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Started By
Message
re: US crypto 0% capital gains tax, non-US crypto 30%
Posted on 1/26/25 at 6:06 pm to Joshjrn
Posted on 1/26/25 at 6:06 pm to Joshjrn
I’m saying what Trump said in the Nevada rally linked above. That there may no longer be a need to have a federal income tax on US individual citizens anymore. It sounds like he is hoping to accomplish that during his term.
Also if you hadn’t seen it yet, this is the PT tread that UltimaParadox was referring to:
TD - How would the total elimination of federal income taxes change your life
Nobody said anything about zero taxes of any kind / at any level - that’s you trying to put words in my mouth. Obviously we would still be subject to state and local taxes, and at the federal level there would still be corporate taxes in addition to tariffs.
Seems like the idea is no federal income tax or federal sales tax on individual citizens.
Whether he completely accomplishes this is yet to be seen, but coming any where close would be a huge win, and I’m in his corner on getting it fully done. Yes, I think it is attainable . We’ll see.
And you’re welcome for the heads up on the crypto info re capital gains.
Chorizo: BTC is not a US crypto so 30% capital gains.
Also if you hadn’t seen it yet, this is the PT tread that UltimaParadox was referring to:
TD - How would the total elimination of federal income taxes change your life
Nobody said anything about zero taxes of any kind / at any level - that’s you trying to put words in my mouth. Obviously we would still be subject to state and local taxes, and at the federal level there would still be corporate taxes in addition to tariffs.
Seems like the idea is no federal income tax or federal sales tax on individual citizens.
Whether he completely accomplishes this is yet to be seen, but coming any where close would be a huge win, and I’m in his corner on getting it fully done. Yes, I think it is attainable . We’ll see.
And you’re welcome for the heads up on the crypto info re capital gains.
Chorizo: BTC is not a US crypto so 30% capital gains.
This post was edited on 1/26/25 at 6:30 pm
1
Posted on 1/26/25 at 6:31 pm to Kjnstkmn
quote:
I’m saying what Trump said in the Nevada rally linked above. That there may no longer be a need to have a federal income tax on US individual citizens anymore. It sounds like he is hoping to accomplish that during his term.
Also if you hadn’t seen it yet, this is the PT tread that UltimaParadox was referring to:
TD - How would the total elimination of federal income taxes change your life
Nobody said anything about zero taxes of any kind / at any level - that’s you trying to put words in my mouth. Obviously we would still be subject to state taxes, and at the federal level there would still be corporate taxes in addition to tariffs.
Seems like the idea is no federal income tax or federal sales tax on individual citizens.
Whether he completely accomplishes this is yet to be seen, but coming any where close would be a huge win, and I’m in his corner on getting it fully done. Yes, I think it is attainable . We’ll see.
And you’re welcome for the heads up on the crypto info re capital gains.
Chorizo: BTC is not a US crypto so 30% capital gains.
What Trump said was, literally, no taxes on anything. In case you missed it, here's the text from the tweet you posted:
quote:
BOOOOOOOOOM
Trump just said he could do no tax on ANYTHING!!!!!
If the tariffs work which he thinks they will!!!!!!!
ITS HAPPENING!!!!!!!
Anyway, no reason to quibble over interpretation. What does Trump need to remove? Your citing to state taxes is utterly irrelevant in the context of the question of funding the federal government, so we'll just skip over that. Here's the breakdown of tax receipts in the US. For Trump to have "done what he said he would do", which of these baskets of taxes would be eliminated, and which would still exist? Please don't leave any out:
This post was edited on 1/26/25 at 6:48 pm
Posted on 1/26/25 at 6:52 pm to Joshjrn
Oh you’re one of those people that still don’t understand that Trump talks like the rest of us and not like a lawyer as most of the douchebag politicians do. He’s a baw. He meant the federal income tax. He refers to 1913 which is when income taxes were first imposed. Don’t be disingenuous and ignore the context.
Also I don’t support any federal sales taxes which is what always seems to come up in these discussions. No one trusts the government not to do a bait and switch and we end up with both.
Also I don’t support any federal sales taxes which is what always seems to come up in these discussions. No one trusts the government not to do a bait and switch and we end up with both.
This post was edited on 1/26/25 at 6:54 pm
Posted on 1/26/25 at 6:55 pm to Kjnstkmn
quote:
Oh you’re one of those people that still don’t understand that Trump talks like the rest of us and not like a lawyer as most of the douchebag politicians do. He’s a baw. He meant the federal income tax.
