Is taxing Bitcoin/Altcoins wrong?

Discussion in 'Bitcoin and Cryptocurrency' started by ulfbehrt, Dec 14, 2017.

  1. ulfbehrt

    ulfbehrt Member

    So I decide to use my hard earned and heavily taxed earnings from my job to buy some Bitcoins one day, Bitcoins that have NOTHING to do with government regulations as far as I know and then later down the road the few coins I purchased make me a nice profit, but now the government demands I give them a solid chunk of this money or else I will face harsh punishment, one of which being loss of freedom. Now I used MY money to invest In something of MY choosing that has NOTHING to do with my government, yet they wish to outright steal my money!

    Now does this sound right to you or does it sound like a straight up way to fuck law abiding citizens out of even more of their own hard earned funds? I'm all for paying taxes for the greater good, but shit is getting out of control IMHO.
     
  2. Evom1

    Evom1 Member

    It's just what they do. Anyway they can tax us
     
  3. Taxes are gonna happen, whether you like it or not.
    Greed doesn't care about you nor i.

    i agree, it's bullshit, but the only way to avoid the taxes is to not invest at all or cheat on your yearly taxes to recoup the loss. Not what you wanted to hear, but that's the skinny of it.
     
  4. ulfbehrt

    ulfbehrt Member

    Yah, but when is it going to become too much? Pretty fucking soon we will have to pay a tax or fee for having children lol. Time to look for loopholes :)
     
    MisterSuperGod likes this.
  5. Demondosage

    Demondosage Member

    And there's the best way to get ahead that there is, and everyone does it!!! Fuck honesty when it comes to that stuff. Being honest gets you nowhere
     
    MisterSuperGod likes this.
  6. Senorman

    Senorman Member

    Suck it up. That's how the tax code works. Hopefully you owned the Bitcoins for greater than one year, which will allow you to report as long term capital gains, taxed at 15% Fed.
     
    sinewave3, Burrr and DrinkFlintWater like this.
  7. Morefyah

    Morefyah Member

    If you only make a small chunk of change there’s no need to report it. You’ll probably fly under the radar. The IRS has bigger fish to fry..
     
  8. Senorman

    Senorman Member

    Maybe. If @ulfbehrt primary source of income is through a W2, he’ll probably fly under the radar. If he is a 1099 earner, then he has a far higher chance of getting audited than with W2 income. Under audit, the IRS would examine all banks accounts and trace the deposits to your tax return. Any deposits not recorded would require some explaining.
     
  9. ulfbehrt

    ulfbehrt Member

    I'm in Canada, but damn bro you know some shit eh lol! :)
     
    Senorman likes this.
  10. tenpoundsleft

    tenpoundsleft Member

    Keep voting for envy-mongering pinkos and you'll get more taxes, simple as that.
     
  11. ulfbehrt

    ulfbehrt Member

    The more I study American politics the more I see the logic in voting republican. Not trying to ruffle any feathers by saying that BTW.
     
    tenpoundsleft likes this.
  12. tenpoundsleft

    tenpoundsleft Member

    We're on our way to becoming good friends Ulf.

    Taxation is by definition thievery - sometimes warranted to reduce clearly negative behavior as well as pay for the consequences (tax heroin use for example) and especially to provide core services (roads, court system, police, military) but then it gets very dubious.

    Certain political parties are built on the idea of outcome leveling, and will tax anything that moves, take from Peter and give to Paul while employing dozens of useless bureaucrat Marys in the process.

    Other parties are based on the idea that the government shouldn't worry about outcomes, if Peter makes an honest $1 million, let him keep it.

    That's the gist of the difference btw the parties. Clearly not all politicians understand this themselves, and they join forces in fucking us over. Doesn't change the fundamentals however.
     
  13. You guys have options. Get the f#ck out of your country if you don't like it. Move to a third world country where taxes are not enforced. Stop crying like bitc#es.
     
  14. tenpoundsleft

    tenpoundsleft Member

    You're not old enough to vote? Or perhaps declared incompetent?

    Don't bother the adults son, we're engaged in civil and factual discourse here, go play in your room in the basement.
     
  15. Why are you censoring yourself?
    Did you make one of those hokey deals with god where you would stop swearing if he would cure your little crotch cootie problem? Hmm? o_O:D
     
  16. Oldman.

    Oldman. Member

    All my crypto is purchased and sold person to person. I pay and charge 5% over spot, but thats less than Uncle Sam at 30+ percent.
     
  17. Anytime now
    Bitcoin to 24,000