US House representatives draft bill to exempt crypto stablecoin transactions from capital gains taxes.
>>61520559>under 200 dollarsOP might actually be retarded
>>61520562>trades total in 200$ increments
>>61520562>>61520564After the crash we will have major deflation. $200 was a lot of cash in the 19th century.
>>61520559>>61520564So if i have 100k usdt and i want to buy into elondogfartinu erc20, i must do it in 500x200$ transactions? Imagine the gas fees! Still better than paying taxes, but still!
>>61520559>buy stablecoin for $1>sell it later for $1>realize $0 in capital gainsThank god I won't have to pay taxes on this going forward
>>61520576The land of the fee bois have to pay after crypto to crypto kek. Maybe if they manage to make this into a law eth will be deflationary again.
>>61520564>Just structure your sales to avoid taxeshahahaha, oh saar, you are a funny one
>>61520570If you buy elondogfartinu for 100k some village in uttar pradesh gets a lot of food
>>61520593And thats 500x tx fee burn!
>>61520564>paying that much in gas feeskek
>>61520615Its sub dollar now, but with this shit it ll moon again and brick eth again, but az least it ll be deflationary again :)
>>61520601Well since fees are around 50 cent now that's not the biggest problem
>>61520627But if millions of burgers starting to distributing bigger trades and txns it wont stay at 50c! Blockspace you know!
I bot 500 worth of bitcorn in one go, how does it happenings to me?
it's really not clear what use case the lawmakers were thinking about when they drafted this bill
>>61520559How about they just get rid of taxes for all transactions and stop fucking us over at every turn?
>>61520559Stablecoins don't have capital gains though. There's no need to pay a capital gains tax if you don't have any capital gains in the first place.
>>61520564purposely avoiding that is also illegal and will be flagged
>>61521051Capital gains tax applies to dispositions, not just profit.>there are no gains, therefore no capital gains taxvs>you disposed of an asset, therefore the transaction is reportableno gain but still a taxable event on paper.
>>61521062>no gain but still a taxable event on paperSo there's no capital gains tax to be paid. Sorry not sorry you had to report the sale of an unprofitable asset to the government, just like everybody else.
>>61520568most retarded nigger in the multiverse award
Since when is there capital gains taxes in US?I thought we didn't have this
>>61521089>these efforts will ultimately fail because.. look it just will ok??I really hope europoors become actual third world countries this time for good.
>>61520559This sounds like a sergey written bill.>Don't want to be taxed? Oh that's fine just trade with $200 at a time>Each $200 transaction will need gas fee + ccip fee>Either get taxed to all hell or make sergey a trillionaire
>>61520559This is actually worse than bidenstein monitoring Venmo transactions above $600
>>61521051That isn't true though. There are fractional differences between tether, usdc and dai. You still could be making money depending on how large your volume is.
>>61524142Capital gains tax is 0% up to $93k/yr. Good luck doing enough volume to exceed that with stablecoin arbitrage, but if you do then yeah this tax break on stablecoin gains is really gonna save your ass come tax time /s
>>61520559>>61520562>>61520564>stablecoin transactions under $200 Did 80 year old boomers pass this law? Do they think $200 is a lot of money? What's the trick here.
>>61525221Married?
This will be quite the blessing when USDT randomly goes to $1.07 every couple years
>tether>when RLUSD existslol even
>>61520562That's all retail purchases and 95% of tx revenue in my two million revenue business.It's the truly happening and retards that don't into business have no clue as usual.
>>61520559>under $200why not just $2? xD
>>61521141Kek you idiots.This is for the XRPL where fees are basically non existent.Try getting up to speed with finances and politics.
kek @ the number of jews trying to get people to pay gains tax on a transaction.
If these motherless faggots don’t repeal the crypto to crypto tax BULLSHIT, then I’ll never vote republican again.
>>61526518>He voted Oh no no no no.
>>61520559>US House representatives draft bill to exempt crypto stablecoin transactions from capital gains taxes>*checks chart*kek baggies
>>61520559How is this massive? They're simply codifying a taxably unenforceable amount.No one cares about a nickel of profit or loss when you buy a coffee.
>>61528130If you have massive crypto gains then you can now spend it on daily shit without filing anything.Under $200 pays for everything a regular person does every day and you don't have to cash out money and account for it.It's the opening of the floodgates as well.Everything has to appear as if it's for everyone as they slow walk the operation.
>>61528820$200/day is only $73k a year
>>61528891Who do you think is here?You think there are people with ten bazillion here?No. There are people here though with several millions in gains and that covers literally every day to day expense they have and avoids 15-30% being grifted off the top.It's also $200 tx. You could do it all over.The threats of the taxman is the only thing holding massive freedom of money from taking place.The reverberations will be incredible.It's actually better that it's small because people that actually need money or are close to getting ahead can take advantage, while the mega rich will still have to pay significantly if they want to cash in.
>>61520559>Literally says stablecoinThe government does not know what a stablecoin is, you mouth-breathing mongoloid. They're perpetually stuck in 1962 on everything forever except for defense tech. When the Democrats/Labor are in power in your country, its more like 1912.
>>61526518Good goy