Also I don’t support any federal sales taxes which is what always seems to come up in these discussions. No one trusts the government not to do a bait and switch and we end up with both.
Oh no, I understand that Trump doesn't actual mean what he says. Some of his acolytes believe he does, though, so I like to confirm.
So no federal income tax, not replaced by any other federal tax on Americans. Are we keeping payroll taxes in this paradigm?
Posted on 1/26/25 at 6:55 pm to Chorizo chang
quote:It would not fall into the "American Made" category. Nor ETH
So where exactly does BTC fall under this scope of things
This is a bunch of shite pushed by the heads of XRP
Posted on 1/26/25 at 7:09 pm to Joshjrn
I think payroll taxes would have to be dealt with separately. Everyone is super paranoid about social security and Medicare. It needs to be reformed but I would seriously doubt they would combine both in any changes made at the same time.
I would like to see us able to opt out of social security, people could build up a lot bigger retirement than what we get currently.
In any case I only see this being about getting rid of the federal income tax on individual citizens without replacing it with any federal sales tax. Just tariffs and corporate taxes which would be used to give us an advantage on the world economy - bringing more manufacturing back etc… Between that and the extra money that people have going into the economy it would grow which would increase revenues from the corporate taxes to add to the tariffs.
We have been propping up the world economy since WWII with our citizenry paying the price for it and it’s way past time to level the playing field.
Families used to be able to make a living on one income, now we’re all debt slaves.
I think what they’re trying to do with crypto plays into this somehow. They may try to raise money and pay down the debt through crypto gains somehow. Not sure how that would work exactly but would be surprised if that doesn’t end up being part of it somehow.
I would like to see us able to opt out of social security, people could build up a lot bigger retirement than what we get currently.
In any case I only see this being about getting rid of the federal income tax on individual citizens without replacing it with any federal sales tax. Just tariffs and corporate taxes which would be used to give us an advantage on the world economy - bringing more manufacturing back etc… Between that and the extra money that people have going into the economy it would grow which would increase revenues from the corporate taxes to add to the tariffs.
We have been propping up the world economy since WWII with our citizenry paying the price for it and it’s way past time to level the playing field.
Families used to be able to make a living on one income, now we’re all debt slaves.
I think what they’re trying to do with crypto plays into this somehow. They may try to raise money and pay down the debt through crypto gains somehow. Not sure how that would work exactly but would be surprised if that doesn’t end up being part of it somehow.
This post was edited on 1/26/25 at 7:11 pm
Posted on 1/26/25 at 7:13 pm to Kjnstkmn
quote:
I think payroll taxes would have to be dealt with separately. Everyone is super paranoid about social security and Medicare. It needs to be reformed but I would seriously doubt they would combine both in any changes made at the same time.
I would like to see us able to opt out of social security, people could build up a lot bigger retirement than what we get currently.
In any case I only see this being about getting rid of the federal income tax on individual citizens without replacing it with any federal sales tax. Just tariffs and corporate taxes which would be used to give us an advantage on the world economy - bringing more manufacturing back etc… Between that and the extra money that people have going into the economy it would grow which would increase revenues from the corporate taxes to add to the tariffs.
We have been propping up the world economy since WWII with our citizenry paying the price for it and it’s way past time to level the playing field.
Families used to be able to make a living on one income, now we’re all debt slaves.
So for the sake of simplicity, the only thing from that graph that would be removed would be the federal income tax. For the sake of easy math, we'll call that 50% of the federal income (I know it's a little below, but I don't feel like double counting the tariffs we already have, so it comes out in the wash). So, if we cut 100% of all non-military discretionary spending, in order to get rid of the federal income tax, we would need a 100% tariff on all imported goods, no exceptions, and for there to be zero decrease in the amount of goods imported into the United States.
Sound about right?
Posted on 1/26/25 at 7:53 pm to Joshjrn
They’re going to cut the government budget by several trillion- D.O.G.E. So it just needs to meet in the middle. In any case I don’t have to make it work, I don’t work for the government. Trump is out there telling people that he thinks they can make it work. It’s his job to do so and whoever he puts on it.
I also don’t need to redeem myself for anything. The president of the United Stated is saying multiple times that we may be able to eliminate the federal income tax. I’m passing along, amplifying the message.
I get it, you don’t think he can do it. Like I said we’ll see / time will tell. In the meantime I’ll pass on participating in your attempts to prove it’s not possible with math based on our current budget and income numbers .
