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Tether/Bitfinex : « [CFO] Devasini and [CEO] van der Velde in business with the king of EU VAT scams »
Welcome to Portugal. One of the most crypto-friendly countries in the world.
If my earnings equal tax, and essentials to keep me alive and working, am I not a slave?
Mentions
Taxes would probably shift more to things moving through the physical world and VAT where each producer in the chain has an incentive to report to get refunds on what they've purchased.
Many ways to tax people. London is an example: 1. Council Tax - based on the value of the home you reside in - if you rent or own you pay 2. Land Lease - land owned by crown/gov, owner of place pays 3. Property Tax - owner pays 4. Sales Tax - 20% VAT - the biggest spenders pay the most 5. Tax on Utilities - people need electricity, fuel, natural gas Deliberately excluded income tax and capital gains. There are many ways to tax. To avoid taxes like these means you have to sacrifice how and where you live. You can have all the BTC in cold storage, behind Tor, VPN; but you’ll be paying taxes as you spend to live.
No, it doesn’t have to. VAT are not a flat rate applied to all good and services equally. Entire swaths of the economy that impacts the poorest can have little to no taxes levied while luxury goods and services can be taxed at a higher rate. There’s no logical reason why taxes need to be levied in an idiotic and heartless way.
Except you can provide "refunds" to people who make less than a certain amount per year, and graduate it to offset the regressive nature of VAT/sales tax. Could be automatic for the most part based on reported income.
VAT or a sales tax is incredibly regressive and massively hurts the poorest people. This is not a viable strategy.
I do like the VAT system. While doing that math is not an issue for me, it is for many and I like they include it. I would not mind a national sales tax as it would allow taxation on tourism, which the USA is a popular destination. Do you know if any country/state/local area switch from income tax to a sales tax based system?
No economic studies to quote but I’ve bought my wife Louis Vuitton handbags in Paris and London on 2 previous vacations and had to pay the VAT tax at transaction, no way around it but when I came back to the US I was able to file the paper work and get the vat refunded since I don’t live there. Same principle as VAT system in Europe or local sales tax already charged on all transactions in US.
> The real issue will be your bank, how you can explain 10k coming in every months? create business bank account for VAT, make a shopify account, link everything, put up digital products like ebooks etc, buy your own products with your clean-trace crypto (preferably with rotating proxies and browser fingerprints).
Combination of carbon tax, land value tax and consumption tax (i.e. VAT). Much less intrusive, harder to game, easier to enforce, and minimizes economic deadweight loss.
Yes, did you know you pay VAT when you buy stuff? Life is tax
Something i learned recently, not sure if it applies to every country but, here it goes. Did you know that you can get taxed on items? I.e you buy house lets say $50K and in 10 year time it goes for $500K and you decide to swap it for a fancy car, what the transaction will be over you have to pay the VAT on the Car + the income TAX because you gained something that added value to you
It's not because you have no clues about what is VAT that you are suddenly right tho
That guy who spents all his money is also paying tax twice with VAT.
This is not about travelling outside USA, as vast majority of countries around the world exempt gold from import tariffs. Most US states (not all) have no sales tax on gold and there is no federal import tax on it. Canada has no import tax on gold. EU as a whole imposes no import tax on gold. Australia has no import tax on gold. UAE, China .. no import tax on gold. To my knowledge, theres very few countries that impose any import or sales tax/VAT on gold - notably Brazil and India (where this happened). Many states will ask for a cut on capital gains, but that's the same with Bitcoin.
The problem with that concept is that in order to know whether you are lower or middle class, the state needs to know your financial and income situation an poof - you already have all the intrusion. And if you shift all taxation to VAT, rich people are almost unharmed, because they (as opposed to poor people) can decide freely how much of their wealth they consume. Also you cannot differentiate properly (you'd have to define what counts as luxury to which degree).
> I am ok with the concept of taxation. Countries need money for infrastructure etc. That is what sales/VAT and property taxes are for.
