Arizona Considers Allowing Residents to Pay Taxes in Bitcoin

Megalith

Megalith

24-bit/48kHz
Staff member
Joined
Aug 20, 2006
Messages
13,000
Legislators in Arizona are trying to make history with a new bill that would allow residents to pay taxes using bitcoin. State Rep. Jeff Weninger spearheaded the effort, citing the convenience of online payments, but fluctuating prices may prevent it from ever passing.

Even though governments around the world have discussed bitcoin regulation, none have used it for a full-scale experiment in taxation. Some municipalities in Switzerland, which has legalized bitcoin as tender and is reinventing itself as a haven for cryptocurrencies and blockchain, allow small tax payments in bitcoin.
 
Tax jurisdictions can't even muster to understand the cost benefits of allowing credit card payments (without a fee). What in the hell do you think would happen if they started doing Bitcoin?

Government in general is just filled with incompetence, if you are too retarded to understand the implications of having to hire and pay individuals to open and file countless check payments vs. allowing electronic payments from cards (at the equivalent cost to pennies vs. hiring someone) then you're definitely too stupid to handle something like BitCoin. Can't wait to hear that their wallet gets hacked and now all the tax revenue for the year is gone.
 
  • Like
Reactions: Rahh
like this
No way this happens. Paying taxes in the governments currency is they core backing of fiat currencies.
 
itsatrap.jpg
 
Cyraxx said:
Tax jurisdictions can't even muster to understand the cost benefits of allowing credit card payments (without a fee). What in the hell do you think would happen if they started doing Bitcoin?

Government in general is just filled with incompetence, if you are too retarded to understand the implications of having to hire and pay individuals to open and file countless check payments vs. allowing electronic payments from cards (at the equivalent cost to pennies vs. hiring someone) then you're definitely too stupid to handle something like BitCoin. Can't wait to hear that their wallet gets hacked and now all the tax revenue for the year is gone.
Click to expand...
I can see charging for a credit card. They're going to pay 2-3% to the processor. But if they don't accept electronic payment from a bank, then I totally agree.

As for taking Bitcoin, they're nuts. It's not a stable currency and governments don't want to get 10k in BC today and have 5K next month, and who knows where it's going.
 
i assume it would be sold instantly, just like dell/steam did/does, so they actually get the amount in USD that you owe.
 
DF-1 said:
i assume it would be sold instantly, just like dell/steam did/does, so they actually get the amount in USD that you owe.
Click to expand...

Sure but then the reality that it takes forever to exchange BTC to dollars, and you run into price fluctuations.
 
Nytegard said:
You mean to say that some people paying $1000 for an $8000 bill while others pay $50000 for an $8000 bill will be problematic???
Click to expand...
No, if you pay 5k in bit coin today and it's worth 1k in a month, the state is screwed. Bitcoin is a highly unstable currency. Maybe it'll be worth 50k someday and maybe it'll be worthless. I guess if you like a state government that gambles, then taking bitcoin seems like a good idea.
 
Cyraxx said:
Tax jurisdictions can't even muster to understand the cost benefits of allowing credit card payments (without a fee). What in the hell do you think would happen if they started doing Bitcoin?

Government in general is just filled with incompetence, if you are too retarded to understand the implications of having to hire and pay individuals to open and file countless check payments vs. allowing electronic payments from cards (at the equivalent cost to pennies vs. hiring someone) then you're definitely too stupid to handle something like BitCoin. Can't wait to hear that their wallet gets hacked and now all the tax revenue for the year is gone.
Click to expand...

Intern is gonna walk away with a wallet on a usb with the entire states btc collection for the year.


Also, with all the Cartel drug seizures from the mexican border crossings, building up your bitcoin reserve is just the next logical step in running a government backed darknet market and/or vendor account.
 
LOL simply Arizona being Arizona ... a place where the sun beats down 365 days a year and most folks who work outdoors have to work at night due to the heat. High heat like that does funky things to the human brain, like making them consider accepting bitcoin.

Paying taxes with money from gains that have not been taxed ... simply astounding
 
Arizona resident here. The heat does bake our brains. The state will take a credit card with a fee. I have done that, when they lost the check I mailed in with my form. I don't know what the motivation is for accepting Bitcoins. Probably just looking to ride some of the hype for political gains. They won't attract businesses that work with crypto coins. There's no water and a lot of our electricity comes from coal. Internet is an afterthought, for the most part.
 
_l_ said:
LOL simply Arizona being Arizona ... a place where the sun beats down 365 days a year and most folks who work outdoors have to work at night due to the heat. High heat like that does funky things to the human brain, like making them consider accepting bitcoin.
Click to expand...

if only people really thought this and would gtfo or not even move here in the first place but unfortunately AZ is now in the top 10 and is fast becoming a shithole like ca.
 
thesmokingman said:
Sure but then the reality that it takes forever to exchange BTC to dollars, and you run into price fluctuations.
Click to expand...
This, there is no "sold instantly" when you're talking about anything with market value. And then there's the whole fact there is no "instantly" when you talk about governments doing anything.
 
You must log in or register to reply here.
Back
Top