Flat Tax Frenzy: Americans Debate Tax Code Overhaul on X

November 24, 2024 Bitcoin.com

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Conversations about adopting a flat tax in the United States are lighting up the social media platform X. 16 Million Words Too Many? Department of Government Efficiency Sparks Flat Tax Debate The debate hit a fever pitch after the Department of Government Efficiency (DOGE), spearheaded by prominent names Elon Musk and Vivek Ramaswamy, floated the […]

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Australia Seeks Public Input on Crypto Tax Reporting

November 22, 2024 Bitcoin.com

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The Australian Treasury has invited public feedback on implementing the Organization for Economic Cooperation and Development (OECD)’s crypto asset reporting model. Tackling Crypto-Linked Tax Evasion The Australian Treasury has invited the public to comment on options for the country’s implementation of the Crypto Asset Reporting Framework (CARF). In a consultation paper released Nov. 21, the […]

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Coinbase CEO Advocates Ending Individual Income Tax Entirely, Shifting Burden to Businesses

November 19, 2024 Bitcoin.com

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Coinbase CEO Brian Armstrong wants to scrap income taxes entirely, dumping the 150,000-page tax code and shifting the chaos to businesses. Coinbase’s CEO Challenges America’s Tax Code Chaos With Controversial Idea Brian Armstrong, CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), has proposed a sweeping change to the U.S. tax system, calling for the elimination of […]

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

US gov’t job could allow Elon Musk to defer capital gains tax

November 15, 2024 Coin Telegraph

Coin Telegraph

The ‘DOGE’ department proposed by Elon Musk could allow the Tesla CEO to divest many of his assets and defer paying taxes.

Tesla CEO and the world’s richest man, Elon Musk, could get a deferment on potentially billions of dollars worth of federal taxes if he begins working for the United States government under President-elect Donald Trump.

Trump announced on Nov. 12 that Musk and Vivek Ramaswamy — a Republican rival-turned-ally — would be heading the ‘Department of Government Efficiency,’ or DOGE, once he took the oath of office on Jan. 20. The president-elect claimed that Musk — worth roughly $300 billion — and Ramaswamy would help “cut wasteful expenditures” in the federal budget.

Despite the name, only an act of Congress can establish a new government department, suggesting that DOGE may operate as more of an advisory commission. However, Republicans will hold a majority in the Senate and House of Representatives starting in 2025, meaning they could seemingly pass legislation creating a new department if desired.

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Italy scales back plans to hike crypto tax rate: Report

November 13, 2024 Coin Telegraph

Capital Gains

A Bloomberg report suggested Italian Prime Minister Giorgia Meloni could accept a proposal for a 28% tax hike on crypto rather than a 42% one.

The Italian government reportedly plans to raise the country’s capital gains tax on cryptocurrencies to 28% instead of 42%.

According to a Nov. 12 Bloomberg report citing people with knowledge of the matter, Italy’s government under Prime Minister Giorgia Meloni plans to accept a proposed 28% tax hike on crypto — an increase of only 2% rather than the 26% initially reported. Giancarlo Giorgetti, the Italian Minister of Economy and Finance, defended the proposed tax hike as recently as Oct. 31.

It was unclear what may have led the Italian government to scale back their plans to tax crypto. The price of many cryptocurrencies has surged following a United States election in which many lawmakers who claimed to favor digital asset policies won their respective races.

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

Kenya Collects Over $77M in Taxes From 384 Crypto Traders

November 6, 2024 Bitcoin.com

Kenya Collects Over M in Taxes From 384 Crypto Traders

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The Kenyan government collected $77.5 million tax revenue from cryptocurrency traders in the last fiscal year. Kenya Seeks $465 Million in Crypto Taxes The Kenyan government collected $77.5 million (10 billion shillings) in taxes from cryptocurrency traders during the 2023-24 financial year, Anthony Mwaura, head of the Kenya Revenue Authority (KRA), recently disclosed. Mwaura, speaking […]

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

IRS: Frozen Crypto Rewards Taxable Despite Account Lockdowns

November 2, 2024 Bitcoin.com

bitcoin.com

Crypto rewards received before an account freeze are taxable in the year they’re received, even if holders can’t access their funds later, the IRS says. IRS Clarifies Tax Rules for Digital Assets in Locked Accounts The Internal Revenue Service (IRS) issued a memorandum in October, addressing the tax obligations of digital asset rewards in accounts […]

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

Italy’s finance minister defends 42% crypto capital gains tax plan

October 31, 2024 Coin Telegraph

Bitcoin

Giancarlo Giorgetti said cryptocurrencies like Bitcoin presented a “very high level of risk,” highlighting the need for additional taxes.

Giancarlo Giorgetti, the Italian Minister of Economy and Finance, has pushed back against critics of a plan to raise the country’s capital gains tax on cryptocurrencies like Bitcoin to 42%.

At a World Savings Day event on Oct. 31, Giorgetti said digital assets presented a “very high level of risk,” defending the government’s decision to change the capital gains tax. Italy’s Council of Ministers approved a budget bill to increase withholding taxes for Bitcoin (BTC) from 26% to 42%.

Italian finance minister Giancarlo Giorgetti at World Savings Day on Oct. 31. Source: YouTube

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

Brazilian Central Bank Considers Taxing Stablecoin Remittances

October 31, 2024 Bitcoin.com

bitcoin.com

The stablecoin boom in Brazil has caught the attention of the central bank, which is currently exploring several ways to tax stablecoin remittances, including issuing a special license for crypto exchanges that provide these services. Central Bank of Brazil Explores Tax on Stablecoin-Based International Transactions, but There’s a Catch The Central Bank of Brazil is […]

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

Former President Trump floats idea of eliminating federal income tax

October 26, 2024 Coin Telegraph

2024 presidential election

According to the most recent Polymarket odds, the former President currently has a 65% chance of winning the Presidential election.

During a recent episode of the Joe Rogan Experience, former President Trump said he was serious about eliminating the federal income tax in the United States and replacing the revenue stream with tariffs on imports.

The 2024 Presidential candidate cited the tariff policies of former US President William McKinley during the 1890s as incredibly prosperous for the country and argued that the same policies should be applied today to fund the government. Trump told Rogan that the tariffs created so much revenue that public officials did not know how to spend the funds:

Critics have argued that imposing tariffs on imports will add a hidden tax in the form of increased prices on goods. However, Trump maintains that tariffs can drive dollar demand while protecting domestic workers and making US exports more attractive.

Taxes

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