In any case this post wasn’t even about the elimination of our income tax, it was about the new tax incentives for US based crypto currencies.
I also don’t need to redeem myself for anything. The president of the United Stated is saying multiple times that we may be able to eliminate the federal income tax. I’m passing along, amplifying the message.
I get it, you don’t think he can do it. Like I said we’ll see / time will tell. In the meantime I’ll pass on participating in your attempts to prove it’s not possible with math based on our current budget and income numbers .
In any case this post wasn’t even about the elimination of our income tax, it was about the new tax incentives for US based crypto currencies.
Posted on 1/26/25 at 7:56 pm to TigerTatorTots
quote:
This is a bunch of shite pushed by the heads of XRP
Word. Silicon Valley VCs putting in lobbying work to pump their tokens.
Posted on 1/26/25 at 7:57 pm to Kjnstkmn
quote:
They’re going to cut the government budget by several trillion- D.O.G.E.
Show me where several trillion are coming from. Hint: unless you're talking 50% cuts to SS, Medicare, defense coupled with 0% rates you can't get there.
Posted on 1/26/25 at 8:00 pm to Kjnstkmn
quote:
They’re going to cut the government budget by several trillion- D.O.G.E.
How? In the example above, I already cut a comically unrealistic 100% of non-military discretionary spending, which is about $1T. Where's the rest coming from?
quote:
In any case I don’t have to make it work, I don’t work for the government. Trump is out there telling people that he thinks they can make it work. It’s his job to do so and whoever he puts on it.
I also don’t need to redeem myself for anything. The president of the United Stated is saying multiple times that we may be able to eliminate the federal income tax. I’m passing along, amplifying the message.
I get it, you don’t think he can do it. Like I said we’ll see / time will tell. In the meantime I’ll pass on participating in your attempts to prove it’s not possible with math based on our current budget and income numbers .
In any case this post wasn’t even about the elimination of our income tax, it was about the new tax incentives for US based crypto currencies.
No need to pass anything along; anyone with a pen, the back of a cocktail napkin, and a few brain cells to rub together will tell you it's impossible without massive cuts to military spending, non-discretionary spending, or both. But hey, I'm sure Trump appreciates your blind faith
Posted on 1/26/25 at 8:02 pm to TigerTatorTots
quote:
This is a bunch of shite pushed by the heads of XRP
That was my assumption as well. Idk if they’re making the type of inroads worth the insane amounts of money they’ve thrown around DC the last couple years, but the majority of my CT feed is sure as shite onto it lol XRP hate is going parabolic
Posted on 1/26/25 at 11:12 pm to Chorizo chang
Posted on 1/27/25 at 7:18 am to Kjnstkmn
Reminder that for it to affect the above math in any appreciable way, any cuts have to be to current spending, not future spending, and it has to be over a short time period. If they “cut” $2TT in “spending” by “cutting” $200BB in spending increases over ten years, the above math stays exactly the same.
It also, you know, has to actually happen, which I doubt. But figured I’d address the math anyway
It also, you know, has to actually happen, which I doubt. But figured I’d address the math anyway
Posted on 1/27/25 at 8:30 am to Kjnstkmn
Would be nice if BTC plays like MSTR/ETFs would fall under this too.
I'm assuming that short or long term hold gets covered under these rates? Or think it'll be for long term to incentivize holding onto it longer?
I'm assuming that short or long term hold gets covered under these rates? Or think it'll be for long term to incentivize holding onto it longer?
Posted on 1/27/25 at 12:31 pm to Kjnstkmn
Not fair
Why only crypto?
Why encourage people to buy crypto?
Why only crypto?
Why encourage people to buy crypto?
This post was edited on 1/27/25 at 1:34 pm
Posted on 1/27/25 at 12:36 pm to Kjnstkmn
quote:
They’re going to cut the government budget by several trillion-
I remember when I was naive, about 50 years ago.
Posted on 1/27/25 at 1:34 pm to Joshjrn
Yes, I’m skeptical that this (Charlie Kirk’s announcement) is from every single year vs over the next x years. Seems way too fast for them to have figured it all out from our annual budget.
They’re seriously working on it though for the first time which is freaking awesome.
They’re seriously working on it though for the first time which is freaking awesome.
This post was edited on 1/27/25 at 1:35 pm
Posted on 1/27/25 at 2:34 pm to Kjnstkmn
Then again maybe they did, just saw this:
Loading Twitter/X Embed...
If tweet fails to load, click here.Posted on 1/27/25 at 5:42 pm to Kjnstkmn
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