... but only **within** India. Are international payments allowed? I seriously doubt it. India has strict exchange controls. The real advantage for crypto payments is for international payments. Try using a card payment for an international cross currency transaction and then track the hidden fees and charges. For example ~5% surcharge on the exchange rate, followed by an international transaction surcharge to the merchant. Regulating the fees charged to merchants by the card companies as is the case in the EU does not work for international payments. If I use my Canadian credit card in the EU, I end up directly or indirectly paying more than the Canadian GST on top of the EU VAT on a retail purchase. This "GST" is solely due to extra fees charged by the card companies.
26% wow they tax your salary they tax your fuel consumption, they tax your every purchase with VAT. And waut they want more, if it was 10/15% it would be resonable but 26% is THEFT!
We are brokers for a product. Note that our offices in each city are technically separate companies. That product has a 7.5% tax on **final sell** value in the USA. In China, that product has a 7.5% tax on the **buy value** and a 13% VAT on the margin (difference between buy and sell). Her suggestion was that we have our USA office buy the product and pay 7.5% tax, "sell" it to our Shanghai office at full price, then have the Shanghai office sell the product to the client with "zero" profit. Therefore we don't pay the 13% China VAT on the product's margin. It is a pretty simple strategy so I feel that if it was legal, then we would just do this on every sell to Chinese clients (we do a lot of business in China).
Extra income for the government under the guise of reducing wealth inequality. And to stimulate spending (VAT / jobs) rather than investing
It has nothing to do with the US, but you are the one commenting on a thread about the US and inflation. VAT and sales tax are paid regardless of what payment method used. In the US, in the EU. So correct that flawed thinking, BTC is not a way around transactions or use taxes. It will also never be treated the same as fiat currency, so most countries will force a tax event every time you sell or trade BTC. That is why everyone challenges the BTC as a currency, an investment if you like, but it will never be a currency in modern economies.
You are confused. You still pay VAT or sales tax if you use BTC to buy. RIght the taxable event is in addition to all of that. You actually don't use BTC do you? In the US BTC will never be classified as a currency, has nothing to do with politicians. It is in the US Constitution, so forget any pipe dream that BTC will gain some magical currency status in the US.
Rolling blackouts in Ukr makes it hard to sell the intangibles like BTC and crypto. But somehow the Ukrainians do manage to sell it. Hold Au / Ag - even when the power is off ... there it is. And no sales tax on bullion. When I tell friends no GST aka VAT they all ask why.
The 30% cut is outrageous nonetheless. That's almost twice germanys VAT. The only reason they are getting away with it is because they lock their customers in their walden garden. And their only competitor charges the exact same fee because the mobile app market is a duopoly.
Also from their website: \`\`\`Please note: We collect your Browsing Data using various technologies such as cookies (for more information, please visit our Cookie Policy). Name, email address, company, BTC address, identity document, intra-community VAT number and proof of residence (where required).\`\`\`
Sorry, Bitcoin is not yet VAT registered, please try later
How would this work in countries which have CGT like the UK which will soon be £300 a year CGT free? Will it be £5 forma burger which includes VAT and then another 25% for CGT?
The Bahamas wasn’t exploited in the slightest, it’s just that corporations love this place because the tax laws. There virtually are no taxes here besides VAT and Import Duty. You can make millions of dollars per year here, but if you only spend 5 dollars, you only pay 7.5% on the 5 dollars you spent. Property Tax? Not a thing. Corporate Tax? 15% compared to the US’ 21% Business licenses? Very cheap, and open to virtually anyone. Regardless if FTX existed in the Bahamas or not, makes no real impact on the GDP here. Sure, they bought some expensive properties, but Sam definitely wasn’t the first, or the last.
Yeah I though that was neat too! Monero all the way :) You should check out how "VAT" taxes work, they function as a consumption tax like a sales tax but they are self-enforcing because you have to report what your business expenses are to minimize your tax burden. If the people you pay as part of your business expenses don't report the corresponding revenue on their parts, the gov will know they're lying. So your tax break is another person's tax burden, and that makes it easy to enforce even when the transactions themselves can't be traced. I like them a lot more than payroll taxes.
