You are viewing a single comment's thread from:

RE: Walking the currencies

in #steem6 years ago

Many good points. I particularly appreciate the point about local taxes. That is one thing we really do need to solve for as we move towards more decentralized economies. No one wants to pay taxes, so if you make it easy not to, how many will volunteer to? Yet local economies that can pay teachers and fill potholes in roads off taxes paid by a local hardware store are not benefited by our activities here on STEEM. But we are earning, so income taxes would reasonably apply. Just very hard to figure even if one wanted to, because what amount is that?

Sort:  

It is interesting in several ways with tax because essentially, no government has any hand in any of it so as long as it doesn't touch their economic tools, it shouldn't matter but, they should want to incentivize the usage of crypto in their markets at various levels, not punish it because it travels easily.

That's the longterm problem though. It doesn't touch the local government except that the person is using local electricity, internet, etc. That's the same reason that at least here in the US there are now sales taxes on purchases over the internet. If crypto will be accepted by governments, it is going to have to be taxed. They will never settle for losing tax revenues.

It doesn't touch the local government except that the person is using local electricity, internet, etc

But this has tax already paid on it.

I agree but there are also other factors in play that need to be considered such as, who is doing the earning? Does indigoocean have a tax file number? Once the YOU takes possession of it in some governmental controlled form, then it is a different story. It is going to get complicated legally across borders too.

Potentially, the entire tax system could be reimagined in a way that would be better for all, instead of funding wars by using debt mechanisms and inflation.

Coin Marketplace

STEEM 0.19
TRX 0.14
JST 0.030
BTC 60787.79
ETH 3242.30
USDT 1.00
SBD 2.46