Reference article published in Express by THOMAS MACKIE
https://www.express.co.uk/finance/city/917015/bitcoin-tax-cryptocurrency-tax-bitcoin-price-cryptocurrencies-news
Earlier this week a bill was passed in the state of Arizona by a 16-13 margin which could enable taxpayers to use bitcoin and other cryptocurrencies to pay "tax and any interest and penalties" to the state's Department of Revenue.
It is still not official yet, The measure has since been sent to the state's House of Representatives for further consideration.
According to the article,
“Arizona State Republican Jeff Weninger said the tax measure is aimed at making the state an accommodating place for users of the technology.”
Arizona could be leading the states towards embracing cryptocurrencies.
It could also be a ploy to link and track people to their cryptocurrency accounts for IRS auditing…
I think this can only be a good thing. The more governments are involved and benefit themselves the less and less negativity that will come from them.
Once crypto profits are taxed governments will start to like the cash they receive.
In the UK alcohol and cigarettes are taxed heavily, bt this means the government will never ban them because they can't afford to lose the revenue.
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So true. The governments don't like to shut down a cash cow!
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It's free money for goverment. Who would say no? Donald Trump?
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This would be amazing. The wider the acceptance for crypto the better.
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It does legitimize crypto!
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Bitcoin no one famous
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It could be both a great thing, and another way to help the IRS track crypto accounts. However, if you are a person paying your tax bill with crypto, you are probably not a person looking to hide from "The Man."
California has an agreement to share information with the IRS.
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