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/biz/ - Business & Finance

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5707638 No.5707638 [Reply] [Original]

Later this year the IRS will begin accepting BTC as payment for trade taxes.

Think about it. If you convert fiat to crypto and become a millionaire trading, you cannot pay anything until you cash out. You can't pay with something they don't accept. How do they stop people from holding onto crypto and not cashing out until they can begin to buy everyday items with it in the next decade?

Begin accepting it as legal payment. The price of BTC will be determined when the payment to the IRS is sent and they will eat any losses due to price fluctuations as it is better collecting whatever tax they can than no tax at all.

BTC collected will probably be immediately liquidated by the IRS.

What else do you think's gonna happen?

>> No.5707661

>namefagging

>> No.5707691

>Later this year the IRS will begin accepting BTC as payment for trade taxes.

No way. That's literally the last-stand value any currency has. People in Venezuela would be using fucking WoW gold instead of Bolivars if they didn't need them when dealing with the government

>> No.5707869

>>5707638
>Later this year the IRS will begin accepting BTC as payment for trade taxes.
You're fucking retarded

>> No.5707928
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5707928

>>5707869
You mean the IRS are retarded for not adopting my great idea

>> No.5707979

>>5707928
>$50 transaction fees
>150 million tax returns to shuffle money in
>$7.5 billion just to process the money from tax returns

The IRS's entire budget is only like $11 billion, anon...

>> No.5708011
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5708011

>>5707979
They'll just end up taxing the blockchain then. Don't worry about it. They'll find a loophole.