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RE: [Vlog] Lets talk about the elephant in the cryptocurrency room.... Taxes
Great post! Taxes are to be implemented this year in the US and is causing a lot of confusion already!
As taxes roll out I can see more people using Privacy coins (XMR.DASH,ZEC etc) to hide gains. <- Do you agree with this statement?
Interesting comment! What's the difference to these coins? In order to get paid out in fiat you still need to be registered on an exchange! So the tax-man got you anyway... Correct me if I'm wrong!
You are correct but how can the government tax you on something they know nothing about?
At least here in the U.S. we are taxed on what we report. No report = no tax .
As far as getting paid:
-One could trade peer to peer. localbitcoins.com is one that comes to mind(no tax)
-Use a "crypto payment card" bitpay ,Uquid is another.
If you do a little digging you can find a few different ways besides using an exchange.
Tax evasion is tax evasion and comes woth severe consequences. It's no different to trying to evade tax using cash in hand.
Just as an aside privacy coins are not about avoid taxes. Hopefully they aren't perceived that way as the point of privacy coins is to be able to pick and choose who we share details of our transactions as we can do off-blockchain (to a certain extent).
Compliments of highimpactflix here on steemit on a reward if you can find the law where it says one must pay taxes. Pretty interesting. Yes, I pay my taxes, doesn't mean I agree. If I don't men with guns will come to my house and throw me in a cage until I do.........sad.
Thank you for your very detailed answer.
I'm in no way encouraging tax evasion but I think with anything there will be misuse. It will be very interesting to see how everything unfolds.
"Privacy" is an endangered species.