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New York City mayor-elect says he'll take his first three paychecks in Bitcoin:
Spurred by a tweet from the mayor of Miami, New York City Mayor-elect Eric Adams told followers Thursday that he plans to take his first three mayoral paychecks in Bitcoin.
"NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries," Adams tweeted. "Just wait!
It's a high-profile embrace of digital currency at a time when regulators in the US, including in New York City, are heightening scrutiny of cryptocurrency exchanges. Last month, New York state Attorney General Letitia James asked two lending platforms to cease activities after winning a court order forcing the closure of the cryptocurrency exchange Coinseed.
NYC Mayor-elect vows to take first salary payments in Bitcoin:
“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries,” he said on Twitter on Thursday.
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
— Eric Adams (@ericadamsfornyc) November 4, 2021
Adams, a Democrat, has said he wanted to turn New York into a crypto-friendly city and that he wants to explore a NYC Coin similar to Miami’s. In an interview on Bloomberg Radio after being elected mayor on Nov. 2, he wagered a “friendly competition” with the mayor of Miami, who was the first to set up a so-called CityCoin cryptocurrency.
(Score: 1, Interesting) by Anonymous Coward on Friday November 05 2021, @10:15AM (7 children)
(Score: 0) by Anonymous Coward on Friday November 05 2021, @12:07PM (3 children)
The cryptoshit is treated by IRS as property for tax purposes, same as collectibles (coins, stamps, vintage cars, etc). Go check it out
(Score: -1, Troll) by Anonymous Coward on Friday November 05 2021, @05:04PM
What kind of dumb ass slave thinks the IRS and the international bankster cartel is legit, while calling all cryptocurrency shit? Surely pays the federal income tax like a good little Goy.
(Score: 0) by Anonymous Coward on Monday November 08 2021, @12:22AM (1 child)
Not same. It's regular property with ST/LT gains and not in the flat 28% punitive collectibles category.
(Score: 0) by Anonymous Coward on Monday November 08 2021, @06:05AM
Correction: Collectibles (as other property) are taxed at regular income tax rates if the holding period was "short".
(Score: 2) by HammeredGlass on Friday November 05 2021, @12:53PM (2 children)
"There's no income tax on capital gains."
Yet.
Democrats introduced a bill to do just that recently.
Yes, yes, it's ONLY for billionaires, for now.
(Score: 2, Touché) by nitehawk214 on Friday November 05 2021, @02:05PM (1 child)
Simpin' for billionaires.
"Don't you ever miss the days when you used to be nostalgic?" -Loiosh
(Score: 2) by HammeredGlass on Saturday November 06 2021, @03:01PM
With the appraised market value of house prices going through the roof, having my real estate asset turn me into a "millionaire" is an easy step that wouldn't actually reflect my true tax bracket.