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0 sats \ 15 replies \ @optimism 27 Jul \ parent \ on: The Increasing Impact of Bitcoin’s Ancient Supply bitcoin
If I buy something in a place where there is sales tax then of course I have to pay it. There are plenty of places with no sales tax though. As for income tax, you already named 2 jurisdictions where it is possible. Just have to accept sats and no fiat, time your income well, practice patience and not spending more than necessary.
As for participating in actively changing society, its only needed if you believe that Bitcoin mass adoption is desirable. It isn't to me. I'd like some more adoption but I don't need every soul on this planet to transact in Bitcoin. Also we don't have any tech to support that yet. Maybe in the future.
Which jurisdictions have no sales/value added tax?
I do not know of any jurisdictions where income tax can be legally avoided by only transacting in sats- even in El Salvador if accepting sats you must still pay sales tax as I understand it though there may be an exemption for very small businesses. Sales/value added taxes are anyway just a convoluted means of taxing income as they are calculated on the value added by the business paying- so are a form of sly income tax in almost all cases.
Where/how do you live and completely avoid paying tax?
For myself the majority of the tax I pay is probably via sales tax anyway, not income tax.
I am sure many here would be interested to know if it is legally possible to avoid paying any tax, while in almost all jurisdictions it is possible to avoid/evade paying taxes but only by evading the law.
Yes, I don't see universal adoption of Bitcoin as necessary but I would like to see the taxation of Bitcoin where it is used as a MoE payments protocol removed as it severely restricts and inhibits both use and competition in the market of monetary payments options...and such change is unlikely to happen without ongoing pressure from voters on politicians seeking votes.
Milei has appears to have provided Argentine voters with such an option and more is needed of that kind of change, imo...even if he cannot yet deliver freedom of monetary exchange MoE market, he is voicing the idea and objective that such a change is desirable...and it surely is!
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Which jurisdictions have no sales/value added tax?
Several US states and Caribbean islands. Some of the islands don't charge income tax either.
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So some Caribbean islands charge no sales or income tax?
Sounds too good to be true...
How do they fund government?
Roads, infrastructure, law and order and all government administration - how are they funded?
Import Tariffs?
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- Direct investment / citizenship programmes
- Licensing of public goods - funniest example: Anguilla's TLD is .ai which brings in 20% of revenue (though I think they actually have GST now, haven't been for a while)
- Tourism taxes
Also... what roads? You mean those places where you drive your cars where potholes are manhole-sized? lol
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'Today, up to half of global offshore wealth is hidden in British jurisdictions and Britain and its dependencies are the largest global players in The Secret World of Finance.'
'The Spider's Web: Britain's Second Empire' is an informative doco on how Britain established many of these tax havens as its global wealth and power declined after the WWs.
With the decline of US empire it looks a lot like Trump is creating virtual mechanisms of a similar character...via tether and crypto.
Tax havens can be seen as parasites feeding off the wealth extracted by wealthy selfish and greedy expats and their multiple entities.
They are perhaps a natural part of the global tax ecosystem but for the vast majority of humanity, tax havens take away much more than they give.
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