NEW JERSEY TO IMPLEMENT DOUBLE TAXATION ON BITCOIN

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New Jersey is known for many things. But im sure it's not winning popularity contests. The supposed resting grounds of various Mob members and those whom may have fell short of the mob's favor. It's a suprise cement shoes haven't hit park avenue yet!
                  I guess New Jersey is not runway material really. More like TrailerPiece Theater. Well, now the dirtbag state is gaining another brand spanking new reason why you should check it off your travel plans permently. You ready for this one???
            New Jersey is apparently ready to begin implementing action to begin with the double taxation of Jersey residents who own and use Bitcoin for retail transactions.


Welly, well, well, my dear droogies what haveth we here now? a bit of the old in out in out,one might say, nudge, nudge wink, wink? I am sure most crypto enthusiast felt, as I did, stunned with astonishment and disbelief when first gaining knowledge of the states rather henious. I am quite sure a very wide precentage of users and abusers will be seeking loopholes around this new tax.
                         Insted of listing all of the debilitating issues New Jersey injects into American culture which is liable to twist this into a off topic laced rant Today, we’ll focus on their generally shady business ethics.

 



New Jersey and the Taxation of Bitcoin
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Here’s the thing with Bitcoin and state or national governments.
 Bitcoin is not yet “legal tender” anywhere in the United States.
 You can say the same about Bitcoin and pretty much any sovereign government on Earth. As a matter of fact, it is illegal in: Bangladesh, Bolivia, Ecuador, Russia,and Vietnam.
You cannot pay your taxes, parking tickets, or any state fees with Bitcoin.
 It is not accepted as money by any government as of 2015.
So in arguing the ethical argument of the state coming in and saying "hey, we want our cut."
              Is it indeed taxable by the state if no state recognizes its actual value. What is its real value to the state? None, some may argue but, in reality, many people have figured out that you can circumvent the monitary system set in place and ran by our monopolistic government.                    
                 Bitcoin,in effect, is in direct competion with the government, whom we all know, is both bot used to and not a entity to take kindly towards competetors in the power and control department. A sort od digital timebomb set and waiting patiently to explode in the face of misappropration, federal retoric and the wasteful spending habits of our elected and trusted officals who take our dime and blow it like children do on runts out of a candy machine.
                 We, the public, never see any cause or effect from what they succesfully bleed from the people and this disillusuioning fact is what opened up the market for crypto currency in the first place and fueled is journey into to upper stratosphere of mainstream focus and debate.
    Of course it has value to the fring individuals and a few cutting-edge businesses who have thrown in their hats and joined the crypto marketplace. Think about this. go deeper. the first bitcoin. What gave it worth?

THE ORIGINAL WHITE PAPER RELEASED OCT 31,2008 BY "Satoshi Nakamoto"

THe original White paper by Satohsi Nakamoto

These first adopters have real fiat behind each coin. There is no difference between the bitcoin and a virtual visa card. each is backed by real-world currency, each provides a way to conduct business and make online payments and purchaces.
               And each one holds the ability to take that real-world currency and morph it into something unmanagable and if done properly, untraceable for the most part. Cash has the same possibility. HUGE sums of money flow between fingertips on a day to day basis unknown to the powers that be just as the powers to be use the taxes and budgets afforded them to squander as seen fit without reproch.
                    Yet, New Jersey sees fit to tax Bitcoin as property for owners, and as a taxable “barter transaction” when used for a retail transaction. So Bitcoin gets none of the benefits of being a currency in the state of New Jersey, but all of the downside of being “legal tender”.
Regarding the use of Bitcoin, the New Jersey Division of Taxation issued this technical advisory memorandum

The State of New Jersey's Memo on Bitcoin Taxation

It explains how New Jersey sees Bitcoin as a stream of revenue for the state’s coffer, as each party “gives something of value to the other in order to receive something of value in return,” according to the memorandum. It continues:
“As a result if a seller uses convertible virtual currency as consideration for goods or services, sales tax is due based on the amount allowed in exchange for the virtual currency. If the customer that provides convertible virtual currency in the trade receives property that is subject to tax,
        the customer owes tax based on the market value of the virtual currency at the time of the transaction, converted to U.S. dollars.”
                                           In other words, according to the state, any barter transaction is taxable. You can be legally seen as a tax cheat if you don’t submit for taxation any swap of goods, whether you use fiat currency or not.
   in the end, all this can serve to do is to drive Bitcoin and Bitcoin-related businesses to better locales with less strict or non-existant tax codes. Bitcoin is not legal tender by THEIR OWN LAWS, so it should not be just another revenue stream for the state but on the flip side, if your putting state backed and taxable funds towards aquiring bitcoin then it leaves a hole in bitcoin's defense as to its disassosiation with World Fiat.




 The freshly released Bitcoin-taxation memo, which is not up for vote as a referendum by the citizens of New Jersey, but someone is responsable for voting it into action. It does seem to some as anti-innovation and anti-digital currency but everyones gotta make a buck and no one likes when they have to part with their's so of course this whole shebang is not gonna be very popular.
                        It certanitly does in a sense turn Bitcoin into a form of honey pot for the state to dip its greedy paws into every time it’s their coffiers rumble. And what's really sad is the biggest impact will probabbly be the decline of use when it comes to Bitcoins by the citizens of New Jersey
 Way too go jersey! once again, you prove yourself at the head of innovative ways to royaly suck!

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the crypto sheik