Honestly, I wonder how the government is supposed to enforce taxation on cryptocurrency. Then again, isn't the whole point of cryptocurrency to reduce the inefficiency of money in the marketplace.
Now, I understand that in the US, you have a right to shoot people if they are trying to rob you. What if the "robber" is the government and they quietly "rob" you in the disguise through taxation?
Are we in the Matrix?
We are also robbed via the hidden tax..inflation via the loss of purchasing power.
Exactly. So take advantage of debt and load up if you can. However, don't leverage up too much such that you end up becoming at the mercy of the banks when it's time to raise the interest rate.
In the US if you don't give your money to the robber (gov't) you get put in a small box for a long time. They really value their citizens.
yes, because then they can recover your unpaid tax money from the subservient middle class. IMHO, that's the whole point of the US prison system and the drug war, etc that supplies it with victims. It's how the rich convince the middle class to pay the taxes for the poor, while at the same time cleaning the streets of "undesirables". It's just one evolution of slavery. There are many other modern adaptations of the slave trade, like closed source software, for instance.
Well, at least you have free food and lodging! Isn't better to be in prison if we can have free stuff? :D
And god rest your soul if you resist their attempts to cage you...
You talk sense mate. Followed👍
The government has a monopoly on the use of force. They are the only entity allowed to rob you.
On a side note, I believe Iowa's castle doctrine even extends so far as to even protect an individual who uses lethal force against home invaders with badges - of course only in instances where police invade a home unlawfully. For example, this applies in instances where police executing a no-knock warrant fail to check house numbers before breaking down a door, and inadvertently invade a house next door to the one specified in their warrant.
Wow, I wonder if there's anyone that actually shot the police for invading their home. Then again, what about the government robbing us via the banking system. What's the recourse?
Let's shoot the government?
hehe, did you choose the red pill ?
yup, choose the red pill by abandoning a banking job where I had a "stable" monthly pay. Choose to give up everything for my love. So far, this has led me down a deep rabbit hole which I'm extremely keen to explore further.
Once you are out of the Matrix, there's no going back. :D
Really, the world is flat? Gosh I didn't know that. haha.
Taxation will be a huge mess. How will they tax an individual? Some people gain bitcoin via payment for goods and or services, others acquire bitcoin and hold or trade it. Right there I mentioned 4 possible taxes, taxes on sales, taxes on income, taxes on long term investments (capital gains) and taxes on short term investing. - Edit (not that we were even talking about taxes really).
Ideally, the IRS should treat it the same way they treat foreign currency - exempt from capital gains. Not taxing the gains would allow the money they would otherwise claim circulate through the economy, and it would probably be utilized more efficiently than the government could manage... Unfortunately, the world we live in is far from ideal.
they will definitely get u.s. citizens who are buying/selling on Coinbase for capital gains taxes. The IRS has already gained all records on all customers for the past 3 years.
I say good luck to the govt trying to get people to pay taxes on bitcoins.