President Nayib Bukele Wins Reelection with Overwhelming Support
Nayib Bukele, the current president of El Salvador, has been reelected in a landslide victory in the recent presidential election. Bukele, who played a crucial role in making bitcoin legal tender in the country, secured an impressive 85% of the popular vote.
Bitcoin Advocate Nayib Bukele Secures Overwhelming Popular Vote
The reelection of Nayib Bukele, the president of El Salvador, was widely anticipated, with local polls and reports predicting his victory. Bukele, known for his vocal support of bitcoin and his pioneering move to establish it as legal tender, garnered substantial support from the Salvadoran society, capturing at least 85% of the popular vote.
Bukele's Victory and Plans for Bitcoin Policies
Celebrating his resounding victory, Bukele declared, "We have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies in the Assembly. A record in the entire democratic history of the world." The president also extended an invitation to the Salvadoran people to join in the celebration at the National Palace.
According to Felix Ulloa, the vice-president of El Salvador, Bukele's victory by such a wide margin would lead to a deepening of bitcoin-related policies. These policies include granting passports to bitcoin entrepreneurs and issuing Volcano bonds, which would contribute to the funding of Bitcoin City, a planned tax haven for crypto companies.
Controversies Surrounding Bukele's Reelection
Despite the overwhelming popular vote, Bukele's reelection is not without controversy. He received a leave of absence in 2023 to participate in the elections as a candidate, a move that was deemed unconstitutional by his detractors. However, a national tribunal controlled by Bukele upheld the decision as a requirement for reelection, adding to the controversy surrounding his victory.
Stacy Herbert, the director of the National Bitcoin Office (ONBTC) of El Salvador, hailed Bukele's win as a historic moment for democracy worldwide. She highlighted that the previous widest margin for a democratic election was 56.2% in Portugal in 1991.
What are your thoughts on the reelection of Bitcoin-friendly President Nayib Bukele in El Salvador? Share your opinions in the comments section below.
Frequently Asked Questions
Is buying gold a good retirement plan?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
Physical bullion is the most popular method of investing in gold. There are many ways to invest your gold. It’s best to thoroughly research all options before you make a decision.
If you’re not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you require cash flow, gold stocks can work well.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
How much do gold IRA fees cost?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes the account maintenance fees and any investment costs associated with your chosen investments.
If you wish to diversify your portfolio, you may need to pay additional fees. The type of IRA you choose will determine the fees. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
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Is the government allowed to take your gold
Your gold is yours and the government cannot take it. You have earned it by working hard for it. It belongs exclusively to you. However, there may be some exceptions to this rule. If you are convicted of fraud against the federal government, your gold can be forfeit. Your precious metals can also be lost if you owe tax to the IRS. You can keep your gold even if your taxes are not paid.
What is a gold IRA account?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can purchase physical gold bullion coins anytime. You don’t have to wait until retirement to start investing in gold.
The beauty of owning gold as an IRA is you can hold on to it forever. You won’t have to pay taxes on your gold investments when you die.
Your heirs will inherit your gold, and not pay capital gains taxes. Your gold is not part of your estate and you don’t have to include it in the final estate report.
You’ll first have to set up an individual retirement account (IRA) to open a gold IRA. Once you’ve done that, you’ll receive an IRA custody. This company acts as an intermediary between you and IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reports.
Once you’ve established your gold IRA, you’ll be able to purchase gold bullion coins. Minimum deposit is $1,000 However, you’ll receive a higher interest rate if you put in more.
You will pay taxes when you withdraw your gold from your IRA. You’ll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
You may not be required to pay taxes if you take out only a small amount. There are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It’s best not to take out more 50% of your total IRA investments each year. You could end up with severe financial consequences.
Do you need to open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. It is impossible to get back money if you lose your investment. This includes any loss of investments from theft, fire, flood or other circumstances.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around for thousands of years and represent real value that cannot be lost. These items are worth more today than they were when first produced.
Consider a reputable business that offers low rates and good products when opening an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
Remember that you will not see any returns unless you are retired if you open an Account. Don’t forget the future!
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item’s value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
bbb.org
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
How To
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. You must contribute enough each year to ensure that you have adequate growth.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
Savings should be done consistently and regularly over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
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By: Sergio Goschenko
Title: Bitcoin Pioneer Nayib Bukele Reelected in El Salvador by a Landslide
Sourced From: news.bitcoin.com/bitcoin-pioneer-nayib-bukele-reelected-in-el-salvador-by-a-landslide/
Published Date: Mon, 05 Feb 2024 03:40:34 +0000
