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RE: New Legislation Would Make Bitcoin Transactions Under $600 Tax Free

in #bitcoin7 years ago

This is a very good first step. Because it's absolutely ridiculous to try to tax Bitcoin or any other cryptocurrency with a 15% capital gains which only encourages people to hold their currency as an investment for a second reason.
Where as if Bitcoin was allowed to freely move throughout our economy, that same thousand dollars -which would yield $150 in capital gains taxes would quickly generate even more taxes if it was allowed to circulate freely generating at least 5% sales tax would lead to $1,000 in taxes after circulating just 20 times.
I just think governments are absolutely stupid, they've obviously gotten too big and have too much control.