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@ the8thHouse
2025-02-06 06:49:30
Most of my time however has been dedicated to studying tax law, specifically federal taxation. It’s tax season so I be doin’ taxes too and I also volunteer once a week to do people’s taxes for a nonprofit in an underserved area in my city. As intuitive as I am, i still don’t have a crystal ball to everything, but I’m genuinely interested in international taxation and digital asset taxation. I’m interested to know what the future looks like for the two.
Even though I study these things, i still don’t like taxes and being taxed 🤣. If the IRS hasn’t crumbled in the near future, my future EA designation still allows me to represent normal people w their tax problems in front of the IRS lol, but how these laws and policies get developed is fascinating and that’s something I want to learn
If Bitcoin reaches a certain large percentage of adoption through retail all over the world, I wonder if it would make sense to have one flat very clear cut low tax worldwide vs country to country taxation. I obviously prefer a tax free BTC but let’s be real, taxes aren’t going away anytime soon. & centralized power will always want control especially over things like bitcoin. & lets be even more real, Bitcoin isn’t going anywhere.
It’s probably not relevant because currency is still different in each country, but btc is borderless, permission-less, and its value is 1:1.
I think about this because there are a lot of people who have moved overseas due to high taxation on their cryptocurrency. Wouldn’t the concentration of people who have crypto in specific areas kind of isolate usage of crypto in the real world? Doesn’t that mean it’s more likely for Bitcoin to be kept like gold instead of money to be spent?
This feels like something that would be considered 20 years down the line.
These are things I think about at night.