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RE: My Home State on the cutting edge of Tech
It's a pretty interesting idea (paying taxes to the authorities directly with crypto), although it triggers a potential tax hit in the U.S.
It's a pretty interesting idea (paying taxes to the authorities directly with crypto), although it triggers a potential tax hit in the U.S.
That's a rather new problem, ain't it? You have to pay taxes for paying taxes (at profit)... what a joke! I can foresee a kind of never-ending spiral of paying taxes on bitcoin gains from paying the prior year's taxes in bitcoin.
I'd like to take this opportunity to say something that I hold deeply in my heart - fuck taxes!
How are we suppose to pay for all those people who don't want to work.
No one should pay real money for other people's (poor) choices. And, quite frankly, no one should be forced to give up any percentage of their earned wages to something that they don't agree with in the first place, whether the spending of that money is democratically determined or not.
On a somewhat related note, I think the fairest system of taxation is to completely do without this unnecessarily complicated individual account of income and expenditures and to direct a certain percentage of the total money supply, being pumped out by the federal reserve on a constant basis, towards what we democratically determine to be in need of funding.
I think this could be done for federal income tax and that it would work favorably to our current system (I'm speaking here as a US citizen), wherein a large percentage of "participants" (as if they have a choice) don't understand the laws, make significant accounting errors, or simply break the law (commit tax fraud of varying degrees), all things that add up to cheating out the honest, competent, non-criminal taxpayers of their hard-earned money.
If we all take the same hit at the source - the money supply that we all share - we completely remove the problem of honest taxpayers having to compensate for under-reporting of income and what have you. All US citizens take an equal hit on their currency's value, which is literally as objectively fair of a tax system as can be implemented, and it also frees us to spend our currency without having to worry about whether we've saved enough money to pay for taxes or not (state taxes aside).
Ya, what is even crazy to me, if we are all equal, why do we have different percentage brackets, if everyone paid lets say 15% people who make a million would pay 150k and people making 100 would pay 15k so the people who make more would still pay more simple math, but no we should punish them and make them pay at 35% what makes them different?
Exactly.
Everyone should pay the same percentage (flat rate tax) if we have to pay taxes. I only suggest that we do without taxes and have the government "print" (spend) more money to get around tax-payers cheating the system or committing math errors.