I'm not him, but I agree with him and I have an answer. I like monero for the tech. It's private like cash (so you can't see other people's ballances or transactions) and has hella low transaction fees. It's got tail emission so fees stay low long-term, it's asic resistant so you can mine it on your laptop, and it's got a dynamic block size that helps defend against spam while still allowing gradual organic growth. I actually use it to buy stuff online, and I also use it instead of Venmo with my friends. And I see the crypto philosophy as being pretty libertarian, but in the most non-political way possible. It's about taking the governments money-printing and financial censorship powers away, so that they'll be forced to actually deal with their problems instead of inflating their debts away and freezing the funds of their opposition. Part of it is also taking back some power from the mega corporations who decide when we can access our money and why. Not anti-government/corporation necessarily, but just anti-"government or corporations controlling personal finance". That idea comes with a lot of benefits, like you won't have to worry about all the funny business banks are always doing and foreign workers can send money back home to their families without paying half of it to mega corporations like Western Union. It also forces the government to change how it does taxation away from payroll taxes which punish productivity, and towards consumption taxes like a VAT which are easier to enforce.
For example cradle to grave management of waste, or VAT calculations, or CO2 emissions tracking, or customs, or logistics, tracking biological samples or organ/ blood donations, etc. Maybe even future passports or licenses. Having an immutable ledger cna be useful.
Wow. What a shitty deal. I'm all for $20 in Bitcoin, but they charge $20 shipping to boot? Didn't they used to have like 40% off for BF, and were cheaper? Granted the Nano S Plus is better than the original but still, that's a far cry from their previous deals (before the whole "due to coronavirus" excuse gave companies an easy way out to justify price increases). Checkout = $98.30 + taxes (which might be none for some, but dunno how they handle VAT)
Yes almost all the gulf states have a combination of no income tax, no business tax or no VAT tax. Some even with all 3.
i custody coins and NFTs anything to keep away from WEF Klaus debit bomb anarchists avoiding consumption. At least in Europe you pay for VAT for Bitcoin gear.
tldr; Giancarlo Devasini, the CFO of Bitfinex and Tether, and Ludovicus Jan van der Velde, CEO of the stablecoin of the same name, have been doing business for years with Dutchman Gennaro “Rino” Platone. Platone was the undisputed king of some of the major VAT scams in Europe, capable of achieving a turnover of half a billion euros a year. The connection passes through the company Perpetual Action Group (Asia) Inc, in the acronym Pag Asia. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It’s totally independent from England it’s own government it’s very beautiful and only one hour to Europe by ferry St Malo there is no VAT in jersey either so everything I buy on Amazon is 20 percent cheaper than uk
In México, if you wanted to retire 3.5M MXN (175k USD) you could do It under the RESICO option (Régimen Simplificado de Confianza). You pay 2.5% for the total of the income and that's It, except no. When selling to mexican people, you should considera IVA (Impuesto al Valor agregado) which for what I understand, Is Akin to VAT, the IVA Is 16%. For all this, you pay at most 18%-16% for your cash out.
You're lucky to be in profit. But I don't pay taxes, I pay things with a Binance card. When you pay with a crypto card, you're paying VAT on those goods and you also didn't have to withdraw the crypto to fiat.
Oh really? Like VAT and personal income tax is high?
Would love to pay my business VAT and corporation tax in moons 🌚
> introducing VAT to support a universal basic income lol
I think Bitcoin can help with this, but you should probably look into government and public policy to make these improvements. How about stopping quantitative easing and introducing VAT to support a universal basic income (globally)
Probably most transactions are digital. A CBDC will just make it easier for government to track people, adjust value, look for criminals, regulate what it can be spent on (think PayPal misinformation fiasco), and tax. It may also streamline VAT collection or for that matter any sales tax.
