I'm an italian trader and I live in Italy
so this topic touches me closely and it could also touch some of you that live in Italy or also if you live in EU so I'll translate for you
Paolo Ardoino is the CEO of TETHER and he is italian
Recently the news came out that Italian government has proposed a law to increase the capital gain tax on Bitcoin from 26% to 42%
Paolo Ardoino wrote:
'The more succesful something is, the more it should be taxed!
How dare the subjects use Bitcoin as protection / optional towards Italian financial policies!
Well, I would say impeccable logic...
Ah, breathe less please.'
Obviously its all ironic and wants to underline how absurd this logic of the Italian government of wanting to increase the taxation on Bitcoin by so much is.
Things like these drive away foreign and local investors,
drive away companies that invest in crypto and paradoxically encourage people not to declare the profits made or declare it abroad.
Whatever Country you are, whatever government you are
You will never attract investors if taxation is so high
Moreover
the economic situation in Italy is not the best
Average salaries are the lowest in the Eurozone
Inflation is high
The cost of living is disproportionate to the average salary
Interest rates are still high
And now that more and more people are understanding that Bitcoin could be an alternative to all this sick economic system here comes the proposal to pass it to almost 50%
You should give almost half of the profits to the State
And this proposal should also scare those who live in other European countries
because they could take a cue from what Italy is doing and thus see a rise in taxation on capital gain throughout Europe
Bitcoin fixes this,
if you don't have to pay 42% of the profits you made to the State