That is just hilarious. We are all in Crypto-Land just to get away from the IRS. What's the point of willingly submitting to their control and oppression? Right now, Crypto assets are still not classified as anything taxable. The gov has absolutely no right what so ever to try and tax your assets in any way. Why anyone in their right mind, would willingly go begging to them, to take his/her money? This is exactly how, oppression prevails.
Oof, that is one depressing movie.
I agree with you in theory. In practice, the IRS taxes all property it decides is "earned as compensation". I hope to establish by the end of these articles that this is not a viable or logically consistent way to tax Steem.
Indeed! We should all fight oppression and tyranny. Blockchain is the powerful answer to all of our problems . One day we won't need to believe/trust in a government, or banks, or any institution that we don't like . The blockchain revolution will free us all.
you know, of the feds just create their own bitocoin farm, and other cryptocurrency farms and just mine the hell out of coins, they wouldn't need to tax the average american citizen... darn u woodrow wilson!
I bet it would be too late to catch-up with the Chinese mining operations now, plus most Bitcoins are already "out in the wild".
On the other hand, I have heard of a few Bitcoin mining farms in the Mid/Western US getting government grants or loans for setup. Somewhere like...North Dakota? I forget.
Actually, I'm pretty sure the IRS recently acknowledged that Bitcoin was considered "Property". That means they're going to tax it. They just don't know how to find it efficiently yet, so it looks like they're working on the good faith principal for now that you'll just report how much you make. Which is the beauty of crypto currency in the first place! People just need to make sure they are being diligent and not leaving an obvious paper trail about what they do with their coins.
Edit: Yeah, I was right. https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance
I don't speak legalese, but that sounds pretty clear that they consider any profits you make from crypto (well, bitcoin at least) is taxable as either income or gains, whatever the circumstance dictates.
thank God it aint..