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⚡️🇺🇸 NEW - US Senator Cynthia Lummis says lawmakers are trying to best figure out "how you can use bitcoin as a means of exchange without paying capital gains tax"

💬 11 replies

Replies (11)

GG Force G12d ago

How about don't charge capital gains tax... Not that hard to figure out.

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5d5a9d…ec29e512d ago

If they present a de minimis tax exemption, that means they expect to know about ALL transactions in order to know when the threshold is reached. It’s just a scam to KYC and eventually tax your Bitcoin into oblivion!

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modulo12d ago

It should be a per txn basis.

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DarthCoin ₿⚡️12d ago

LOL people are really stupid if they think they need any permission from Cynthia Lummis to use their sats...

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Globe9912d ago

Of course they don't. But there's a big question front and center on the 1040 that you have to lie on if you did spend it. Lots of people aren't comfortable lying on their taxes, and I sympathize. This is like cannabis legalization... You're never going to get adoption beyond the "underground" edgelords unless you at least make it possible to use Bitcoin as money legally without onerous reporting requirements.

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MA₿12d ago

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Tauri11d ago

Best comment 😂

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MA₿11d ago

Dude, so simple, but they want their tax money

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Globe9912d ago

How to "figure it out": If you're buying something, it's not a "capital gains" event. If you're selling it for fiat, maybe it is. I shouldn't have to fill out a tax form to buy a cup of coffee or pay for server time or whatever. That should be the guiding principle here.

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