How To Fix Bitcoin

#1

Post by hendzen » Sun, Mar 16, 2014, 11:02 PM UTC

Re: How To Fix Bitcoin

#2

Post by csense » Sun, Mar 16, 2014, 11:11 PM UTC

For a very long time in the US, the only things that were taxed were physical, tangible things like physical merchandise or real estate. Physical things are a lot easier to track than abstract numberical quantities in various accounts (which is what "income" or "capital gains" really are).

The income tax was really a temporary measure to pay for World War I. (Spoiler: It wasn't temporary.)

If Bitcoin will make accounts anonymous and untaxable, what's wrong with going back to a tax on physical things?

Re: How To Fix Bitcoin

#3

Post by maxerickson » Sun, Mar 16, 2014, 11:54 PM UTC

csense wrote: post #2

For a very long time in the US, the only things that were taxed were physical, tangible things like physical merchandise or real estate. Physical things are a lot easier to track than abstract numberical quantities in various accounts (which is what "income" or "capital gains" really are). The income tax was really a temporary measure to pay for World War I. (Spoiler: It wasn't temporary.) If Bitcoin will make accoun…

The 16th amendment was ratified before WWI began, also four years before the U.S. entered the war.

Re: How To Fix Bitcoin

#4

Post by ixobelle » Mon, Mar 17, 2014, 4:55 AM UTC

Stupid article is stupid. You know what else I can't trace the prior owner's identity of? Every piece of cash I touch.