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The Politics of Cryptocurrency

Without a doubt, politicians are still at the early stages of understanding cryptocurrency and thus, it’s still blurry what proper regulations or tax laws to implement on it. The IRS or the Internal Revenue Service has released guidance on these virtual currencies among taxpayers back in 2014.

Since then, there’s no other guidance or legislation was proposed.

The Basics

In this article, we are going to take a look at how lawmakers study the structure of cryptocurrency and at the same time, outline the integral elements needed to be mindful about.

Well first, cryptocurrency is deemed much like any other assets. Meaning to say, capital gains tax rules are applicable to it as well. This is regardless if you have gained or not. Being able to calculate losses and gains are basically the same as if you’re selling and buying stocks. The same thing is applicable in relation to holding period, cost basis as well as triggering event.

What about those who are 100% Clueless?

Don’t think that you’re a fool for not knowing any of this. There are many others who are in the same shoes as yours and don’t know anything about tax laws or fundamentals, which make everything so confusing. In this regards, we’ll dive to the more complex pieces of information.

Your Capital Gains

If it is for a tax purpose, first thing to be done is to calculate capital losses and gains. This can be done by finding out how much percentage your cost basis shoots up or down. This is from the time you’ve obtained the asset from the time when there’s a taxable event. Simply speaking, your capital gains are equivalent to current fair market value of cryptocurrency minus the cost basis.

                Capital Loss/Gain = Fair Market Value – Cost Basis

Cost basis is simply the amount you pay for the asset. Meaning, cost basis for whatever cryptocurrency you are using is the sum of money that you use to buy it. This cost is basically the fees that you’ve paid to have the crypto from VIPsignals signals. It normally includes:

  • Exchange fees and;
  • Brokerage fees

Sanders’ Confidence Gets Doused by Hecklers in “She the People Presidential Forum”

Senator Bernie Sanders, the Vermont independent making another bid for nomination as the next Democratic presidential candidate, gets a jolt from hecklers during the ‘She the People Presidential Forum.”

She the People, a nationwide network of advocacy groups comprised by women of color, hosted a forum in Houston last Wednesday, featuring eight (8) of the 2020 Democratic presidential candidates. However, young voters coming from Historically Black Colleges and Universities (HBCU) who attended the forum gave Senator Sanders a heckling. They made it clear that they were not thoroughly satisfied with his rousing speeches.

Even before the holding of the forum, students were already of the mindset to hear candidates discuss specific plans for addressing current issues faced by women of color. As one computer science student said prior to the event

I’ve seen the rhetoric, but I haven’t seen the policies.”

What Most African American Students Want to Hear

Mr. Sanders was quite eloquent with his speech, to which he emphasized the importance of party unity in order to succeed in ending Trump’s Administration. He mentioned that Trump’s presidency had worsened racism, homophobia and sexism. He also gave assurance that even if he does not win the nomination, he pledges to give all out support to whoever will be chosen as 2020 presidential candidate.

However, as gave out anecdotes and indirect answers to questions asking for specifics on how he intends to address issues he mentioned, dissatisfaction became evident when the crowd started to boo and heckle.

Someone in the crowd shouted,

“What about black women?”

The question almost went ignored, but was pushed back by one of the forum moderators, Joy Reid of MSNBC. She nudged Sanders into giving a response by restating the heckle to a formal question and as follow up to Sander’s mention of social justice:

“For black women in particular?”

In response, Senator Sanders simply said

“Black women will be an integral part of what our political campaign and what our future administration is about.”

The response only drew more heckling from the dissatisfied crowd.

Behind Self Funded Political Campaigns

While many running candidates have relied on campaign finance to back their political campaign, there are quite a few who have funded their own political campaigns. Self-funding in electoral campaigns had always been a fact as far as politics can go. Many known politicians have had spent a huge amount of their own earnings in order to win an electoral campaign.

How Campaign Finance Works

When Senator Hillary Clinton offered $5 million in loans for her campaign, she temporarily joined other self-funded presidential candidates, which includes Mitromny, Rose Perot, John Kerry, and Steve Forbes among others.

Self-financing commonly indicates that a political campaign is economically struggling and has maximized its contribution to the donor base. However, political scientists state that voters do not automatically think this is something bad.

Clinton’s self-financing size is comparable to that of the presidential campaign of Massachusetts Senator John Kerry in 2004. Kerry loaned his home in Boston for a staggering $6 million loan to assist in a successful number of Democratic presidential selections on Super Tuesday, nevertheless, he lost to the present president George W. Bush on the general political election.

