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RE: Using Blockchain to Pay Tax Debts: Can a “Bitcoin Tax” Fork (BTAX) Pay Your Tax Bill?
It say something about our government, when even virtual currency (essentially binary code, ie 1's and 0's.) is taxable.
In my opinion, it almost seems as if the powers that be want for 99% of the population to be broke and unable to take care of themselves.
What I don't understand is why the US Government doesn't use the NSA to mine bytecoins. They could get all the money they need, without having to steal it from the masses.
It is the conversion of the bytes into US dollars which makes a taxable gain, because people have great accessions to wealth. My loosely structured fork idea results in the IRS getting paid off legally and sellers of BtC are not out of pocket for pre-taxation Bitcoin gains, do you agree a theoretical a win win ? Thank you for the feedback!
You misunderstand government.
Sucking value off the labors of the tax payer is the mechanism they use to gain, and keep control.
Giving financial freedom to populations reduces government power.
And that, they will never voluntarily relinquish
I'm not sure how it's taxable unless you can exchange it instantly which often isn't the case and definitely isn't the case for Steemit. We only have Bittrex as far as I know for a reliable exchange of SBD to BTC. Now once t's BTC it's a different story because you can exchange BTC in many different places or sell it on the street for cash. Then what about Steem Power?
The sooner we have tax clarity the sooner we can create the necessary tools to encourage compliance.