American Amusement Machine Association’s Post

"The results, all of which were predicted by Rothbard, are before our eyes, for everyone to see. The tax load imposed on property owners and producers has continually increased, making the economic burden even of slaves and serfs seem moderate in comparison. Government debt—and hence, future tax obligations—has risen to breathtaking heights. Every detail of private life, property, trade, and contract is regulated by ever higher mountains of paper laws. However, the only task that government was ever supposed to assume— of protecting our life and property—it does not perform. To the contrary, the higher the expenditures on social, public, and national security have risen, the more our private property rights have been eroded, the more our property has been expropriated, confiscated, destroyed, and depreciated. The more paper laws have been produced, the more legal uncertainty and moral hazard has been created, and lawlessness has displaced law and order. Instead of protecting us from domestic crime and foreign aggression, our government, equipped with enormous stockpiles of weapons of mass destruction, aggresses against ever new Hitlers and suspected Hitlerite sympathizers anywhere and everywhere outside of its “own” territory. In short, while we have become ever more helpless, impoverished, threatened, and insecure, our state rulers have become increasingly more corrupt, arrogant, and dangerously armed." #Bitcoin fixes all this. Bitcoin is the solution to a bleeding society, to the grieving World. The ultimate solution for our corrupted banking and financial systems and markets.

Stablecoin bill passed by US House panel: The U.S. House Committee on Financial Services voted 34-16 to approve a #regulatoryframework for #stablecoins, #cryptocurrencies pegged to #fiat #currencies. Bipartisan talks collapsed: The vote was divided along party lines, with Democrats and Republicans blaming each other for the lack of compromise. Democrats wanted to postpone the vote until further negotiations, while Republicans pushed for a swift approval. Uncertain prospects of becoming #law: The #bill still needs to clear the United States Senate and get presidential approval, which is unlikely given the split control of US Congress and the opposition from The White House, the Federal Reserve Board, and the U.S. Department of the Treasury. Other #crypto-related measures advanced: A separate bill related to #selfcustody of #cryptoassets also passed the panel with a party-line vote, but faces similar challenges in becoming #law.

In this paper, several basic DeFi activities are examined for the Australian income tax consequences, flagging contentious issues and ATO related guidance. #crypto #tax #ATO #CGT #taxcompliance #airdrops #liquiditypools #bridging #staking https://lnkd.in/gCtHSN6C

Tune in to hear Andersen thought leaders share their experience and insight on the tax and valuation impacts under the current legislative framework!

It was great to catch up with my old IRS Counsel colleague Nick Richards, who is now over at Greenspoon Marder LLP, on their Tax Talk series to discuss crypto, virtual currency, digital assets (or whatever name you want to call it). I love providing some insight into what we are doing here at TaxBit, what the IRS has going on, how taxpayers and practitioners can think about tax reporting for crypto, and the impact of recent events in the space. If you want to hear a couple of old time IRS lawyers riff candidly about crypto give it a listen. #cryptotaxation #web3

The Jarrett v US court case can be a case that has an ongoing impact for taxpayers for years to come regarding digital assets. As the administration focuses more on taxation of crypto currency, IRS a has finally distinguished under Rev Ruling 2023-14, that "staking awards" are taxable. This is opposite of their initial ruling as mentioned in a precision post. In my opinion, "staking" is akin to interest income and the IRS has said these awards should be considered taxable income. In addition, the Senate Finance committee is looking into rules of "wash sales" Of digital asset holders along with mark to market for traders and dealers. More to come. #cryptoassets #digitalassets #taxation #washsales #staking #tezos CohnReznick LLP

I’m looking forward to hearing the discussions on key challenges, opportunities, and developments in the #Crypto industry during #ChainalysisLinks2024 -- where the public and private sectors meet. TaxBit’s own Miles Fuller will speak about #CryptoTax support for exchanges and governments and how information reporting for #DigitalAssets will change conversations around Tax.

Consensys Urges U.S IRS to Postpone #Crypto Tax Reporting Rules🚫💰 To Know More👇 https://lnkd.in/gT_tX-4W #Consensys Consensys

Short and simple - wealth and prosperity depend on high quality institutions. Trump may be good for some business in the short term but the security of the financial system matter far more than tax breaks or tariffs Brad DeLong https://lnkd.in/eVBcUmD9

The United States needs to consider taxes like this, because they need more tax revenue. They need more innovative ideas on how to collect tax revenue. Look at the national debt. There has to be innovation somebody has to think of something to bring in more money.