This is one of the most anti-crypto laws in the U.S.
It taxes the exchange, transfer, or storage of digital assets—you buy BTC, you pay a tax; you hold your BTC on Coinbase, you pay a tax; and so on.
There is effectively no comparable state financial transaction tax on stocks, bonds, or derivatives anywhere in the country. That means crypto is being singled out in violation of several federal laws.
Further, the approach makes little sense—you aren’t taxed if you exchange a stock, bond, or derivative in paper form, but you are taxed if they happen to be recorded on a blockchain? That’s like taxing email.
So, rather than embracing innovation and the cost efficiencies blockchains can deliver for ordinary people in Illinois, the state is poised to punish its entrepreneurs and citizens that want to use crypto.
This is a shame—it was only just recently that Illinois embraced a constructive approach to blockchain technology through the adoption of the effectively-scoped Digital Assets and Consumer Protection Act. This new tax is a complete 180.
When states adopt discriminatory, asset-specific taxes that drive builders and users elsewhere, we all lose.
@elonmusk@drawandstrike@RolandForTexas Typical parasite class behavior looking for a boogie man to deflect away from their own sordid behavior.
I’m a happy TSLA shareholder. Expose them all Elon!
Nope. @GovPritzker is the best governor in America.
Look at all these categories Illinois is number one in.
#1 in highest property taxes
#1 in highest combined state/local tax burden
#1 in cell phone taxes
#1 in local government bureaucracy
#1 in fiscal instability
#1 in worst state pension crisis
#1 in state pension debt
#1 in pension debt per capita
#1 in lowest bond ratings
#1 in public corruption convictions
#1 in biggest gas tax increase since 2019
#1 in eliminating school choice
#1 in lowest fiscal transparency
#1 in gerrymandering
Pritzker is #1!
@elonmusk@CagedSings@tim_cook Dude can build rockets 🚀and cars. Apple can only design phone, cannot build phones or cars. I say it’s time to bury Apple too.
Guess which continent or group need to capture these resources for collateral and financialization.
It’s not the Africans, the Middle East or the Chinese. And it’s not the Americas either.
#ÚLTIMAHORA VLADIMIR PUTIN 🇷🇺
¡Rusia nunca ha sido y nunca será su enemigo!
No queremos materias primas y riquezas europeas, tenemos nuestras propias materias primas y riquezas, no necesitamos en absoluto sus materias primas. Rusia es el país más rico del mundo en términos de materias primas.
No queremos su tierra ni su territorio. Miren qué amplia es Rusia en el mapa. Rusia es el doble del tamaño de toda Europa en un solo lugar. ¿Para qué necesitaríamos su tierra, qué hacemos con ella?
¿Por qué creen que Rusia es enemiga de Europa?
¿Qué daño les ha hecho Rusia?
¿Les hemos vendido gas y materias primas a precios más bajos que los precios a los que sus "amigos" les venden actualmente? SÍ
¿Rusia sacrificó a 20 millones de personas en la Segunda Guerra Mundial para deshacerse de los nazis? SÍ
¿Fue Rusia el primer país que ayudó a Europa durante la pandemia de COVID? SÍ
¿Ayudamos a Europa cuando hubo incendios y desastres naturales? SÍ
¿Qué les ha hecho Rusia que la odian tanto?
Rusia no es vuestro enemigo; vuestros verdaderos enemigos son vuestros dirigentes, aquellos que os dirigen".
Vladimir Putin dixit..
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🚨 BREAKING: In a stunning blow to Democrats, 76% PERCENT of BLACK Americans want nationwide voter ID — in other words, the SAVE America Act
White voters: 85% want it
Latino voters: 82% want it
Another leftist narrative just got decimated.
Pass voter ID. GET THIS PASSED. 🇺🇸
This friend Sarah probably has a paid off home 🏠 in addition to these investment accounts.
Imagine you have the worst day of your life.
- Sarah disagreed with the ruling government and attended a protest. She gets de-banked or gets her bank account frozen(Canada).
- Banks shit the bed again and needed a bail-in. Your savings lose 40%-50% overnight (Cyprus)
- Govt decides to XO 6102 and force everyone to turn in their gold.
- All securities she owns are in the DTCC. Another massive world wide de-leveraging event like 2008 and her assets are used to bail out the “systematically important” institutions.
Point is: IRAs, brokerages, and bank accounts are all inside the system. Governments have shown they can reach in — for political reasons, “emergencies,” or bank rescues — and take or devalue what they want.
She is far from being financially independent.