So riddle me this. (I've only read a few articles over the new taxes in the US, but this is my understanding so it may or may not be correct).
Is Steemit considered mining or is it considered trading? If it's considered mining it would be taxed like income (this would be how I would consider rewards on Steemit), but what happens when I trade SBD to Steem and then power it up? Is that considered trading? So now do I have to pay taxes on my Steemit income and then taxes on every "trade" as well?
I think what will happen here in the states is that the government will enforce regulations on the websites as far as keeping track of what everyone earns. Then those earnings will be reported to the government for tax purposes.
There is no way in hell the government has the means or the money (well they could just raise taxes to an even more absurd amount) to be able to hire someone to be able and audit and enforce this without the support of the crypto sites/exchanges.
I'd love to see what happens when I try to pay taxes on my crypto in crypto.