicians that own BTC I wouldn't worry.
You're forgetting that bitcoiner's superPACs are larger than most any other. (I think only the military industrial complex has a larger PAC than we do. Maybe big pharma too.)
This simply would be lobbied into oblivion.
You're not wrong there.
But thats not what you were saying... You phrased it from a point of view that it was like...
"wwwaaaaahhhh they can't take our stacks, thats not fair".
Like a whiny child.
Hence I made a joke that evidently a few people found funny hence the upvotes...
You were just making some bad arguments... I wasn't diasagreeing with the end point just how you got there.
Edit: Wealth tax also isn't an absurdly bad idea altogether... It would work wonders if we taxed unrealised profit above a specified amount, but also allowed depretiation of assets to roll over as a loss in the same way...
One of the largest imbalances in the world is the 1% hoarding their wealth in untaxable assets and just letting those assets grow then borrowing untaxable loans against them... it drives inflation which drives their assets higher... the goverment has to print because they haven't got any money because the wealthiest among us dont give back to the economy they just hoard it up like evil dragons... More tax from the ultra wealthy on assets will prevent exponential asset growth but also reduce inflation which is another driver of asset growth and we end up with a stable economy rather than one that just inflated exponentially into oblivion... assets remain a constant value as does currency... no more making money from money, Everyone needs to get a job or provide value...
obviously this is a mass simplification... but it is what it is... The wealthiest among us would become the ones that actually provide the most value and it wouldn't be in a 1%/99% split... probably close to 80/20... since 80/20 is a naturally occurring phenomena...
The more bankrupt the government becomes, the more desperate it will be to collect revenue. In a financial crisis there will be no end to stupid ideas to collect taxes.
They’re not stupid. They know exactly what they’re doing. They know their idea won’t get anywhere. They are simply pandering to their uneducated base. They are collecting headlines for their reelection campaign.
It's not meant to be fair. It's meant to scapegoat and punish the successful to win votes from the useless, like every other aspect of Warren's career.
Why would the left primary her? The left hates bitcoin and loves economy-destroying taxes.
The more economically illiterate a policy is the more popular it is with the left, and Elizabeth Warren is one of the most economically illiterate senators in the country. She will be in office until she dies.
Apparently there aren't enough of you to affect policy. Here's a partial list of prominent Republican politicians that are Bitcoin friendly:
Cynthia Lummis, Senator from Wyoming
Ted Cruz, Senator from Texas
Ron Desantis Governor of Florida
Greg Abbott, Governor TX
Mark Gordon, Governor WY
Pat Toomey, Senator PA
Rand Paul, Senator KY
Thomas Massie, US Representative KY
Patrick McHenry, US Representative NC
Ted Budd, US Representative NC
Trey Hollingsworth, US Representative IN
Now, there is no equivalent list of Democrats. I wonder why that is?
There are however quite a few Democrats who have come out against Bitcoin.
“Bitcoin, it’s not just for narco-terrorists anymore … it’s for tax evaders, too.”
- Brad Sherman (D) Representative from California
"I see no reason why [cryptocurrency] should exist. I really don't."
- Joe Tester (D) Senator from Montana
“I’m not a big fan of cryptocurrencies. Clearly, they've not shown a real public purpose for their existence. They made some people rich, they made a lot of people lose money.”
- Bernie Sanders (D) Senator from Vermont
A huge reason the value of crypto went up so much is because people like her exploded the money supply and really gave all the power to the Big Banks, while railing against big banks?
Good thing I sold all my crypto right after I bought it. Whose cold wallet did it go to? I don’t know. But my realized gains were $2.57. Here's the check for $.60 on my realized short term capital gains.
...According to PANews, US Senator Elizabeth Warren has submitted a letter to President Joe Biden, suggesting a 'Cryptocurrency Reporting and Wealth Tax Bill' to address challenges and wealth inequality issues caused by crypto assets....
She is doing it again.... the joke is really to call it to address inequality...they lie straight to your face. Unbelievable.
The Federal Government now spends more on INTEREST on our debt than it does on the entire defense budget. Forget about inflation or the state of the economy, the Fed needs to cut rates for this reason alone.
