Triple-Tax-Advantaged Bitcoin: How an HSA Turns Healthcare Into a Sats Stack

Yeah.

So has there been much chatter about the Illinois state crypto tax? Like, I feel like that was very hot button issue on Twitter for like 24 hours.

Yeah,

it was definitely the thing of the news cycle for about a day here a few months ago.

We did just hear a few days ago or last week that they are delaying the implementation of this law until July 1st.

So at least there's a little bit more time to even write the rules and have some input.

I mean, this was passed like in the middle of the night and thrown in a bigger omnibus bill.

And crazy thing is, I mean, they say it only will generate $60 million when there are several billion dollars in the hole, right? This isn't like going to make a meaningful difference to the budget of Illinois, but yet could potentially put a lot of stress on particularly Bitcoin exchanges, other brokers who are supposed to be taking this additional tax on the law.

If you go now in Illinois, and the thing is, it's not only crypto, right? If you go and place a bet on DraftKings, they're taking 25 cents out of every wager is going to the state, right? You have cannabis, you have anything that they could get.

Basically, you have additional revenue from they're trying because the pension situation in Illinois is so bad and So the Illinois Bitcoin Council, Tim Nehmeyer, there's folks and other associations that are trying to fight this and ultimately have it repealed because it really doesn't make sense.

And to have a 0.2% tax like this of ultimately moving money from your checking account to your savings account, right? You're not taxing that movement of funds via ACH.

So why are we doing that? with Bitcoin and with other digital assets.

So, yeah, I think there's still a lot that remains to be seen and they even need to write the rules.

But when you attach felonies to something, I mean, that's serious, right? You need to take it seriously and you want to be able to follow the rules.

But if you don't even know what the rules are, then that's very difficult because it was still very vague in terms of what was signed into law and there's no details around it.

Yeah.

So has there been much chatter about the Illinois state crypto tax? Like, I feel like that was very hot button issue on Twitter for like 24 hours.

Yeah,

it was definitely the thing of the news cycle for about a day here a few months ago.

We did just hear a few days ago or last week that they are delaying the implementation of this law until July 1st.

So at least there's a little bit more time to even write the rules and have some input.

I mean, this was passed like in the middle of the night and thrown in a bigger omnibus bill.

And crazy thing is, I mean, they say it only will generate $60 million when there are several billion dollars in the hole, right? This isn't like going to make a meaningful difference to the budget of Illinois, but yet could potentially put a lot of stress on particularly Bitcoin exchanges, other brokers who are supposed to be taking this additional tax on the law.

If you go now in Illinois, and the thing is, it's not only crypto, right? If you go and place a bet on DraftKings, they're taking 25 cents out of every wager is going to the state, right? You have cannabis, you have anything that they could get.

Basically, you have additional revenue from they're trying because the pension situation in Illinois is so bad and So the Illinois Bitcoin Council, Tim Nehmeyer, there's folks and other associations that are trying to fight this and ultimately have it repealed because it really doesn't make sense.

And to have a 0.2% tax like this of ultimately moving money from your checking account to your savings account, right? You're not taxing that movement of funds via ACH.

So why are we doing that? with Bitcoin and with other digital assets.

So, yeah, I think there's still a lot that remains to be seen and they even need to write the rules.

But when you attach felonies to something, I mean, that's serious, right? You need to take it seriously and you want to be able to follow the rules.

But if you don't even know what the rules are, then that's very difficult because it was still very vague in terms of what was signed into law and there's no details around it.