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Bitcoin - The Simple Basics
With the Bitcoin Conference 2025 in Las Vegas, NV recently ending, we thought we would outline the simple basics of bitcoin.
Why Was Bitcoin Established?
Bitcoin was established simply out of frustration.
Frustration with traditional banks and governments “tampering” with money.
The “dream” at the foundation of a digital currency was a financial world where anyone could send money to anyone else, anywhere in the world without a middleman, a bank or other third party having purview to one’s business…..or, charging a fee for the “service’ of being involved.
So, an electronic cash system was developed that was decentralized (no single governing body), peer-to-peer (only the people involved) and based on complex mathematical computations to verify a transaction – known as “trustless”.
Who Established Bitcoin?
The name Satoshi Nakamoto is credited with establishing bitcoin. Unfortunately, it is unknown if this was a single person or a group. The true identity remains a mystery today some seventeen (17) years later.
Why is Bitcoin Value is so Volatile?
The fluctuating value of bitcoin is due to a few key reasons:
- Supply and Demand: There will only ever be 21 million bitcoin available. As with any other commodity, as interest (demand) grows so does the value.
- Market Sentiment: Just as good news drives interest and investment, bad news creates a selling frenzy. It’s an emotional roller coaster.
- New & Technology-centric: Compared to traditional currencies bitcoin is still very new. Add the nuance of technology, complicated sounding terminology and the fact everything about it is digital, adds to its volatility.
There is more to explore obviously, however; this is hopefully enough for you to hold your own at a social outing conversation or, get you started on a research adventure of your own!
June 2025
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The Incredible size of the U.S. Tax Code
Thank goodness we have software applications, tax pros and accountants to help us navigate the labyrinth of paying taxes. Because if we had to do it on our own, we would be pouring over 70,000 pages of rules, regulations, exceptions and statues to minimize what we pay to the Government.
Let’s see how those 70,000 pages translates to in “fun” facts:
PAGES:
Spanning over 70,000 pages, it’s long enough to circle the Earth if laid end-to-end!
Assuming standard 8.5x11-inch paper with a thickness of about 0.004 inches per sheet (typical for 20 lbs. bond paper), the stack’s height would be:
- 70,000 pages × 0.004 inches/page = 280 inches or 23.33 feet tall.
- Roughly the height of a two-story building!
WORDS:
If we take a look at word count (Statutes Only), the IRS Code is estimated to contain between 3 and 4 million words. In comparison:
- The complete works of William Shakespeare is estimated at 884,000 words
- Leo Tolstoy’s epic novel “War and Peace” weighs in at around 560,000 words
- The entire Harry Potter series (all seven books) is just over 1 million words
- The King James Bible: roughly 788,000 words
READING:
How Long Would It Take to Read the U.S. Tax Code Aloud?
Let’s break it down using the 6,871-page core tax code (per the U.S. Code)
- Words per page: ~500 (single-spaced estimate from Iris Reading).
- Total words: 6,871 pages × 500 = 3,435,500 words.
- Reading speed: Average adult reads aloud at 125–150 words per minute.
- Time: 3,435,500 ÷ 150 = 22,903 minutes (381 hours, or 15.9 days nonstop).
- Realistic pace (8 hours/day): 47.6 days
Wow....maybe our lawmakers have too much time on their hands!?!
May 2025
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Surprisingly Interesting and Seemingly Bizarre Taxes Imposed Throughout History. . .
If you thought paying income tax every April 15th was bad, take a look at some of the surprisingly interesting and seemingly bizarre taxes implemented throughout history:
Ancient Egyptian Beer Tax:
In ancient Egypt, taxes weren't always paid in currency. Workers building the pyramids were sometimes paid in beer, and this beer also served as a form of taxation. So, the act of drinking beer was tied to the tax system.
Beard Tax:
Peter the Great of Russia, in his efforts to modernize his country, imposed a tax on beards. Those who wished to keep their beards had to pay a fee and carry a "beard token" as proof of payment.
Playing Card Tax:
Playing cards were taxed in many countries, and some playing cards even had the tax stamp printed directly on the Ace of Spades.
Window Tax:
In England and Scotland, a window tax was levied in the late 17th and 18th centuries. People would brick up their windows to avoid paying the tax, resulting in dark and poorly ventilated homes. This is why some older buildings in England still have bricked up window spaces.
Scutage Tax:
During medieval times, in England, a scutage tax was levied on knights who chose not to go to war. Essentially, it was a tax on what was considered “lack of courage” during that time, allowing knights to pay their way out of military service.
These examples just go to show some of the more “creative” and “diverse” ways governments have sought to raise revenue through their constituents.
April 2025
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Taxes versus Tariffs
Before the federal income tax was established in 1913, tariffs were the main source of federal revenue, as opposed to the current practice of taxing the income of United States citizens.
Revenue from tariffs were primarily used to balance the budget and develop the country’s infrastructure.
