Law BBB/ Inflation Reduction Act: Signed into Law

[Lead]

gotta love the way this process works…

This gets a lot of gotcha type votes because you could factually says x senator voted no on x policy without the context of why they did it. It happens frequently anytime reconciliation is used.

 

[Rob Battisti]

This gets a lot of gotcha type votes because you could factually says x senator voted no on x policy without the context of why they did it. It happens frequently anytime reconciliation is used.

It’s all shit. I just am very tired of it all.

Was there any digital asset legislation in this bill that I’m assuming was 3000 pages?

 

[Lead]

Not sure if this is a Joe Manchin joke or….

don’t overthink it. Was just playing off the term average joe and Manchins struggle to seem moderate to appease his right leaning voter base in WV.

 

[Lead]

It’s all shit. I just am very tired of it all.

Was there any digital asset legislation in this bill that I’m assuming was 3000 pages?

Thought I read about that this week. Let me check but I think so.

 

[Rob Battisti]

Appreciate your work in this thread @Lead despite disliking the outcome.

 

[Lead]

Digital asset stuff in the article linked here briefly
https://forums.sherdog.com/posts/168895410/

The bill also specifies “digital asset monitoring and compliance activities” and investigative technology for use in criminal investigations as items on which the IRS should spend the money.

The IRS has been working on digital asset compliance for years, but an infusion of funds could allow the agency to rather significantly step up its efforts, as well as its criminal investigations.

The IRS explained in a March fact sheet that “today [the IRS Criminal Investigation division] currently devotes only about six percent of its investigative time to cybercrimes/crypto currency, so it is just scratching the surface of the amount of criminal activity that is being detected.”

 

[Rob Battisti]

@TeTe our days of “I’ll report when I sell are over

Digital asset stuff in the article linked here briefly
https://forums.sherdog.com/posts/168895410/

You’re a gem. @TeTe its just as I feared.

 

[deadon]

Digital asset stuff in the article linked here briefly
https://forums.sherdog.com/posts/168895410/

So many young people about to get a shock. Whats funny is they're cheering this bill. Ask them what they like and wait for the lack of response.

 

[Lead]

Appreciate your work in this thread @Lead despite disliking the outcome.

I’ve been thinking this year has been a pretty good one in terms of news substance. Like I think most of the time, the headlines that take up airspace are issues that aren’t necessarily capable of any healthy political discussion or ultimate policy changes. This year, it’s mainly been about the courts, congress, different decisions made by Biden, and LOTS of focus on what individual states are doing because of the expectation that many of these governors might be interested in 2024. Even an event like that school shooting shifted quickly to a legislative narrative. Wondering if the public is beginning to care less about culture war or at least have a more tolerable focus on policy.

 

[Lead]

So many young people about to get a shock. Whats funny is they're cheering this bill. Ask them what they like and wait for the lack of response.

Aside from the bill, I kinda understand the taxation stance that’s been taken on it. Digital currency is mainly used as a type of pseudo-stock these days and thus, treating it under capital gains tax makes sense. That’s also the reason I think most of it is flawed too but I don’t want to go down that rabbit hole again.

 

[GhostZ06]

Not sure if this is a Joe Manchin joke or….

Considering he been screwing shit up since day one...yes


llol at this Trash bill. They cut out all the good stuff, what a waste of time

 

[TeTe]

@TeTe our days of “I’ll report when I sell or get a 1040

You’re a gem. @TeTe its just as I feared.

I knew starting 2023 us based exchanges would be forced to send 1099s. Could just keep trading on foreign or Dexes. Just tough when it comes times to withdraw.

 

[TeTe]

Wonder how much Tesla still benefits from all this. I somewhat get with new technology, you need to have rich people initially buy the first versions again and again until a middle class solution comes about but it does seem a bit crazy to think how much expenditure is going to giving someone a discount of a ridiculously priced car too. Like I know a guy who used the previous tax credits. He was making north of 150k. There’s cheaper EVs now but still, unless there’s something like 20k, then I’m not in that wheelhouse yet for considering it. More legislation needs to happen considering the grid itself. I’d like for the US to continue shifting to renewables but nuclear should be in that mix and natural gas shouldn’t be discouraged. Coal, yes but not natural gas at this point.

