Earlier quoted context omitted.
Once Monero is accepted more widely, sure.
you mean, like bitcoin isn't?
You might be surprised at what's available for Bitcoin. Servers and VPN services. Consultants. Plus stuff via dark markets.
US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
131–140 of 187 posts
Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#132The United States has divided into a privileged class vs commoners:
1) PRIVILEGED CLASSES: Easy cheap to create Off-shore shell company legal entity. Hide ownership of your money. It will auto-shift to a new country if government tries to uncover ownership. Offshore laws make it illegal for bank workers to uncover identity
2) COMMONERS: FinCen dominates over commoners. Every transaction tracked. Prison if you have Bitcoin privacy. They can put you in prison if they claim two transactions were because you were trying to get privacy from government.
Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#133Earlier quoted context omitted.
Eh did you notice that huge tax cut they just gave the ultra-rich? They gotta start digging through the couch to pay for it ;)
The US has the most progressive taxation system among all developed nations. Nothing about that fundamental progressiveness has changed due to the tax cuts. The top 20% are paying 95% of all income taxes, that will continue. For example, the US is radically more progressive on taxation than all of Scandinavia: https://taxfoundation.org/how-scandinavian-countries-pay-the...
> The US has the most progressive taxation system among all developed nations.
That's extremely misleading; the US does functions other developed countries do via social welfare programs via the tax system (deductions and credits such as the EITC, tuition and student loan interest deductions, etc.)
Doing a like-for-like comparison—either removing the welfare system pieces out of the US tax system in the comparison or, even moreso, doing an all-in comparison of tax + transfer payments, would tell a very different story.
Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#134Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#135Earlier quoted context omitted.
The US has the most progressive taxation system among all developed nations. Nothing about that fundamental progressiveness has changed due to the tax cuts. The top 20% are paying 95% of all income taxes, that will continue. For example, the US is radically more progressive on taxation than all of Scandinavia: https://taxfoundation.org/how-scandinavian-countries-pay-the...
>The top 20% are paying 95% of all income taxes, that will continue. You are comparing population with taxes, when you should be comparing wealth to taxes. Of course people in poverty with no tangible income or net worth don't pay income taxes. The wealthy in the US pay far, far less in taxes as a percentage of their wealth than any other developed nation in the world. In addition, the taxes paid by people in all civ…
If you look at the statement "The top X% of the population hold Y% of the wealth and pay Z% of the taxes," it turns out that Z > Y for most values of X.
Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#136Earlier quoted context omitted.
you mean, like bitcoin isn't?
You might be surprised at what's available for Bitcoin. Servers and VPN services. Consultants. Plus stuff via dark markets.
So the very niche market. I guess my point is, still bitcoin is mostly speculation - the stuff you talk about wouldn't add up to billions of dollars of marketcap, for example.
Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#137Earlier quoted context omitted.
You must compartmentalize. You can buy and sell anything that isn't linkable to your meatspace identity. With enough virtual wealth to hire the right consultants, you could probably retire comfortably somewhere.
I doubt you could retire. Creating a justification for why your meatspace identity now has money from an anonymous source without tying those identities together is money laundering.
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Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#138Earlier quoted context omitted.
I guess the implication is that you have to report foreign assets specifically because it’s not easy for the IRS to obtain records from foreign financial institutions. Since it’s also not easy for them to obtain records from a decentralized crypto-currency then the same justification exists for adding these to a list of things you must report.
The law doesn't care whether the same justification exists. A bitcoin wallet in your house in US is not a foreign asset, since those bits (that representing private keys for bitcoin addresses) are physically in the US.
Right, the existing reporting law doesn’t pertain to assets stored decentralized “institutions” only foreign ones. Presumably that is why they are talking about changing the law.
Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#139Earlier quoted context omitted.
>Worst of all she's considered to be basically impossible to replace. It would be very nice to see CA stop giving her money and put a significant challenger forward but it's probably not good ROI to attempt. The only type of person that has a chance is a celebrity. If Arnold can win governor as a Republican, then a left-wing celeb can definitely primary Feinstein.
Why would a left wing celebrity who is definitely a member of the guilded class want to primary someone who is a protector of a guilded class?
Because some people like being senator for its own sake.
Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin
#140Earlier quoted context omitted.
You must compartmentalize. You can buy and sell anything that isn't linkable to your meatspace identity. With enough virtual wealth to hire the right consultants, you could probably retire comfortably somewhere.
I doubt you could retire. Creating a justification for why your meatspace identity now has money from an anonymous source without tying those identities together is money laundering.
I am curious its implications on capital gains. If you retire in a place with 0 capital gains, then would your home country tax you? I do not know the answer.