No sleep until taxable events are removed from #bitcoin
Its money. My money. Your money. Our money.
Don’t tell me your favorite politician supports this until they actually do.
Discussion
No politician will ever eliminate taxable events. Why would they let go of the rope for their own guillotine?
They need our hard working money to keep themselves relevant. Without us( and OUR money), they would no longer exist.
Self preservation.
Have you heard of the window tax? Have heard that taxes are usually substituted, instead of repealed.
I have concerns about eliminating government revenue before we have sustainable governance models that provide the needed services. I get the objective, but I think we need to focus on the governance models first.
If you start the conversation with "but who pays for the roads" in a group of libertarians, they laugh at you. But seriously, how would a replacement for the Francis Scott Key Bridge be paid for if we eliminated all government from the equation? Or would it be built at all? If we eliminate all taxable events on Bitcoin and everyone moves to the new monetary network, who would rebuild the bridge and do all of the other infrastructure work that we depend on to have a "civilization"?
Dollar transactions are not taxed like this. What is taxed is sales tax, income, property, etc. this could still be possible in bitcoin.
Ahem… do we _want_ Bitcoin to be taxed like that?? Just for holding the asset??
I wonder if there’s a world where we voluntarily hand money to the best bridge and road builders instead of involuntarily hand over money to the government who then passes it to the lowest bidder or their crony.
You’re right though, the governance model would need to change. Maybe the hardest money ever created would incentivize a more public servant model once again, instead of constantly robbing Peter to pay Paul or robbing Peter and Paul through deficits and inflation.
YES!
The model is so obvious when we have a monetary foundation that doesn't erode under our feet requiring us to spend as quickly as possible. It's so simple, a child could do it.
What we need is a way for people to save capital, earn an interest rate, and direct that revenue towards the things they care about. So Baltimore needs a new bridge, and they need it fast. They open up a bond offering to the community, but it's different than anything that we've seen before. People buy the bonds and the capital goes into a fund that is invested in interest earning assets like Treasuries, dividend stocks, etc. The revenue that is earned goes to pay for labor and materials to rebuild the bridge, starting with the architects to come up with a plan, and then when the plan is approved it goes to engineers and construction crews to get started. The entire city of Baltimore buys in, as well as people from across the state and across the country. Businesses that need access to the bridge buy the bonds as well, because they know that their money will be used to build the bridge.
The principle balance in the account does not get spent on this. ONLY the revenue generated gets spent, so the more people and businesses who buy these bonds, the faster that revenue stream is going to grow. The bonds are always fully backed by the money in the account, and they can be cashed in at any time because the base of capital always belongs to the people who bought the bonds. Most people and businesses will wait until the new bridge is finished to cash in the bonds, and maybe not even then. Because the revenue earned by the bonds once the bridge is completed will be split between the cost of upkeep of the bridge and the rest will be paid out as a dividend to the bond holders.
The project takes in billions of dollars in deposits, which generates millions of dollars in revenue, and all of that revenue goes to pay for the construction of the new bridge. When the bridge is completed, the bond holders can either cash in the bonds for what they originally bought them for, or they can hold onto them and receive the dividend for as long as they hold the bond.
Could this work on a Bitcoin standard? Absolutely! Investments will still happen, businesses will continue to earn profits and pay out dividends, the only change is the fact that the underlying asset (Bitcoin) doesn't go down in value over time.
As I said, so easy a child could do it. All we need to do is put the process into place.
This would be huge. Only gonna happen when they have no choice.