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RE: Greg Hunter: Weekly News Wrap-Up 9 June 2017
Greg I love your show and your guests. I've been watching you for a very long time. I would like your insight on how you believe the government will enforce taxes on crypto currencies in the near future. I myself work for the government war machine, and I know for a fact that when people's pay/jobs are at stake due to the lack of tax revenue from the transition to crypto's, there will be some draconian measure put into place. Will they be successful? What do you think? I need some critical thinkers on this one. Please read my article below and provide your input. Thanks:
Sorry, I am not Greg Hunter. I am a subscriber to Greg's YouTube channel and an avid follower of his work. I respect Greg's work and seek to share it with as wide an audience as possible. That is why I share it here on SteemIt.
Without being nagging, I will continue to comment on Greg's YouTube channel to ask him to also post on SteemIt. There is a @usawatchdog account on SteemIt but it has not been used.
I would like to encourage you to ask your question by commenting on this video in Greg YouTube channel. If you do this I would also like to ask you to encourage Greg to join SteemIt.
As for what I think will happen...
First I believe any additional tax on cryptocurrencies will be dependent on the makeup and attitude of the House, Senate, and White House. To the best of my knowledge, increases in wealth from cryptocurrencies is treated as ordinary income and taxed at that rate, cryptocurrency wealth creation is not taxed at the capital gains tax rate.
Over my lifetime I have continually seen politicians raise taxes, be it property, sales tax, capital gains, and income. They may lower the rate in one area only to increase it in another.
I would recommend everyone involved in the cryptocurrencies be an advocate to your representatives for not excessively taxing cryptocurrencies.
Have a great weekend!
Steem on,
Mike
Hey thanks for the input! And yea Greg is pretty oldschool so I imagine it will take a while to move him over here. I will comment over on Youtube. He will come over, its only a matter of time.
I am following the @usawatchdog account, but in case I miss Greg moving over to SteemIt, let me know if I post his work after he has started posting to SteemIt.
Thanks!
Enjoy the weekend!
Steem on,
Mike