Post
Topic
Board Legal
Re: Bitcoin and Sales tax
by
Exther2
on 04/03/2015, 19:11:58 UTC
Say BTC does gain mainstream acceptance, and your girlfriend starts buying her $18 dollar lattes in starbucks using bitcoin.  They have to charge sales tax on that transaction.  There is a finite number of bitcoins.  If they hoard them and spend fiat, on a long enough timeline, all the bitcoins will end up in hands of the tax collectors.  what then? 
It's simple - no taxes should be used when something is paid by crypto.
Anyway, if it does, they (new owners) will sell it back in the market.