PETITION TO PRESIDENT TRUMP,
VICE PRESIDENT VANCE AND MEMBERS OF CONGRESS
We the people are frequently the victims, rather than the beneficiaries, of legislation that comes out of the federal government. For once we would like a small piece of legislation approved that addresses our needs. And this legislation would not cost the federal government anything. Essentially it would allow us to self finance local economic development, without the burden of federal taxation. A small change, but with substantial benefits to us. Therefore:
We the undersigned, do hereby petition the federal government to change certain IRS rules to facilitate the following:
US taxpayers who receive compensation in the form of a complementary currency (called virtual currency by IRS), are currently taxed by the Internal Revenue Service as though the taxpayer had received the compensation in dollars rather than the other currency. However, the IRS then requires the taxpayer to pay any taxes due on that compensation with US dollars, not the alternate currency. The net effect of this is that all manner of work programs are killed in their tracks before they even can get off the ground. That is because issuers of the currency and the recipients of those currencies will likely not have to dollars to cover the taxes owed, and therefore cannot even begin such programs. That represents a major impediment to the We The People Campaign for economic self-empowerment by the people.
What is the solution? In 2018 the Internal Revenue Service Advisory Council (IRSAC) told the IRS it was legally empowered to receive taxes in the form of virtual currencies and recommended that the Service do so. And while we feel that is a workable solution, we do not favor it because we think it will primarily benefit the wealthy who will use it to pay taxes on gains they have made with cryptocurrencies. Making the wealthy wealthier is the opposite of the goals of this WTP Campaign.
Instead, we have a better solution. We strongly encourage the Administration and/or Congress to get the IRS to treat any alternative currency issued by a non-profit organization (501(c)(3) or 501(c)(4)), for community economic development purposes, as a function of their nonprofit mission and therefore considered a tax-exempt activity under their nonprofit exempt status, as detailed here.
PETITION
Signatures List
| Michael S. | Youngstown, ohio |
| Ellen B. | Newhall, California |
| Bevan S. | Madison, Wisconsin |
| Patricia C. | Youngstown, OH |
| Anonymous | Los Angeles, California |
| Jeff G. | Pembroke Pines, Florida |
| Walt M. | Pt. Pleasant, Pennsylvania |
| Oyeniran O. | North Providence, RI |
| Charles L. | Columbus, OH |
| Reachell C. | Mariposa, CA |
| William W. | Rocky River, Ohio, United States, OH |
| Anonymous | Greater New York City Area, nj |
| Scott M. | Perrysburg, OH |
| Anonymous | Land O Lakes, FL |
| Betsy C. | Gainesville, Florida |
| Ian G. | Pembroke Pines, Florida |
| jessica k. | youngstown, oh |
| Michael O. | Portage, WI |
Sign the Petition Here:
Note: If you check the box that says “HIDE NAME FROM PUBLIC”, your signature will show up as “Anonymous”, otherwise your first name, first initial of your last name, your city and state and the date will display.