I've looked at a similar scheme idea before. Depending on how you set it up, this is likely to be super regulated. The good thing about wine (certainly in the UK) is that it's a wasting asset for CGT purposes - therefore CGT free - and if you leave it in a bonded warehouse it's VAT free as it never actually gets delivered. The bad thing is that it's an asset that pretty much requires management, so your token will generally count as a unit in a collective investment scheme, like a unit trust or similar. That's a problem because you want to offer it to retail investors, which traps you in all kinds of regulation for both running a collective investment scheme and then financial promotion. None of this is insurmountable, but the problem will be that you're probably going to end up setting up a regulated fund and needing a regulated manager. Or, you could build it and only sell tokens to qualified/institutional investors, but that comes with its own problems and probably negates the use case of tokenisation/ a DAO. I'm not saying "don't do it", just be aware that in pretty much any developed market this is probably going to be a security, so be prepared for lawyers and regulations.
You can't really go into mass poverty and hunger and then fix it with digital funny money. Its more likely there would be a transition to cbdcs by having a holiday from VAT and sales taxes etc. for people using them during a time of cost of living stress like now. Alot of normies would get on board with that, then yes you turn the lights back on and they all realise their chickens in a battery farm now unless they're willing to give up everything and walk away. You realise they're years of development away though? Maybe even long enough for two bitcoin halvings, there is no telling how sheer and sudden bitcoin adoption could be when we're talking a bitcoin price of 100k to 2m. CBDCs will take alot of time and money by comparison, not to mention the probable need for a public beta test of sorts in the western version so a year one hack doesnt implode entire western economies at once. Bitcoin could easily be the basis of trade for all the economies between China and the US before cbdcs are even out the gate and moves towards cbdcs may well accelerate that (inflation and collapse of the $ certainly will).
It is mostly due to ÖTV and how KDV (VAT) interacts with it. A 1% increase in ÖTV causes price of the product to increase by 1.18% due to KDV getting applied after ÖTV, so you pay tax on your tax.
There's multiple things to address here. I don't know your background so I'll keep it non technical. Firstly the work we did, and the work done by other research institutions was a proof of concept to demonstrate that the technique was possible. That is to say, we can send AI algorithms over the blockchain, expose them to medical images and the algorithm returns improved and more capable of detecting cancers. This has been shown possible many times and there is no doubt that the infrastructure works. Second is the speed. As this was extremely novel research at the time, in our case, we had to literally fly a researcher to the receiving hospital to onboard them to the Ethereum network. Less than ideal of course, but again, this was a proof of concept. The result of the study concluded that if the hospital PAC system (database for medical images) had its images ported or indeed the images originally stored on the blockchain, that there would be significant time and money savings here. Believe it or not, but even for this proof of concept, even flying a researcher across the world to onboard a hospital to the blockchain was cheaper and faster than buying medical images, which is the method routinely used. The paperwork and red tape is never ending. The result of this research led to further investigation to developing a decentralised and distributed medical image database, and there was a spin off entire research project then dedicated to tackling this problem in subsequent years. As for using ETH as payment - this is not neccessary. The ETH was used only to enable, execute and verify the smart contract. The participating hospitals have their legally binding details in the smart contract, like their VAT number, the price of the images they are providing for usage etc. They are paid in their local currency.
Indonesia's crypto environment is very very friendly with low taxes, at 0.1% on VAT and capital gains. Tokopedia is essentially Indonesia's Amazon, and GoJek is primarily DoorDash with a ton of other services on top. This is pretty big.
The complexity and involuntary nature of it is a part of the package. If we were to choose, nobody would complain about taxes. Most of us would opt for no social security, welfare, and state pension, but to pay no income tax and capital gains tax. Then, it'd be just VAT and road/waste taxes for services we actually use. As simple as it gets.
On the other hand if you win on your "gamble" you spend much more in your country. If you buy your lambo, boom: \- VAT \- tax on horse power \- tax on fuel \- insurance
It hurts the mind to think of all the layers of tax. Producers of raw materials pay a tax, then companies that buy the materials pay tax, then consumers pay tax. When people talk about needing a VAT its laughable. We already have a VAT type system, taxes are paid on every level of the process.