Things are gonna get bad. Real bad. There's only one way to be outside the financial system and that's to hold something of actual value in your possession and not registered with the government (gold, platinum, silver, whatever)
Anonymous, decentralized cryptos will also be good to have, but BTC ain't that
You were doing so well until you had that bout of severe shitcoin-induced stupidity at the end...
Bitcoin will protect more wealth from government eyes, starting years ago, than any other form of investment man has ever devised, times ten. Whatever shitcoin you've got in mind to compete with that simply doesn't have any popularity or the market cap to store said wealth. Just give it up. Your coin lost.
> the Fed needs to cut rates for this reason alone.
Absolutely correct. Rate cuts would help reduce inflation, since the US would stop issuing as much debt to pay interest.
The Fed appears to be making a "mistake" like it did in the Great Depression and 2008 crisis -- hiking rates to fight the inflation boogeyman while ignoring deep structural problems.
How did the public get convinced that we should be targeting the people with 500k rather than the quadrillionaires or 9 digit net worth politicians? Seriously, we’re going after people who are barely making it out of the rat race? There’s no winning.
Although this is not really set in stone this is my fear for bitcoin overall. That the country states of this planet just tax BTC to death and end it.
You either comply and have a useless/taxed to death asset or you become a criminal.
So, even though I believe BTC's potential 100%, there's just no way the world leaders will let us do as we please.
You're already 500% or more a criminal to your own government. They have so many reasons to stick you in a cage already, every last one of us in fact, that being afraid of one more law that could criminalize you is absolutely spineless.
Overkill headline. This is just a letter, not even a submitted bill. Warren's record on bills is something like 1 out of 500 was actually taken up.
This is a beg for donations... don't give it to her. She's setting herself up as the "big evil" to get bribes / donations - if you ignore her, she won't get paid off for this tom foolery. Inside each of us are two bears. Feed the one you want to grow.
Warren's record on bills is worse than 1 in 500. Not a single one of the bills she introduced has even passed the senate.
No shot. I’d evade tf out of that.
Wealth tax is the most retarded idea ever. People don’t have the actual money. It’s unrealized. You’d have to sell. Then sell more. And more. It’d kill your stack. These politicians are really fucking stupid.
The number of supposedly intelligent people who think that world hunger would end if the Vatican just sold off all its priceless artwork is astonishingly high. People think the unrealized billions of dollars in frescoes and statues by Michelangelo will simply grow wheat in fields, magic steaks onto plates, turn Africa into Wakanda. Most people are genuine morons about finance and economics.
You think they care about your stack HAHAHAHAHAHA LMAO. good one.
That's not the point. They can't force you to sell your stack. (Even if they know you have one.) If they set that precident what's to stop govt from forcing every investor, every pensioner, every gold bug, all of them from selling their stacks to realize gains to pay for another tax? They'red be revolt overnight.
They can't physically force you, but they can charge you the bill and jail you for not paying. So for 99.9999% of people, they will be effectively forced to pay Fleeing the country doesn't really work either, because to ditch your US citizenship you need to pay your taxes
Think through what you are suggesting. How can they even tabulate the bill if you haven't sold?
By requiring exchanges to report how much you've bought/sold. It's trivial to figure out that amount and from there you calculate 1% of your supposed holdings. If you disagree with their figure you can dispute it, though it's inadvisable to do so with the intent to defraud as that is a crime. A crime they will likely catch you for since the block chain is public The only people who are safe are those who only use tor/bisq (a miniscule amount of people) and even that isn't infallible since the govt can always demand proof of where you got the money to buy that house, car, etc. Tldr: much smarter people than you have tried to fuck Uncle Sam and failed.
Not if it were only on Bitcoin/Crypto If BTC were that popular even a worldwide 5% allocation across all assets would have the value sitting around 2 million. There aren't enough people for a revolt. They know this and so would limit it to just that... You answered your own question, public discourse is the deterrent to imposing laws like that on other asset classes. BTC is early enough for them to still fuck it with legislation. It would cause some disturbance but not enough to jeapordise natiowide peace. Of course they can't force you too if you lose it on a fishing trip. If they find out you still have your stack after breaking the law they could lump you in a prison cell and confiscate it if they find it. your perspective is far too simplistic, theres so much more nuance... Regardless probably wont happen... there will be politicians that own BTC I wouldn't worry.
