Authored by Helen Partz via CoinTelegraph.com,
The Arizona Senate passed a bill on Feb. 8 to allow residents in the state to pay their taxes with cryptocurrencies, public records indicate.
The Senate Bill 1091, which intends to enable cryptocurrencies for tax payment, was introduced Jan. 10, 2018 and passed by the Senate Finance Committee by a 4-3 vote on Jan. 24. On Feb. 8, the Senate passed the bill by a 16-13 margin, with one no-vote.
The bill has now been sent to Arizona’s House of Representatives.
If the bill is adopted, Arizona would become the first state in the U.S. to accept cryptocurrency tax payments by the year of 2020, as stated on the public record. The bill would allow taxpayers of the state to use “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems.”
According to the bill, the Arizona Department of Revenue, upon receiving payments in crypto for “tax and any interest and penalties”, would be obligated to convert the cryptocurrency payments to U.S. dollars within 24 hours.
Arizona State Republican Rep. Jeff Weninger, who co-sponsored the bill, said the tax measure intends to turn the state into a center of “blockchain and digital currency technology in the future”. Referring to the tax bill, Weninger told Fox News this week:
"It's one of a litany of bills that we're running that is sending a signal to everyone in the United States, and possibly throughout the world, that Arizona is going to be the place to be for blockchain and digital currency technology in the future."
In September, 2017, Cointelegraph reported that the municipality of Chiasso, Switzerland will enable its residents to pay taxes in Bitcoin starting January 2018, following the lead of Zug.
Comments
Debt to GDP of every State in the Union:
http://thesoundingline.com/how-indebted-is-your-state/
So I can issue my own cryptocurrency and use it to pay taxes???
These guys are really stupid. They are just jumping on a drowning wagon. Wait for these moronic "elected officials" to change Arizona's name to Blockchainzona!
In reply to Debt to GDP of every State… by Four Star
I am sexually aroused by this article.
In reply to So I can issue my own… by Ahmeexnal
Immediate exchange for dollars.
It will be hilarious watching the amount due in bitcoin swing wildly by the minute.
1:00pm: Your tax bill is 5.007864 bitcoins.
1:01pm: Your tax bill is 72.692753 bitcoins.
1:02pm: Your tax bill is 32.93653 bitcoins
In reply to I am sexually aroused by… by WTFRLY
"So I can issue my own cryptocurrency and use it to pay taxes???"
Sure. The question is, how much is the market going to value your own personal crypto?
In reply to Immediate exchange for… by ThinkerNotEmoter
Arizona Insidiously Continues the War on Cash
there, fixed it for you
In reply to "So I can issue my own… by Dsyno
once you understand that the central banks are getting behind bitcoin for their reasons (to get us to be comfortable with non-cash currencies) you will understand why it is NOT going away...
In reply to Arizona Insidiously… by Bes
Arizona Gov Ducey has big political ambitions. I doubt he will sign the bill into law. They did previously pass and sign a law allowing taxes to be paid in gold. I wish they'd pass a law to legalize recreational weed. With three bordering states now legal, a lot of tax revenue is being lost ... and ... I hate paying that annual mmj card fee.
In reply to once you understand that the… by BullyBearish
I still don't understand why the 'fantasy cyber illusion of coins' is a better candidate for currency than gold. What advantage does it enjoy that Au or Ag do not? Why did we need to manufacture an illusory concept to attach value to? How does the general public benefit from this dubious distinction? Ease, speed, and confidentiality of transactions falls short because purely anonymous trade is not, and WILL NEVER BE, permitted. Whatever the purpose, it is not for the convenience or security of the mark/user but of the casino/overseer. Ultimately, it will be about taxation; and you won't be voting on it.
In reply to Arizona Gov Ducey has big… by Baron von Bud
Gold definitely has its place... a huge, and valuable place. But to answer your question: Ever try to send gold through the Interwebs?
Gold and crypto each have their own advantages/disadvantages. They each do something better than the other.
Imagine trying to flee a corrupt country with your horde of gold. Hard as hell. Now imagine doing that with bitcoin.
In reply to I still don't understand why… by Sages wife
... until the lawsuit. I'd doubt the big banks or the Feds will sit back and let precedent happen.
In reply to Arizona Insidiously… by Bes
..
In reply to "So I can issue my own… by Dsyno
What difference would that make? AZ could just hire a skill arbitrage comptroller, convert to gold and start it's own Texas style vault.
In reply to Immediate exchange for… by ThinkerNotEmoter
"a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department"
So technically yes, if they recognized your alt. But realistically, no, it'll have to be one of the top coins.
