On May 25th congress met to propose a new law called the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017. This bill seeks to make a it a crime to have more than $10,000 in cryptocurrency, prepaid items, or cash undeclared to the government at any time. If you are caught with more than $10,000 in your possession and it's not declared to the banks, who report to the government, then you will lose the assets to civil asset forfeiture, have to pay a fine, and could spend up to 5 years in prison. This law seeks to regulate and harass cryptocurrency users and it only serves to hold back Bitcoin. Not only that it is immoral and wrong. We need to let congress know this bill isn't cool and we don't like it, so give your congressman's office a call or write him a letter. Based on how many people actually contact their congressman, I've heard that every phone call and letter is attributed to roughly 10,000 citizens opinions. That means the more people that contact them the more they know people actually care. Because if people are taking the time to contact them about it there are thousands more who feel the same way but won't say anything about it. Keep up the good fight Truthians, and for more information on how to contact your elected federal officials check out this article here: https://www.thoughtco.com/how-to-contract-congressmen-and-senators-3368313
Not only should you contact your representatives, you should spread the message! While I'm happy to report my gains and losses throughout the year (I live in the US and am not against taxation), I don't feel like I should be arrested if I get $10,000 in upvotes overnight on Steem and I haven't even cashed out yet (pipe dream? maybe ... some people do it).
Yeah this new law is ludicrous, although truth be told I'm not a fan of taxation. I personally believe taxation is a form of legalized theft. When the majority of the money confiscated from you is wasted by your government it stop having any semblance of being necessary. Governments should collect donations for funding to ensure the support of their people. If the people support the services being offered they'll pay, if they don't support it they won't. It seems a lot more moral and honest.
I am reasonably adept at avoiding tax on a substantial part of my income by owning a company and making the legal deductions and philanthropic donations. So they don't bother me too much.
Fair enough, you do what you gotta.