Let's not forget that the infrastructure sucks still too (grid and charging). The reason why my wife just bought a brand new regular hybrid... And we own a house. Imagine all of the people trying to buy them that live in apartments. Plus theres people like me that have no intention on buying one. I just bought a three year old Corvette and it's my daily driver. I'll probably keep it six or seven years and buy a new one. Or I'll just keep this one forever since I only drive 50 miles a week anyway.

 

[Rob Battisti]

Aside from the bill, I kinda understand the taxation stance that’s been taken on it. Digital currency is mainly used as a type of pseudo-stock these days and thus, treating it under capital gains tax makes sense. That’s also the reason I think most of it is flawed too but I don’t want to go down that rabbit hole again.

I just think it’s too early but what can ya do.

I knew starting 2023 us based exchanges would be forced to send 1099s. Could just keep trading on foreign or Dexes. Just tough when it comes times to withdraw.

I’m only on Dexes for the most part but idk man. I knew it was coming but 87000 more IRS employees just makes me livid

 

[Rob Battisti]

Let's not forget that the infrastructure sucks still too (grid and charging). The reason why my wife just bought a brand new regular hybrid... And we own a house. Imagine all of the people trying to buy them that live in apartments. Plus theres people like me that have no intention on buying one. I just bought a three year old Corvette and it's my daily driver. I'll probably keep it six or seven years and buy a new one. Or I'll just keep this one forever since I only drive 50 miles a week anyway.

That’s the insane part. We still have a shit grid but THIS is being celebrated. THIS!!!

 

[TeTe]

I just think it’s too early but what can ya do.

I’m only on Dexes for the most part but idk man. I knew it was coming but 87000 more IRS employees just makes me livid

It's a good reason to ditch turbo tax and hire an accountant like I did. Thank God for tax harvesting too.

 

[Rob Battisti]

It's a good reason to ditch turbo tax and hire an accountant like I did. Thank God for tax harvesting too.

Yeah I’ll have to get an accountant this year unfortunately. I’ll report the stuff on CB and my NFT sale. But nothing on hard wallets.

 

[Lead]

Let's not forget that the infrastructure sucks still too (grid and charging). The reason why my wife just bought a brand new regular hybrid... And we own a house. Imagine all of the people trying to buy them that live in apartments. Plus theres people like me that have no intention on buying one. I just bought a three year old Corvette and it's my daily driver. I'll probably keep it six or seven years and buy a new one. Or I'll just keep this one forever since I only drive 50 miles a week anyway.

Has remote work done any dent in car emissions? I remember during covid, there were states how much it drastically dropped. Not sure if it fully recovered back after now or a decent amount of white collar jobs are remote now. There could be an idea with that, like a corporate tax credit for companies who elect to allow their employers work from home. The cost probably doesn’t make sense when it gets into the details just talking out loud.

I agree the grid isn’t being focused on nearly enough for what the unofficial plan is with EVs. Doesn’t seem like the transition will be smooth whatsoever.

 

[Rob Battisti]

Has remote work done any dent in car emissions? I remember during covid, there were states how much it drastically dropped. Not sure if it fully recovered back after now or a decent amount of white collar jobs are remote now. There could be an idea with that, like a corporate tax credit for companies who elect to allow their employers work from home. The cost probably doesn’t make sense when it gets into the details just talking out loud.

I agree the grid isn’t being focused on nearly enough for what the unofficial plan is with EVs. Doesn’t seem like the transition will be smooth whatsoever.

Just kick the can down the road for ever. Until we get a infrastructure attack and half the US is blacked out.

 

[Lead]

Just kick the can down the road for ever. Until we get a infrastructure attack and half the US is blacked out.

I mean, it won’t even need to be an attack. The system can become overburdened if EVs become the more popular. It’s like a half baked plan because the emissions can still remain high if what’s being used to charge it isn’t green. If the system is knowledgeable about this, maybe the fact it hasn’t happened yet says most experts think EV adoption will take a lot longer than people expect and there’s still time for all that.