Trump’s New Tax Bill Means Changes Ahead for U.S. Bitcoiners
From Bitcoin.com
It has been 31 years since the United States addressed its labyrinthine tax structure. The 115th Congress passed a bill slicing seven income brackets on individuals to four, tweaking them mostly downward and slightly, lessening the corporate tax, and increasing deductions here while limiting others there. For bitcoiners, An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 tax legislation, signed into law by President Trump, closes a potential major loophole.Read more: https://news.bitcoin.com/trumps-new-tax-bill-means-changes-ahead-for-us-bitcoiners/A Loophole That Might’ve Been Is No More Under Trump
When it comes to taxes, savvy bitcoiners know to trust no one. Seek professional advice. Tax revenue agencies are notoriously unresponsive, but with expropriation they’re all about getting the job done. Make every effort to comply with tax law as circumstance dictates. The days when under a thousand Americans even bothered to file crypto gains are probably long gone.The last time US tax code was overhauled, it was 1986: Top Gun smashed box office receipts, Reagan was president, and Bill Buckner’s legs became world famous wickets (and punchlines) through which the hapless Metropolitans would claim title to World Series champions.
I can only hope that Trump doesn't try to fuck this all up for us.
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This sucks! :/
So I guess everyone just not paying taxes isn't going to happen? None of us should even want to go through the bullshit of supporting the war state.
How could they even tax the other countries though? They have different laws.
They will treat this the same way they treat stock trading platforms like Scottrade. US clients on foreign exchanges will need to declare their holdings and activity. There was a crack down on US foreign bank accounts in Switzerland a few years ago. Expect the same with cryptos.
While this will take a bite about of active traders' profits, it should help reduce the erratic price changes due to day traders.
It might not be the worst thing in the world.
It will turn off people from buying them and sadly most cryptos will not last.
How would they tax this though when it's so volatile? Can we do a tax write off if we lose money? It goes up and down.
Yep, every single legislator in power will indeed do everything they can to regulate cryptos out of existence. If you had voting power against what has been to destroy you and is a slap in your face saying you have screwed up too much for too long and here's everyone's alternative to you. Of course, once again legislation tells everyone to ignore their instincts and free will and just do what the hell you were told.
Corp rate to 21% and repatriation very bullish for stocks.
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