12-30-2008, 03:20 PM
Things have evolved a great deal since then, and tax laws, at least at the moment, are much more favorable to this sort of thing. The main thing is the complete transparency of the script system, as is offered by the cyclos system, where every transaction is search able and above board. Remember, the burden of proof has shifted. . .
Of course, it remains true that it will be very difficult for anyone to value the relative value of a transaction in dollars that was conducted soley in Punabucks. The IRS and the State won't really appreciate it, but if you're careful to not step over the line, all goes well and there's really nothing they can do about it.
If you worked all year doing landscaping or some such and earned 20000 punabucks and spent half of that at the farmers market--how much do you owe in taxes? I haven't any idea. Of course the only answer is the how many punabucks you can buy for a dollar. Or rather dollars for a Punabuck. Of course you can't buy punabucks for a dollar, or otherwise, except at an extremely discounted rate, so who knows? You might ask well, can I pay my taxes in Punabucks? If the answer is no, then, I guess you haven't made any money at all. It can become a quagmire but the bugs really have been worked out.
Ithicabucks or so I believe it is called has several million dollars of capitalization in circulation at this point. This sort of scale would have a profound impact on Puna.
This isn't a tax dodge. It's an alternative that has a lot less inherent graft. This is the key, and why it flourishes.
Of course, it remains true that it will be very difficult for anyone to value the relative value of a transaction in dollars that was conducted soley in Punabucks. The IRS and the State won't really appreciate it, but if you're careful to not step over the line, all goes well and there's really nothing they can do about it.
If you worked all year doing landscaping or some such and earned 20000 punabucks and spent half of that at the farmers market--how much do you owe in taxes? I haven't any idea. Of course the only answer is the how many punabucks you can buy for a dollar. Or rather dollars for a Punabuck. Of course you can't buy punabucks for a dollar, or otherwise, except at an extremely discounted rate, so who knows? You might ask well, can I pay my taxes in Punabucks? If the answer is no, then, I guess you haven't made any money at all. It can become a quagmire but the bugs really have been worked out.
Ithicabucks or so I believe it is called has several million dollars of capitalization in circulation at this point. This sort of scale would have a profound impact on Puna.
This isn't a tax dodge. It's an alternative that has a lot less inherent graft. This is the key, and why it flourishes.