This fact is not only true to a presidential campaign; candidates from other political races have previously put in their own finances heavily.

How Far Could Self Funding Go To Boost Political Career?

A Republican independent, Michael Bloomberg, and a Democrat Jon Kozan also made use of their own wealth to reinforce their career in politics. Bloomberg put in $75 million to be among New York’s notable Mayors; On the other hand, Kozan put in $60 million to be among New Jersey’s list of governors.

Even so, for every single successful story, there is an angle of self-financing that has not reaped good rewards. Billionaire Steve Forbes failed to win the presidential nomination seat twice. He self-financed his campaign for millions of dollars in both the 1996 and the 2000 race however failed to win the electoral campaign.

Texas millionaire H. Rose Perot drew even more than $63 million in an electoral race. The race sometimes led him to a major candidate but in the end, he won third place. However, his 19% vote share is incredibly great for third-party candidates. In 1996. he ran again for an electoral campaign but this time he had taken public financing.

These candidates, when they fund their own activities, they treat these spending as a loan. For those who lose the race usually writes off the loan as a loss.

Candidates who succeed in congressional elections can take back a few of their investment by having a debt burning effort. In these instances, the lobbyists and their committees are wanting to build contacts with the new legislators and at some point find access to the legislator’s own bank account.

Thus far, there seems to be no limit in terms of self-funding. The stakes could be high. Either way, candidates will have to weigh their options when it comes to campaign spending as there are other sources of funding that will not entirely hurt their bank accounts.

Further Thoughts…

Self-funding is not the only source of funding for many political candidates, there is also the campaign loans granted to a candidate to finance such campaigns. Regardless of the nation, campaign loans are true. But only a fool takes out a personal loan or even a quick loan like quick loans NZ to fund their own political career. Candidates will have to be wise when they fund their campaigns. It can help boost your campaign or break you in the future.

Veto-Override Voting Results Showed Lack of Concern Over Congress’ Constitutional Mandate

Last Tuesdày (March 26, 2019), the Congressional voting to decide over Trump’s veto failed to muster the two-third majority necessary to bar Trump from using the National Emergency law. Apparently, there was not enough Republican defection in both chambers that will allow Congress to stop Trump from diverting military funds to his proposed expansion of the US Mexico border wall. Although voting will again take place on Tuesday, observers believe that the same results can be expected.

Previous passing of the related resolution by Congress in February 2019 had the support of both houses. However, in last Tuesday’s session, not enough Republicans rallied behind in support of overriding Trump’s veto. This, despite some previous expressions of views that Trump’s use of the National Emergency law is an abuse of presidential powers. It became obvious therefore, that those who chose not to stand by their objections were apparently more concerned with the votes they might lose in antagonizing pro-Trump supporters.

Acknowledging Democrats in Taking a United Stance to Uphold the Constitution

Praises to the Democrats, whose actions stayed true with the doctrines of democracy. Separation of powers between the executive, legislative and judiciary branches of the government is a liberal solution to limiting the powers of the majority. This received embodiment in the United States Constitution, designating Congress as controller of overall government expenditures.

In February, right after Trump declared the National State, the Democrats vowed that

”The Congress will defend our constitutional authorities in the Congress, in the Courts, and in the public, using every remedy available”

Acknowledging the Republicans Who Chose to Uphold Congress’ Constitutional Mandate

Even Republicans are wary that in allowing Trump to usurp Congress’ constitutional mandate to control government expenditures, they will also be giving future Democratic presidents a way of circumventing spending resolutions passed by Congress. As it is, only 14 House Republicans voted to override Trump’s veto.

The 14 included Rep.NY John Katko who missed voting on the February Congressional resolution to nullify Trump’s National Emergency declaration. Last Tuesday he upped the Republican override vote by joining Rep-MI Justin Amash, Rep-WA Jaime Herrera Beutler, Rep-PA Brian Fitzpatrick, Rep-WI Mike Gallagher, Rep-TX Will Hurd, Rep-SD Dusty Johnson, Rep-KY Thomas Massie, Rep-WA Cathy McMorris Rodgers, Rep-FL Francis Rooney, Rep-WI Jim Sensenbrenner, Rep-NY Elise Stefanik, Rep-MI Fred Upton (R-MI) and Rep-OR Greg Walden.