Government Adoption: Cryptos are property in Texas, Hungary to cut taxes
The ruling class is turning its eye to the cryptocurency space. Institutional adoption is one of the biggest stories of the last few months. After that, governments might follow suit. From MicroStrategy to Square, from Visa to Goldman Sachs, institutional buyers and big companies are slowly moving into the space. The money attracted them, and […]
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Bitcoin Taxable as Property. Welcome to slavery Bitcoin, according to the IRS notice of March 25th you are now property. As property and on the basis of capital gains Bitcoin becomes taxable. The actual amount paid in taxes does not represent a threat to the continued adoption of Bitcoin. We all knew taxes would be required at some point. What does represent a threat to Bitcoin adoption is the reporting requirements that will be imposed as a result of the decision. We see the real power of government is not in what its ostensible purpose is, to collect reasonable taxes, but in its....
The government in Budapest has put forward measures aimed at streamlining taxation and reducing the tax burden on businesses and citizens. As part of the package, Hungary plans to cut the tax levied on capital gains from cryptocurrency transactions, expecting to increase budget revenue with the move. Tax Cut to Attract Cryptocurrency Traders to Hungary Hungarians now pay 30.5% on profits made from cryptocurrency transactions, but their government wants to reduce the tax rate to 15%. The primary goal is to minimize tax evasion, but the lower tax rate could also attract more crypto traders....
Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022. Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the Covid-19 pandemic.In a video that appeared on Facebook Tuesday, Finance minister Mihály Varga outlined his government’s stimulus program through 2022. As part of the post-Covid-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current rate of 30.5%. Such....
Today, the Texas Coinitiative posted a new update to their blog: The Texas Alcoholic Beverage Commission OK's Bitcoin-For-Alcohol sales. Elsewhere in the country, Ohio lawmakers have stymied Bitcoin adoption somewhat by banning Bitcoin-For-Alcohol sales in their state. Elsewhere in Texas, the Texas Department of Banking (DOB) released a guidance which clearly states that businesses accepting cryptocurrencies do not require state money transmitting licenses. Texas, as one of the larger states in America, has understandably been leading the charge in Bitcoin adoption. In March, the Texas....
Property taxes are a very important revenue stream for any municipality. These taxes pay for things like sanitation, police, and fire departments throughout the U. S. and Canada. And in any county, city, or state you will find hundreds or even thousands of properties that have been foreclosed due to delinquent payment of these property taxes. Investors have quietly made small fortunes investing in these "tax liens", which get the local government the money they need, and allow investors to many times pickup properties for pennies on the dollar. Now if you own Bitcoin, you can join the real....