For US citizens, this is very accurate. The estimated value of a Steemit account is not what is taxed. The dollars derived from the account are taxed as a capital gain. Last I heard, that was something like 20%.

I've also done some reading on Bitcoin taxation and the like from a few different sources and found a fair amount of consensus. If you cash out your investment, you will be taxed on the gain, not on the value of the security.