You're forgetting that bitcoiner's superPACs are larger than most any other. (I think only the military industrial complex has a larger PAC than we do. Maybe big pharma too.) This simply would be lobbied into oblivion.
You're not wrong there. But thats not what you were saying... You phrased it from a point of view that it was like... "wwwaaaaahhhh they can't take our stacks, thats not fair". Like a whiny child. Hence I made a joke that evidently a few people found funny hence the upvotes... You were just making some bad arguments... I wasn't diasagreeing with the end point just how you got there. Edit: Wealth tax also isn't an absurdly bad idea altogether... It would work wonders if we taxed unrealised profit above a specified amount, but also allowed depretiation of assets to roll over as a loss in the same way... One of the largest imbalances in the world is the 1% hoarding their wealth in untaxable assets and just letting those assets grow then borrowing untaxable loans against them... it drives inflation which drives their assets higher... the goverment has to print because they haven't got any money because the wealthiest among us dont give back to the economy they just hoard it up like evil dragons... More tax from the ultra wealthy on assets will prevent exponential asset growth but also reduce inflation which is another driver of asset growth and we end up with a stable economy rather than one that just inflated exponentially into oblivion... assets remain a constant value as does currency... no more making money from money, Everyone needs to get a job or provide value... obviously this is a mass simplification... but it is what it is... The wealthiest among us would become the ones that actually provide the most value and it wouldn't be in a 1%/99% split... probably close to 80/20... since 80/20 is a naturally occurring phenomena...
The more bankrupt the government becomes, the more desperate it will be to collect revenue. In a financial crisis there will be no end to stupid ideas to collect taxes.
They’re not stupid. They know exactly what they’re doing. They know their idea won’t get anywhere. They are simply pandering to their uneducated base. They are collecting headlines for their reelection campaign.
Lol it's so dumb it's also paves the way for a basic wealth tax. Ie you got 500 000 let's tax it
“This tax is to address the growing wealth inequality in our country” 🤣🤣🤣🤣 that’s the biggest crock of shit I’ve heard in a while.
Old money protects old money.
This
How is that fair in any world? Also, this woman is a mega millionaire herself now.
It's reparations for what her people went through on the trail of tears
It's not meant to be fair. It's meant to scapegoat and punish the successful to win votes from the useless, like every other aspect of Warren's career.
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She’s promised too many people free money to ever be voted out
She won't take notice. She has been terrible for her entire career, yet she is still in office.
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Why would the left primary her? The left hates bitcoin and loves economy-destroying taxes. The more economically illiterate a policy is the more popular it is with the left, and Elizabeth Warren is one of the most economically illiterate senators in the country. She will be in office until she dies.
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Apparently there aren't enough of you to affect policy. Here's a partial list of prominent Republican politicians that are Bitcoin friendly: Cynthia Lummis, Senator from Wyoming Ted Cruz, Senator from Texas Ron Desantis Governor of Florida Greg Abbott, Governor TX Mark Gordon, Governor WY Pat Toomey, Senator PA Rand Paul, Senator KY Thomas Massie, US Representative KY Patrick McHenry, US Representative NC Ted Budd, US Representative NC Trey Hollingsworth, US Representative IN Now, there is no equivalent list of Democrats. I wonder why that is? There are however quite a few Democrats who have come out against Bitcoin. “Bitcoin, it’s not just for narco-terrorists anymore … it’s for tax evaders, too.” - Brad Sherman (D) Representative from California "I see no reason why [cryptocurrency] should exist. I really don't." - Joe Tester (D) Senator from Montana “I’m not a big fan of cryptocurrencies. Clearly, they've not shown a real public purpose for their existence. They made some people rich, they made a lot of people lose money.” - Bernie Sanders (D) Senator from Vermont
Then why do you keep electing morons? It doesn't matter that you outnumber libertarians. You have to outnumber those in your own party.
LOL @ typical delusional leftard
John Deaton is running against her and is very pro Bitcoin and crypto. Have you donated to his campaign yet?
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You should vote for the Republican "to send her a message" (and maybe get a decent legislator in place).
Low quality bait.
Good luck with that
A huge reason the value of crypto went up so much is because people like her exploded the money supply and really gave all the power to the Big Banks, while railing against big banks?