In reply to So I can issue my own… by Ahmeexnal
"cryptocurrency recognized by the department"
BINGO! The fools who want to believe that private cryptos have a future only see what they want to see. In order to understand properly what is being done, you need to read these laws like they were written by Bill Clinton.
In reply to "a payment gateway, such as… by Akoniti
Team PPT could easily step in at anytime and stabilize the violent swings in Bitcoin. It seems like they're beta testing blockchain in the "free market" before they assume control and set an irreversible path to move the world to a global digital currency. Don't you love the smell of 1's and 0's in the morning? My favorite breakfast cereal is certified USDA organic, whole grain, ONES & ZEROS with organic rice milk and stevia. I'm going to live forever!
In reply to "cryptocurrency recognized… by Mr_Potatohead
.
In reply to So I can issue my own… by Ahmeexnal
Sure you can. You just have to back it up with a good idea, market it for years, back it up with hundreds of thousands of people around the world mining your coin, and get yourself on the major exchanges like Coinbase, etc..
Go ahead--you have a good idea so far.
In reply to So I can issue my own… by Ahmeexnal
So the thousands of coins are backed up with good ideas?
We don't even know if Bitcoin is a good idea.
Considering many of the $100 million + coins were started as jokes and cons, I strain to find any real good idea in the crypto space.
In reply to Sure you can. You just have… by WorkingClassMan
Many people get paid at tax time, like the poster on another site who explained that her family was getting $10,000 in child-tax-credit money. That is half of the yearly take-home pay in a $10-per-hour job, like licensed insurance sales or underwriting for most of the standard carriers. The refundable child tax credit maxed out at $6,444 before doubled by RepubliCON socialists.
On top of their free EBT groceries and taxpayer-subsidized rent in many cases, why doesn’t the US Treasury Department pay these citizens, legal and illegal immigrants for sex and reproduction with BitCoin?
It would be harder for the moms to blow the BitCoin on master bedroom furniture, $900 tattoos or beach trips to entertain boyfriends, bragging about it at work to single, childless citizens who must cover all of their bills on earned-only income, with a tax return that only covers a Costco membership.
In reply to So I can issue my own… by Ahmeexnal
OK - so I pay my tax bill in bitcoin lets say. It's $1,000 - I pay them at the going rate. They accept it. Tomorrow that bitcoin is worth $200.00. Is my tax bill still considered paid or are they coming back for more?
In reply to So I can issue my own… by Ahmeexnal
How DUMB can you be, to use BTC for tax payments, AZ Bubbas?
That is WRONG on so many levels...
1. Use fiat currency for fiat debt. I.e. Use Plantation Money for Plantation Taxes.
2. You'd be providing insight/intel on your BTC trail, and how it leads to those still in the shadows.
Etc.
In reply to So I can issue my own… by Ahmeexnal
"IF THE BILL IS ADOPTED"
In reply to So I can issue my own… by Ahmeexnal
EXCELLENT!!! They'll know exactly who has a Bicoin account that is audit ready. BRILLIANT. Many will applaud this advancement.
In reply to Debt to GDP of every State… by Four Star
They also don't tax capital gains on gold. Yet they elect complete morons like McCain and Flake. Go figure.
Only a stupid person would accept Bitcoin as a payment for their business. The wild price fluctuations and plunges makes it nearly impossible to price your goods/services in bitcoin. You would either lose a fortune when the price plunges, or if it goes up you have pissed off customers who feel they have been ripped off and leave your company negative reviews.
Either way businesses and governments will get screwed. Bitcoin is simply too unstable as a currency and payment method. More and more people are waking up to this.. Sorry if I burst your bubble.
a stupid or a genius is all about timing ...
In reply to Only an stupid person would… by lester1
Christopher Columbus was a conspiracy theorist, tin-foil hat wearer who needed to up his meds...
In reply to a stupid or a genius is all… by Pandelis
"Only an stupid person would accept Bitcoin as a payment"
Apparently you're missing the part where these businesses/gov agencies are converting the crypto into US dollars. In Arizona's case, the law allows them 24 hours to do the conversion, though I imagine they'll be making the conversion immediately.
Someone pays in crypto, the other side receives a comparable amount in USD. Simple. Your argument isn't how it works.
In reply to Christopher Columbus was a… by Joomanji64
Converting bitcoin back into dollars? Lol
So what's the point of bitcoin then ?? 😄
In reply to "Only an stupid person would… by Dsyno
I'll take this one.
Since you're a sausage-snorkling retard, wipe the syrup off your chin and try to follow along.
This is just a phase in overall crypto adoption. First, you have a bunch of early adopters that supported the network and the ecosystem.
Second, you have an expanding usage of the crypto of choice, which includes services and exchanges.
Third, you start pricing things in crypto-only, and obviating the need to convert into shitty fiat.
