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New York City Mayor-Elect Says He'll Take His First Three Paychecks in Bitcoin

posted by martyb on Friday November 05 2021, @05:20AM   Printer-friendly
from the gonna-need-more-power-plants dept.

upstart writes:

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.

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  • (Score: 1) by khallow on Friday November 05 2021, @11:09AM (4 children)

    by khallow (3766) Subscriber Badge on Friday November 05 2021, @11:09AM (#1193655) Journal

    The problem is using a giant, deliberately placed, loophole in the way capital gains tax scale is tied to the income tax scale instead of the amount of capital gains.

    This loophole would be? Last I checked, the "tie" is the amount of capital gains.

  • (Score: 2, Informative) by Anonymous Coward on Friday November 05 2021, @11:12AM (3 children)

    by Anonymous Coward on Friday November 05 2021, @11:12AM (#1193656)

    No, the tie [irs.gov] is your income that was taxed on the income tax scale.

    If you have a net capital gain, a lower tax rate may apply to the gain than the tax rate that applies to your ordinary income. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss for the year. The term "net long-term capital gain" means long-term capital gains reduced by long-term capital losses including any unused long-term capital loss carried over from previous years.

    The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than $80,000.

    A capital gain rate of 15% applies if your taxable income is $80,000 or more but less than $441,450 for single; $496,600 for married filing jointly or qualifying widow(er); $469,050 for head of household, or $248,300 for married filing separately.

      It's so utterly and obviously broken that everyone seemingly assumes it can't possibly be that way, and that it must be the other way around. It's really just that broken.

    • (Score: 1, Disagree) by khallow on Saturday November 06 2021, @03:02AM (2 children)

      by khallow (3766) Subscriber Badge on Saturday November 06 2021, @03:02AM (#1193929) Journal

      It's so utterly and obviously broken

      What's so obviously broken about that? Capital gains are taxable income.

      • (Score: 1) by weilawei on Saturday November 06 2021, @06:22AM (1 child)

        by weilawei (109) on Saturday November 06 2021, @06:22AM (#1193970)
        No, they are not. "Taxable income" is a technical term, and it expressly does not include capital gains. You're trying to use the casual term "income" but that set of letters has been specifically redefined by the IRS. Capital gains are not ordinary income and are not taxed as such.

        • (Score: 1) by khallow on Saturday November 06 2021, @10:34AM

          by khallow (3766) Subscriber Badge on Saturday November 06 2021, @10:34AM (#1194026) Journal

          "Taxable income" is a technical term, and it expressly does not include capital gains.


          Capital gains are not ordinary income and are not taxed as such.

          Neither I nor the IRS claimed taxable income was ordinary income.