State of Arizona to adopt the use of bitcoin to pay Taxes
Arizona, a popular state in United States are deliberating on the use of bitcoin to pay state taxes.
Digital Platform of paying taxes.
Jeff Weninger, an Arizona State Representative says, Many present bills on Arizona’s Congress deals with bitcoin and cryptocurrencies.
One of such bills deals with the legalization of bitcoin in the state, so as to be recognized in the state as a currency. Another would give an opportuinity to Arizona residents whether to pay taxes with bitcoin or not.
Co Sponsor of the Bitcoin bill, Jeff Weninger, expressed bouyancy with the progress so far and stated that the bill has already passed the State Senate Finance Committee.
The representative believes that influencing the power and efficiency of bitcoin transactions into tax paying platforms it will make it easier for people to pay taxes.
Consideration of Bitcoin Tax Revenue (BTR)
The proposed plan has posed a debate which made way for opposing and proposing sides arguing against and in favour of the motion. The president of Tag Employer Services, Jack Biltis, a payroll company situated in the Phoenix Area, believes the move is a solid step in the right direction. Jack Biltis is a Bitcoin enthusiast, and his company pays his employees via bitcoin.
The Arizona state Minority Leader, Steve Farley, believes the bill puts a very big burden on taxpayers considering that the virtual cryptocurrency is relatively untested and could malfunction at any time. Farley also went further to state that the there is no need to introduce another tax payment revenue when the US dollar is still operative. He faulted the overall spirit of the initiative, condemning the role of “special interest lobbyists” in the tax system of America.
Governments at various levels all over the world appear to be strategizing means of integrating blockchain technology into administrative activities of governance.
From identity management systems to document processing and even transmission of classified information, the innovation is powering the activities of government in many places around the world.
If the proposed tax bill is passed into law, then citizens of Arizona could start paying taxes via bitcoin by the year 2020. This projection comes three years earlier than the earliest estimate by the World Economic Forum as to when governments would begin to collect taxes via a blockchain.
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