Dennis Porter shared: BREAKING: Arizona State Senator drops bill to EXEMPT Bitcoin and digital currencies from taxes.

Community Response:  If it’s security, why should it be exempt from taxes?

I believe they would consider it as a currency, which is what it was designed for. It’s not meant to be like stock or property. Therefore, no tax.

If I’m trading currencies, I get taxed on my gains, right?

Yes, if you’re trading in a forex account.   But, if you’re holding a foreign currency in a bank account, or cash, and then swap for another currency, any capital gain that you realize is exempt from taxation.

The problem with your analogy is that nobody is using Bitcoin like a currency because the network can’t handle it.  So, it’s rebranded as a store of value similar to digital gold.

That was the case about 2 years ago. The network is pretty fast now as a currency and one of the best cryptos to use right now, transaction fees in the cents, confirms within minutes, much better than traditional payment methods.

Desperation can make you say just about anything to keep the Ponzi going.

Keep the Ponzi going let me guess you still use a fax machine and postal service for letters.

Based on the Arizona Senator’s recent tweet, I think he means she’s advocating for it.  Everyone is going to move to Arizona.  Or, just keep not paying taxes on an invisible blockchain.

If the government wanted to track, they could, if they aren’t already.

NSA is already tracking/parsing everyone’s phone and internet so blockchain that is readily available in plain text on an open network, heh.

Representative Wendy Rogers has introduced a flurry of crypto-related bills in the past few weeks, including a fifth (bill) would exempt virtual currency from property taxes.

It’ll never pass, but it’s fun to dream sometimes.

Never say never.  Using the word drops made it seem like it was cancelled.

EXEMPT?  EXEMPT: a person (or form of currency) who is exempt from something, especially the payment of tax. Idk if you’re questioning what the word means or just questioning in general.

Can I take a tax loss on the dollar since it isn’t worth as much as it was last year?

Yeah, that’s not happening. I love the AZ gov, but what the hell is this. The government not going to take him seriously now.

That’s horrible news now you have to pay the lightning Node operator fee, lightning liquidity provider fee, L1 PoW miner’s fee, and government taxes. What a joke! Just use fiat!

From State Taxes? Where are they charging capital gains?

In these replies, are people who think the AZ gov can exempt crypto from federal taxes.

Very bullish.  I will go and invest more USDT in bitcoin now.

The likelihood of it passing? I’m an optimist but with this, it’s small.

If it got rescinded you know he was threatened.

In other news: Glamping Tents and Tiny Houses rise in popularity in Arizona in preparation for digital currency bills.

Seems like every day we hear of a new piece of legislation coming out. Very exciting times!

Drops as in stops or drops as in “dropped it in your lap, now sign”?

Would be wonderful, but our government will say no. End of story.

The use of the word “drop” here makes this completely ambiguous. Tax everything except Bitcoin.

Please say it more clearly advocating for tax reform or writing a bill to tax BTC?