See the future? If you don't, its okay - we already know you're an idiot. We've got this, grandpa.
In reply to Converting them back into… by lester1
"So what's the point of bitcoin then ??"
Really? What's the point of credit cards? What's the point of checks? What's the point of wire transfers? What's the point of all the thousands of other ways to send money?
Each has it's advantages/disadvantages. Each serves a different purpose.
Sorry man, but this entire argument is so juvenile and naive. Do a little bit of research.
P.S. Take your text editor off bold.
In reply to I'll take this one… by Exponere Mendaces
What's the point of Life itself then????? Fuck it - just question everything!!
In reply to "So what's the point of… by Dsyno
Why do we drive in the parkway but park in the driveway??!!
In reply to What's the point of Life… by CHoward
Ive never had to pay $50 per transaction paying in cash like people have paying with bitcoin! Lol
In reply to "So what's the point of… by Dsyno
Have you actually seen a $50 Bitcoin fee? I'm guessing no, so you're either guessing or regurgitating what you may have heard. On a side note, the largest bitcoin fee I've seen is $15.
When's the last time you did a wire transfer, if ever? My bank charges $30. I've seen some charge as high as $150.
Have you ever done a Western Union transfer and seen how much they charge? It's expensive as hell.
You ever buy something for $10,000 with a credit card? The receiver pays $250 to process that transaction. If you don't pay off that credit card charge that billing cycle, you pay 18% APR or whatever your interest rate is.
On another note, notice the article also said AZ will accept Litecoin and other crypto. Those have much lower transaction fees.
In reply to Ive never had to pay $50 per… by lester1
Enjoy your losses "Hodling" son. Bitcoin therapy is something to look into. Your cult like behavior is sad man.
In reply to I'll take this one… by Exponere Mendaces
Don't poke the bitcoin bulls, lester. The world outside of their mommies basement is a scary place.
In reply to Enjoy your losses son… by lester1
It would have to fall a long, long, long way for him to start experiencing losses. Presuming he didn't take some profits somewhere along the way.
In reply to Enjoy your losses son… by lester1
"Since you're a sausage-snorkling retard, wipe the syrup off your chin ". DUDE That is the funniest shit I have read today. Dude, that is great.
In reply to I'll take this one… by Exponere Mendaces
I've seen many comments from long-time ZH members bemoaning apparent trends in the kinds of things being posted. I'm sure glad that you showed up a week ago to make things so much better for all of us. Your comments are so insightful and create so much value for ZH readers. Please keep up the good work.
In reply to Christopher Columbus was a… by Joomanji64
The coiners and the gold lads fight so much it is like watching archie bunker and edith beat each other up. Neither one of you are absolute correct, or absolutely wrong. The hedge should open up safe places for both groups. That way you wont "hurt" each other and babble all the time. Be nice now and get along.
In reply to I've seen many comments from… by Mr_Potatohead
You are a loser.
Find something to do with your life besides trolling Bitcoin articles.
In reply to Only an stupid person would… by lester1
APMEX accepts BTC. Are they stupid?
In reply to Only an stupid person would… by lester1
Yes. The Bitcoin price fluctuations are going to lose them a fortune.
In reply to APMEX accepts BTC. Are they… by Akoniti
Making your posts all BOLD doesn't hide the fact that you have very little of interest to say.
In reply to Yes. The Bitcoin price… by lester1
Not necessarily. There are payment processors for crypto coins that liquidate the coin immediately.
In reply to Yes. The Bitcoin price… by lester1
You are an ignoramus. They have less exposure to BTC fluctuation than they do to PM price fluctuation. BTC payments are made within an hour, while they have to wait more than a week for a check to clear before sending the goods.
There are legitimate reasons not to like Bitcoin, but you are so blinded by bias you can't even comprehend them. You just spend your whole life looking like a total idiot.
In reply to Yes. The Bitcoin price… by lester1
What a text-bolding retard rant.
Plenty of places accept it, have zero problem with it, but like most dinosaur no-coiners you've been banging the gong about "volatility is too high" when there are ways to mitigate it. Heard of Futures? They're used to hedge things like this.
Zerohedge used to have a lot of knowledgeable commenters, but they've all fucked off to the Hamptons and their private parties while the prepper goldbug fucksticks have dominated the comments in the last five years.
Bitcoin is staying, and your little fragile shell is going to be pierced by the progress of crypto.
Better get new glasses asshole, you'll need it to see the future smacking you in the face.
In reply to Only an stupid person would… by lester1
You mad bro? I can't imagine how much you and other millennials have lost in this bitcoin ponzi scheme.
Enjoy paying the 24.99% interest rate on your credit cards. Lol
In reply to What a text-bolding retard… by Exponere Mendaces
Pagination