UPDATE:
Trump administration, Day 3
I'm not asking for much from the incoming #Trump administration other than:
- #FreeRoss ✅
- Abolish the IRS ❌
- Abolish the Federal Reserve ❌
- Abolish taxes on using #bitcoin to purchase goods and services ❌
Discussion
IRS shaking in its boots
Technically abloshing the IRS, Fed, and cap gains on BTC all require congressional approval. The admin may provide enough incentive or pressure for congress to approve one or all of these things but at the moment it seems like an uphill battle. Perhaps establishing an ERS will help provide enough political cover for going after the IRS or cap gains.
Same goes for the federal income tax, by the way. The Revenue Act of 1913 was passed by Congress and part of it established a one percent tax on income above $3k per year. Of course that wasn't adjusted for inflation so this morning I looked up what $3k in 1913 is in today's dollars. $95k. A 3000% decrease in purchasing power in 100 years. Federal income tax is basically zero for some of the lowest income brackets, but still, inflation just made everyone subject to what was once only applied to a specific income bracket.
Will be interesting to see if there is enough support in congress to eliminate the income tax as Trump has proposed.
My concern is that he will get approval to add the ERS, but not to abolish the IRS and then we will be taxed even more than we already are.
The answer to our problems isn't a different kind of tax (although I would prefer tariffs to income and inheritance taxes). Nothing will be fixed until we massively gut government spending and regulation and I'm not seeing that coming from Trump or Congress.
I agree with your concerns nostr:nprofile1qqsg6d9aysezgrzkxut550d3jxrch2suzvawcuumvj3xgfvlg997x2cpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhszrnhwden5te0dehhxtnvdakz7qgewaehxw309aex2mrp0yh8xmn0wf6zuum0vd5kzmp0lhqp8l
Creating a new agency rather than consolidating existing agencies can only ensure more, not less, government spending and reach.
DOGE and ERS would be performing functions the federal government has already designated to OPM and Commerce (and CBP). The proposals so far don't eliminate what is in place, they new entities would work "alongside" the existing ones.
Note, both OPM and Commerce can shift easily at the whims of the Administration. They are not like the military or State department with deeply entrenched civil servants.
None of this sounds efficient to me but I do understand why it is inspiring hope because it sounds different than what past Presidents have said.
Note, even consolidation can be disastrous. See DHS.
👀
North of the border, we starting to push for no cap gains after one year of hodling, and a $10K de minimis exemption on spending BTC. It’s a start. Here’s our policy document.
UPDATE:
Trump administration, Day 4
I'm not asking for much from the incoming #Trump administration other than:
- #FreeRoss ✅
- Abolish the IRS ❌
- Abolish the Federal Reserve ❌
- Abolish taxes on using #bitcoin to purchase goods and services ❌