US Legislators are proposing “Financial Transaction Tax” i.e 0.1% tax on sale of every asset including crypto, aimed at “curbing risky trading”. Meanwhile legislators happily traded stocks before COVID19 shutdowns acting on insider information and none of them were found guilty

US Legislators are proposing “Financial Transaction Tax” i.e 0.1% tax on sale of every asset including crypto, aimed at “curbing risky trading”. Meanwhile legislators happily traded stocks before COVID19 shutdowns acting on insider information and none of them were found guilty

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  1. If this is truly to “combat inequality” like the article says, it should only apply to rich people with over 500K in their account or something like that, just like the 3 day trading rule only applies to poor people with under 25k.

  2. I’ve always wondered whether crypto taxes are actually enforceable.

    Here in the UK we have to pay 20% or 40% capital gains tax on crypto assets.

    From what I’ve heard, the capital gains tax on other financial assets is enforced by the government getting it’s grubby little fingers on the order book of the broker. I guess they probably do the same for centralised crypto exchanges, but I don’t see how they could possibly do so for a decentralised exchange.

  3. “US legislators” is so faceless. Let’s change that, shall we?

    [The author is D-Hawaii’s Senator Brian Schatz ](

    > The legislation is cosponsored by U.S. Senators Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Kirsten Gillibrand (D-N.Y.), Jeff Merkley (D-Ore.), and Sheldon Whitehouse (D-R.I.). U.S. Representative Peter DeFazio (D-Ore.) introduced a companion bill in the House in January.

    I’m guessing we all know, but it’s worth remembering that we already face an extra income tax if you don’t hold an asset fit at least a year. So high frequency speculation is already discouraged by that.

    > “During the pandemic, Wall Street has cashed in on high-risk trades that add no real value to our economy and leave working families behind. We need to curb this dangerous trading to reduce volatility in the markets and encourage investment that can actually help our economy grow,” said Senator Schatz.

    Except it was mostly working families doing that speculation. That’s what’s behind it, they want to dampen WSB. In a very dumb way, I may add, as that won’t really work. What will work if this pass is a money grab. Double taxation.

  4. They tax alcohol, allegedly to make us drink less, and tax gasoline, allegedly to make us drive/pollute less. And these are things we buy with income they’ve already taxed and consume on property we pay taxes to own.

    It’s not like there’s not a precedent for taxes like this.

    And it’s not like there’s not a precedent for pretending it’s for your own good while stealing your money to get rich and keep you from being rich.

  5. I’ve said this many times before to people close to me and I’ll say again. Politicians/legislators dont give a shit about you, your well being or any of that crap, they, just like me and you, care about themselves first and many of them care for themselves ONLY. Don’t expect anything good to come from politics, the more laws a State has the more corrupt it is, as Seneca has already said.

  6. step 1: identify a threat to your status/wealth/privileges that needs to be banned or regulated

    step 2: come up with a good sounding reason with moral undertones that speaks to people’s fears.

    step 3: profit via taxation and/or bribery

    Tis the *gold double standard*

  7. **Unpopular opinion:**0,1% tax will not be noticeable to 99% of the people here because almost no regular person engages in high frequency trading. The tax is aimed at highly automated systems that buy and sell billions in milliseconds only to buy and sell again milliseconds later. It is exactly the right kind of tax because it has almost no effect on regular investors.

  8. Sounds awful…

    Ly difficult to enforce. This will definitely get challenged on that alone.

    This would push a lot of people in the space to do all they can to dodge taxes and move into grey area defi protocols willing to facilitate tax dodging. As things are, cefi exchanges and users in general are okay with playing ball. However, if things get contentious, itll expose just how little control traditional finance and government has over the space. You dont want mass tax dodging to become an act of protest (smirk).

    Banks are more than willing to sell you out to the IRS but the moment you scoop your crypto in to your own wallet you just have to refuse to give up your keys and be willing to sit in jail for a while or skip town. Not to mention how many whales toes are getting stepped on who will certainly lobby to strike this down. Stubborn as many people in the space seem to be, it’d stir up more trouble than it would be worth for the IRS.

  9. This would be great if it applied to stocks to discourage high frequency fractional trading. It could cut down on volatility. Just move the decimal to 0.001%. They’re targeting the wrong people.

  10. Why the hell are we even paying taxes at all?? Honest question, because we know that we do not fund the government with tax dollars. We fund it by printing at the fed. If our leaders decided on their own that modern monetary theroy is correct and we actually have an unlimited money supply, why tax individuals at all if not for punishment??

  11. Correction: it’s not “US Legislators.” It’s “Democrat Legislators.”

    And like most taxes, it will be expanded next year to affect more people. This isn’t harmless.

  12. The people here are hilarious.

    Yay institutional adoption pumping the price.

    Oh shit institutional adoption means the man is coming to do institutional things.. boooooooo

    If you want crypto to be mainstream, its gunna have to go through this type of change.

  13. these proposed 0.1% taxes on things that aren’t realized yet are bullshit

    “Democrat-led proposal”

    leave it to the democrats to be against upward mobility…

    “Initial public offerings and short-term debt would be exempt under the bill”

    So so happy that those in the know / in group / politicians and their friends will still be able to screw everyone with IPOs…



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