Bitcoin Becomes Legal Currency, Billionaires Not Paying Taxes | Bold Business
June 15, 2021
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as posted by the channelNeed to know the latest stock market news and today? We’ve got it here.
Welcome back to Bold Business with Philip Michael! Be sure to like, subscribe, and hit the notification bell for all things BOLD, and for more news headlines, crypto news and business news.
El Salvador Makes Bitcoin Legal Tender
El Salvador is the first country to make the cryptocurrency a legal currency. Prices for everyday products can now be shown in Bitcoin, taxes can be paid in Bitcoin, and citizens won’t have to pay a capital gains tax when they exchange it. Since 70% of El Salvadorians don’t have access to financial services, the goal of the cryptocurrency law is to increase financial inclusion by adopting Bitcoin. El Salvador’s President, Nayib Bukele, is also making Bitcoin mining sustainable by channeling renewable energy from volcanoes.
Do You Pay More In Taxes Than Billionaires? Probably!
Do billionaires pay taxes? Investigative non-profit organization, ProPublica, has gained access to an IRS archive that shows how Jeff Bezos, Elon Musk, and Warren Buffett have been paying little to nothing in taxes. In 2018, Elon Musk paid no federal taxes, and Jeff Bezos paid no income tax in 2007 and 2011. From 2014 to 2018, Warren Buffett had $24.3 Billion, and his total income reported was only $125 Million. He paid $23.7 Million in taxes which was only .1% of his wealth.
Pharrell Williams To Open YellowHab, Private School For Low-Income Families
Singer Pharrell Williams is opening a series of private schools aimed towards low-income families, with his first in Norfolk, Virginia. The school will be tuition free and be called YellowHab, named after his non-profit Yellow.
What do you think about today’s round of financial news and crypto news today? Let us know in the comments below!
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