Tokens like CityCoins could turn taxes into another investment vehicle, for better or worse.
The movement taps into the revolutionary financial rhetoric of US history while employing pay-to-play statecraft and the promise of wealth to ensure long-term political survival. If it scales successfully, crypto can spread even more of its influence to the federal level.cryptocurrency, CityCoins tokens are subject to regular US taxes, which can make the real tax rate for the currency nearly double the 30 percent tribute. And the secondary market for MiamiCoin has beensince its launch.
This has the potential to upend our notion of what a city is and whom it represents. By and large, the “we” of our cities is defined by the people who live and work there. Though cities are already beholden to commercial pressures by real estate developers and others, CityCoins raises the possibility that a city's constituency might no longer have to do with residence or geography, but instead be a collection of its shareholders.
CityCoins holders are by no means a monolith, but pro-crypto policies, including lower or no traditional taxes, are more likely to elicit approval in the form of more STX, because lower taxes are favorable for parking wealth, and such conditions may make municipal governments more reliant on opt-in taxes. This can have profound effects on where wealth—not the wealthy—settles.
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