Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Sorry to distract ya'll from an apparent dick measuring contest...

What's your take on perpetual trusts?
Here is Guardian's:
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws

I think that this would be relevant to bitcoin later on.
There are lots of "golden nuggets" in this article.
The main conclusion is that we might be changing the society by allowing perpetual trusts (details in the article).

This golden nugget is relevant to some US bitcoiners right now. How many will be moving to South Dakota before cashing out to avoid capital gains tax?

https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws

Quote

South Dakota has no income tax, no inheritance tax and no capital gains tax

The perpetual trusts thing seems a massive deal, and probably will be relevant to Bitcoin later on.

Well, hold your horses, there are still federal taxes, including capital gains tax. It's not written very clearly.
The only no cap gains tax for US citizens is the Puerto-Rico deal, but it is only until 2035 and only on cap gains AFTER you domesticated/moved your assets there.
Plus, you HAVE to reside there 183 days/year.

That explains why nobody has already suggested South Dakota.

I read about the pros and cons of the Puerto-Rico deal here. Like you say, it's complicated.

https://cointelegraph.com/news/are-tax-moves-to-puerto-rico-worth-it-for-crypto-holders