By that vein, then, pretty much every business that makes money is getting paid with money that's already been taxed. Does that mean that businesses shouldn't have to pay taxes if their customers were already taxed when they received the money? That seems to be against the general sentiment here that it's not right that big corporations aren't paying their fair share of taxes. In every day life, a lot of people pay taxes with money that's already been taxed. A quick perusal of Wikipedia list of countries by tax rates shows that most areas have individual taxes as well as VAT/GAT or sales taxes. I live in an area where the local effective tax rate is over 11% for most goods and still about 5% for food even. Then I pay property taxes on my home that are equal to about 50% of my principal and interest payment each month, and property taxes for my vehicle every year. All of these things are paid for with money that's already been taxed. At least with crypto you're only paying taxes on the money that you make, unlike with good purchases where you pay taxes on all the money you spend. Again, I'm not saying that the rate of taxation is good or how tax money is spent is good, I'm just pointing out that this hatred of paying taxes on crypto gains seems out of proportion to the actual issue at hand. All buying crypto does is give you the opportunity to have more money to spend and pay taxes on. I would personally love to have that problem.
I would propose a Value Added Tax system or VAT. it's a common practice ein other countries and I would argue encourages production and discourages loop holes. A VAT system would force the corporations to pay their share . I'm not advocating for NO taxes. I'm just tired of getting bent over the table whole Joe Blow CEO and company pays almost NOTHING.
Some places actually do not have income tax if I’m not mistaken, like UAE; though they do heavily tax oil related industries and there’s VAT.
It is not risk free. You could have spent that money on some local services and products, and it would have made more for the government in other forms, like VAT, taxes on wages, and a bit more money to locals who may no longer need social security or some other forms of welfare. The capital gains tax is there to deter people from gambling on assests, because it is entirely unproductive. Yet this subreddit is here, a shining example how much people like to gamble.
In the uk it can be higher than 50% and then we have a 20% VAT
Here's how it works in the UK Money invested usually comes from a job, income tax You make profit, capital gains tax You spend profit, VAT
Forcing shutdowns on nuclear plants forcing regions to shut down electricity to prevent blackouts, increasing VAT-Taxes to pay for free heroin for addicts, canceling sport education in school to use the budget and time on LGQTBSKDA-Stuff, reforms of youth sport to games without results and winners, increasing taxes on gas because fuck people that don't live in the city and still want to go to work. Thats just out of my head.
One aspect that is always conveniently left out is that your gains were already taxed. First, as labor income. Then they are taxed a second time if you use them to take a risk and make a profit. A third time (VAT) if you use capital gains to purchase something. In many countries this is as much as 20% of the purchase price And finally a fourth time when your children inherit. Hardly a libertarian battle
I think if crypto ever becomes a serious threat to tax revenues, taxation will shift to the movment of objects in the real world through VAT, tariffs, excise taxes, and government nationalization of the vice industries.
They're already taking about 60% of my income through income tax, VAT, etc. I think that if I chose to live a frugal life and invest, taking risks, the rewards should be mine and should not be taxed. But it's not up to me, so it's kind of a useless discussion I guess.
Literally lmao. Taxing someone’s crypto investment is a joke. The money I earn has already been taxed and pretty much everything I buy has VAT so why the fuck should they be entitled to a high risk investment which has nothing to do with them? They ain’t going to reimburse me if I lose money but of course they want some of my profit… absolute joke.
The finite amount makes it a stores-of-value better than fiat. The no fees, instant transactions, and the fact that it’s green and not harmful to the environment make it better than BTC. Then we look at the use case of not having to pay high wire transfer fees for sending money outside of your country and avoiding heavy taxes like VAT and such in other countries.
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Imagine owning a shop and calculating taxes and VAT when all that needs to be paid in FIAT and to do the taxes. I wouldn’t know where to begin.
