What Do You Think About New (CRYPTOCURRENCY) IRS Tax Code Beginning Jan 1, 2018?
Good evening, Steemians!
Now, if you're like me, then you know that taxation is theft. Just thought I would start off like that
You better sit down for these news. I'm not kidding. Please watch this short video and tell me what you think. ESPECIALLY if you are a crypto trader. This isn't good news, guys. You know how up until now we are only taxed when we convert back into fiat USD? Well, kiss those days goodbye.
Reading some of the comments of the video, many people are openly saying that they will not comply with this new tax code. I personally think it will make day trading nearly impossible, because EVERY SINGLE TRADE will now need to be valued in USD and decided upon whether or not you made USD gains. So, if you, like me, have been trading to LTC to avoid HUGE BTC fees, this will now be considered a "taxable event" vs. the USD and if you make gains, you will need to keep track of this.
Again, I think it will be incredibly difficult to do this, and I think you will have many people just say "fuck it" and perform civil disobedience against such a tyrannical IRS. What do you think?
Disclaimer: I did not make this video, its use is for educational/informational value.
I say good luck to them enforcing this and "come and get me". This will change as soon as the idiots realize this. I wouldn't fret too much.
I agree with you. This is just the beginning. It is like the War Measures Act of robbery that has just grown.
I was just in the Bahamas and there is no tax on income. They tax goods and services so you are only taxed on what you use. Makes a lot of sense.
Keep up the good fight brother!
I believe this is a step toward the government basically outlawing cryptos, but instead of using the congressional rule of law they will us the IRS thug ring. This may be the first step in them trying to eliminate competition on a digital currency level. They will then try to force their digital currency on us with no choice! Appreciate you sharing my friend and how I long for the small government our founders envisioned. Instead of a bunch of people that are power drunk and a bunch of citizens that think that all social programs are the answer and they are entitled to others wealth. Just my view thanks again!
Every click is a taxable event on Steemit. Should make things interesting because I don't think anyone except the occasional user of Steemit (less than once a month) would be able to keep up with the conversion calculations necessary. It would be error prone for sure.
We're coming into an interesting time. We are probably about 5 years away from our 1776 event. I think 2022 - 2023 will be a period of massive infrastructure inversion for the banks. Government is going to get desperate and violent. We may be forced to kill cops in self defense.
Jefferson once said that scarcely a generation should pass before blood flows in the streets. This is what is needed to reclaim liberty. We're long overdue for a major bloodbath and asking authority to be reasonable rarely works. The only thing they respect is the spilling of blood. Then they back off.
I hope you're wrong man but I have a good feeling you're right. This has gone on WAY too long and they're dead wrong if they think that people are going to comply in this raping and pillaging.
I wish I was wrong. I have a long history of being right, but not believed.
Omg, this is fu(ked!!
that's a bad rule in my opinion for crypto traders because it can lead to less its income. but should be searched tau first benefit in getting from the tax. if there is no benefit. my advice do not follow the rules.