In contrast, current tariff policies reflect a growing emphasis on national security, supply chain resilience, and addressing perceived unfair trade practices.
Rather than “debate” policy, here is a lighter, more matter-of-fact comparison of taxes and tariffs:
Taxes: They take your money directly.
Tariffs: They make you pay more for other people's stuff, so they indirectly take your money.
Taxes: You deal with them every year, and they never go away.
Tariffs: They come and go with political whims - an economic policy roller coaster of sorts.
Taxes: You fill out forms and pay.
Tariffs: Someone else fills out forms, but you still pay…just in other ways.
Taxes: the IRS is the agency responsible for collection.
Tariffs: Customs and Border protection used to do the collecting, now; it’s the ERS (External Revenue Service).
Although our approach was intentionally light hearted, it is important to stay informed about the latest developments in tax and tariff policy, as they can have a significant impact on individuals and businesses alike.
March 2025
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Fun & Interesting Facts About Social Security. . .
Here are some interesting and fun facts about Social Security in the United States:
Original Purpose: Social Security was signed into law by President Franklin D. Roosevelt in 1935 as part of his New Deal program. Its primary purpose was to provide financial benefits to retirees, the unemployed, and others in need, but it has expanded to include disability insurance, survivors' benefits, and more.
The First Recipient: The first person to receive a Social Security check was Ida May Fuller. She received her first monthly check for $22.54 on January 31, 1940. Remarkably, she lived to be 100 and collected a total of $22,888.92 from Social Security, far more than she contributed.
Highest Number: The highest possible SSN is 999-99-9999, though numbers are not assigned in numerical order.
Lowest Number: The lowest Social Security number (SSN) issued was 001-01-0001, which belonged to John David Sweeney, Jr., of New Rochelle, New York. He was one of the first people to apply for an SSN because he needed one to receive his government pension.
February 2025
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Enforcers, Curators, Spies - The IRS You May Not Know
The IRS is typically known for collecting taxes, providing tax assistance and auditing returns. While these are just a few of their primary roles, did you know they serve, or have served in other more “interesting” capacities?
ENFORCERS. The IRS enforced prohibition during the 1920’s!
The Volstead Act led to the creation of the Prohibition Unit within the IRS which was active until 1929.
Armed with loaded weapons and axes, IRS agents brandished and chopped their way to ensure “compliance” of the laws of prohibition. Think Eliot Ness and the “untouchables”.
Once prohibition was repealed, the Unit was dissolved and Americans could once again relax while consuming their favorite alcoholic beverage!
CURATORS. Yes, the IRS has a museum!
Located in Martinsburg, West Virginia, the IRS Museum houses a collection of artifacts related to the history of tax collection in the United States. It features exhibits on early tax practices, historical tax forms, and the evolution of the IRS as an agency.
Forget Disney, THIS is THE place to bring the family for Summer vacation!
SPIES? The IRS and the Cold War
During the Cold War, the IRS was involved in a number of espionage investigations.
The agency worked with other government agencies to identify and prosecute individuals suspected of spying for the Soviet Union.
These are just a few of the many interesting stories in the history of the IRS. Confident there will be many more tales of intrigue as their role in government evolves. Happy New Year!
January 2025
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Journey to Bethlehem: The “Tax” That Changed the World.
The Gospel of Luke describes Caesar Augustus issuing a decree for a census of the entire Roman world, which required people to return to their ancestral towns to be registered.
Joseph, being of the line of David, was required to go to Bethlehem with Mary who was pregnant at the time.
Luke 2:1-5 (KJV)
1 And it came to pass in those days, that there went out a decree from Caesar Augustus that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
4 And Joseph also went up from Galilee, out of the city of Nazareth, into Judaea, unto the city of David, which is called Bethlehem; (because he was of the house & lineage of David:)
5 To be taxed with Mary his espoused wife, being great with child.
The Roman government's administrative effort to count and tax its subjects became the divine vehicle for positioning Jesus exactly where he needed to be born: Bethlehem, the city of David.
What Caesar intended for economic record keeping, God used for the most profound moment in history—the birth of the Savior.
December 2024
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NOVEMBER-2024: The First National Thanksgiving
Before Thanksgiving became the national holiday we know today, it was first proclaimed by President George Washington in 1789.
His proclamation called for a day of public thanksgiving and prayer, acknowledging the many blessings bestowed upon the nation. In his words,
"Whereas it is the duty of all Nations to acknowledge the providence of Almighty God, to obey his will, to be grateful for his benefits, and humbly to implore his protection and favor...Now therefore I do recommend and assign Thursday the 26th day of November next, to be devoted by the People of the United States to the service of that great and glorious Being, who is the beneficent Author of all the good that was, that is, or that will be."
Washington's proclamation not only highlighted the importance of gratitude but also emphasized the significance of freedom and the role of divine providence in shaping the nation's destiny.
Read the full proclamation here: 1789 Thanksgiving Proclamation