Tax laws in your country. They may require you to submit data about persons sending you payments. Also to comply with VAT laws. It's "donation" from your point of view, but from tax man it's a payment for service (subscription to your channel) and you must comply to VAT laws that require you to collect personal information about the persons making payments. Also in some jurisdictions there are AML laws that require you to declare who is paying you. Also a signed contract for the donation may be required by laws.
Thank you for the post! Other places like Dubai are also fraught with issues like banks not being crypto friendly and the open legal question of VAT liability. Pro tip from me: Crypto loans are generally tax free. ( ask a financial professional in your country )
I honestly don't understand why America doesn't simply adopt VAT like Europe and almost all other countries. It's basically a forced tax that can't be avoided
This is actually untrue. Proportionately the poorest pay the most. If you solely look at income tax, sure the wealthiest pay the most. But once you take into consideration VAT, state and local taxes, the poorest pay the most. On top of this, while the richest may pay the most in income tax, they enjoy a significantly higher standard of living in practically all aspects of life from healthcare, education and food standards. If 'the government is the problem', as you so eloquently put it, then vote for real change instead of TV personality billionaires and creepy hair sniffing weirdos. Unfortunately that requires some genuine collective effort and the majority would rather watch terrible TV shows whilst eating ammonia washed hamburgers. >In 2018 the richest 400 families in the US paid an average effective tax rate of 23% while the bottom half of American households paid a rate of 24.2%
They also very specifically stated that this would only affect about 1000 Americans. I'm willing to bet that doesn't include anyone on this sub. Still, I don't like the precedent this would set. I have no problem paying more in taxes if it is for the greater good, but I'd rather see a flat tax or a VAT. It has to be something that the rich can't leverage their wealth into avoiding which is what we have now.
> Does the number of ways you're taxed really matter? Yes. European VAT taxes were another similarly-positioned tax designed only to punish the wealthy people who were supposedly using their companies to evade taxes and yet everyone is now hurt by it.
That. It sounds like most here would really want to stick it to Jeff Bezos’s of the world. While I am no fan of his, I am really not interested in punishing billionaires for their success. If you truly want a fair system, then VAT is the way to go. That way everyone have a stake in government. If you don’t pay taxes why would you not support more giveaways. Make everyone pay same rate, no excuse and see how fast citizens start paying attention as to where their taxes go to.
VAT tax on luxuries and imported luxuries. Gross luxury taxes.
So you want to pay the normal price plus VAT plus capital gains tax?
You have to pay VAT with fiat currency regardless. I don't know what point you're trying to raise here, the taxation is literally no different.
Right. We already have much more progressive taxation here than in Europe. The big loophole is those few at the very top whose wealth lives in assets. And it is so easy to fuck up your economy if you start going after assets. Do a VAT. I know that doesn’t stick it to the man, but it’s actually economically responsible.
Do we want to actually pay for an agenda, or simply stick it to this era’s favorite punching bag? VAT is a way to actually increase revenue in an economically responsible manner. I have no interest in being the collateral damage in a war on the uber rich.
You dont tax unrealised gains. You remove the loophole of borrowing against their assets. Also have a VAT luxury tax.
Well they do already. You pay income tax and then VAT on your pasta noodles on your already taxes income. This would mean a triple tax, plus then then inevitable 4th tax on any saved assets when you die.
Nah bro fck your taxes. We pay VAT and other random ones like vehicle tax, etc., thats enough. After seeing the panama papers + the pandora papers if you're still simping for taxes then you're a lost cause, for real.
Yeah, and income also goes to things like VAT, property tax, various registration fees, etc. Lmao "my benefit." I'm just calling out your inaccuracy, but okay. Way to move the goal posts from my original point. And no, it's not completely different anyways.
No I won't be angry at the super rich. I'm angry with my government. It isn't enough that my salary is taxed, that everything we buy has VAT and then on top of that the money I invest after already having payed tax on it gets taxed again if I turn a profit!? Screw that. And just so nobody gets me wrong. I am not an idiot, every country needs taxes to function. That is well and fine. I'm only pissed that taxation never freaking stops.