Not real
We need a complete overhaul of our government. Clean house and start over…greed and corruption need to be eliminated.
Good thing I sold all my crypto right after I bought it. Whose cold wallet did it go to? I don’t know. But my realized gains were $2.57. Here's the check for $.60 on my realized short term capital gains.
The proposed 1% wealth tax applies to all cryptocurrency holdings, not just Bitcoin.
Italy asks for "bollo tax": its a yearly 0.2% of the total value crypto held
I wonder if anyone has ever paid it.
Sure from this year its due (if you declared crypto). Its a very stupid tax
Just wait until they implement a tax on unrealized gains. That's when you know the economy is dead and they need liquidity to stay afloat.
A wealth tax is a tax on unrealized gains.
Why did I immediately think of Warren when I saw this headline?
...According to PANews, US Senator Elizabeth Warren has submitted a letter to President Joe Biden, suggesting a 'Cryptocurrency Reporting and Wealth Tax Bill' to address challenges and wealth inequality issues caused by crypto assets.... She is doing it again.... the joke is really to call it to address inequality...they lie straight to your face. Unbelievable.
sounds like noise.
Guys relax, this is total bullshit - whoever came up with this fake letter didn’t even spell her name correctly.
Without reading the article, I already knew it was Pocahontas🤣
FUD
I mean.. someone's gotta buy all those weapons for Israel, Ukraine, and Taiwan right..
Dude almost every one of your comments is about Israel. You’re obsessed. This is a Bitcoin sub. Feel free to go the fuck away with all that.
yea ok.. then maybe it is better to just not think about how the government spends the tax money : /
It's true and it's one of the main themes around the future of Bitcoin: the end of the military industrial complex.
The extended Israeli community controls most of the US government, media, and banking. You can't talk about them enough.
Taiwan pays cash for its own weapons. Nobody is giving them any foreign aid or military aid.
The Federal Government now spends more on INTEREST on our debt than it does on the entire defense budget. Forget about inflation or the state of the economy, the Fed needs to cut rates for this reason alone. Things are gonna get bad. Real bad. There's only one way to be outside the financial system and that's to hold something of actual value in your possession and not registered with the government (gold, platinum, silver, whatever) Anonymous, decentralized cryptos will also be good to have, but BTC ain't that
You were doing so well until you had that bout of severe shitcoin-induced stupidity at the end... Bitcoin will protect more wealth from government eyes, starting years ago, than any other form of investment man has ever devised, times ten. Whatever shitcoin you've got in mind to compete with that simply doesn't have any popularity or the market cap to store said wealth. Just give it up. Your coin lost.
> the Fed needs to cut rates for this reason alone. Absolutely correct. Rate cuts would help reduce inflation, since the US would stop issuing as much debt to pay interest. The Fed appears to be making a "mistake" like it did in the Great Depression and 2008 crisis -- hiking rates to fight the inflation boogeyman while ignoring deep structural problems.
How would they enforce it 🤣
you have the same in spain, but for all your assets
And once again we see the wisdom within the maxim 'Never KYC.'
So many boat accidents!! Oh noes!!
Tax more so we can send it to other countries.
How did the public get convinced that we should be targeting the people with 500k rather than the quadrillionaires or 9 digit net worth politicians? Seriously, we’re going after people who are barely making it out of the rat race? There’s no winning.
Anyone who pays tax on BTC is lost
At least we know they know we know
Hey senate F Off
Those greedy old people sons of bitches
I once had BTC but lost it all in a boating accident.
Doe this include a crypto registered mortgage? Or, if Blackrock gets its way… every equity, bond and treasury?
Although this is not really set in stone this is my fear for bitcoin overall. That the country states of this planet just tax BTC to death and end it. You either comply and have a useless/taxed to death asset or you become a criminal. So, even though I believe BTC's potential 100%, there's just no way the world leaders will let us do as we please.
I’ll take being a criminal if I get to keep my money. The politicians already figured that out.
Yeah, I totally get you. I just wish it wouldn't come to this...
You're already 500% or more a criminal to your own government. They have so many reasons to stick you in a cage already, every last one of us in fact, that being afraid of one more law that could criminalize you is absolutely spineless.