Considering the extreme fluctuation of Bitcoin, it feels like that’s a payment that has to be processed and cashed out within an hour of the filing for the Federal government to not get screwed.
That’s beside the point, because you don’t pay taxes in denominations of “loaves of bread”, you pay them in US dollars. If you pay with an asset that is wont to change its value in US dollars on a whim, that’s a gamble for the government. There’s a reason people don’t regularly pay taxes with stock options.
The US dollar is never worth less nor more than than 1 US Dollar. If you owe a debt in USD, the size of that debt does not change based on the purchasing power of the dollar.
Considering the extreme fluctuation of Bitcoin, it feels like that’s a payment that has to be processed and cashed out within an hour of the filing for the Federal government to not get screwed.
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That’s beside the point, because you don’t pay taxes in denominations of “loaves of bread”, you pay them in US dollars. If you pay with an asset that is wont to change its value in US dollars on a whim, that’s a gamble for the government. There’s a reason people don’t regularly pay taxes with stock options.
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The US dollar is never worth less nor more than than 1 US Dollar. If you owe a debt in USD, the size of that debt does not change based on the purchasing power of the dollar.
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Yes, but your debt was also worth less.
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