Same. I pay \~48% income tax and 20% VAT, just for it to be squandered in corruption while the systems I am supposed to fund are providing the bare minimum at bad quality; I have to wait months for an MRI in our super duper public health care system. Fuck taxes. I'd tax evade all day, every day, if I could.
Some of the taxes I pay on the UK Council Tax.. cool done, for all the councilly stuff like binmen. Fine. Road tax... I use roads, I like roads, cool done. 20% on my wages... alright I like the NHS but where is the rest going? Because it is not for roads or binmen.. 20% VAT ... alright ile pay this on literally everything with my already reduced wages which were already taxed before.. well this tax.. but where the fuck is this going? Like... im left with pocketmoney, its so frustrating and not to mention some laws around contracting changed in April, I used to take home something like 4400 a month gross to my business and I had to go fully employed because the goverment put the onus on firms to decide if im a contractor or not at threat of large fines and so they put me under an umbrella even though I work / consult from home and took away my ability to say that I am indeed in a contract. My takehome since April is like £2476, sometimes less. Im getting fucked from every angle, no pension, no holidays im a godamn worker drone and I cant get out of the hole.
Although ultrafine copper powder is a very interesting, IMO Cuprum coin is almost certainly a scam. Red Flags I noticed on first glance: \- Unrealistic volumes of assets (60 billion usd) and high chance that these assets do not exist \- Unclear and impractical pricing of token... How much powder backs each token? \- It is not stored free zone so you have to deal with sales tax (or VAT) when trading \- I am 100% sure cuprum coin is regulated as a security, and this seems to be an illegal offering \- Team does not have the right experience and CEO is a car dealer
Although ultrafine copper powder is a very interesting, IMO Cuprum coin is almost certainly a scam. Red Flags I noticed on first glance: \- Unrealistic volumes of assets (60 billion usd) and high chance that these assets do not exist \- Unclear and impractical pricing of token... How much powder backs each token? \- It is not stored free zone so you have to deal with sales tax (or VAT) when trading \- I am 100% sure cuprum coin is regulated as a security, and this seems to be an illegal offering \- Team does not have the right experience and CEO is a car dealer
Although ultrafine copper powder is a very interesting, IMO Cuprum coin is almost certainly a scam. Red Flags I noticed on first glance: 1. Unrealistic volumes of assets (60 billion usd) and high chance that these assets do not exist 2. Unclear and impractical pricing of token... How much powder backs each token? 3. It is not stored free zone so you have to deal with sales tax (or VAT) when trading 4. I am 100% sure cuprum coin is regulated as a security, and this seems to be an illegal offering 5. Team does not have the right experience and CEO is a car dealer
Actually, this would be counter productive for what France are trying to do One of the things driving inflation is a lack of cash in government coffers. They need to make more money. Outside of directly raising taxes, the only other effective way of doing this is increasing money velocity. This is the rate people are actively spending their money. More spending means more VAT and other taxes in VAT. Giving money to the poorest is a good way to increase money velocity, as they have to spend it, they are poor. Done right, a large portion of the money they give out will come back as tax in the short to medium term, as well as potentially driving extra spending of cash they didn't give out, increasing tax revenue overall and alleviating the issue
Germans definitely pay more in taxes than Americans on the whole, especially when you account for their VAT. But, their taxes cover their health insurance. So, I'd say they are getting a better deal.
So the VAT is “Part of the funding mechanism” Then you want to “tax pollution” sounds great, but what does that mean? A 50-100% tax on gasoline? Electricity? Natural gas heating? Do I get an annual fee for owning a pickup truck? There’s no free lunch. Everything that is given away is taken from someone else first… or inflated into existence which takes from everyone.
His original proposal was $1k/m, with a 10% VAT as part of the funding mechanism. With those numbers you'd have to *spend* over $120k/y to pay more into it than you would receive in UBI. He is also for reducing the earned income tax and moving the tax burden to things we want less of, like pollution and frugal spending.