/biz/ - Business & Finance

https://www.ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us

TL:DR Right now you are being taxed when you convert BTC to Fiat. When Trump, their NWO stooge, signs this new bill during Christmas (they always push these evil bills during Christmas when no one is watching), its going to change for next year.

Instead of being taxed on a conversion to fiat to "cash out" its going to be on a transnational basis. Every time you make a trade and you have a USD gain, you will be taxed. Some say its because its based on stocks. Well this isn't stocks.Let me explain how it doesn't work. Hypothetical situation:

Trader Joe starts off with $1,000. He invests into Shitcoin A, which spectacularly moons and does a x5. He converts to Shitcoin B. $4,000 USD gain - add that to tax notes.

$5k in Shitcoin B, Shitcoin B also moons and does a x2. Convert to Shitcoin C, $5,000 USD gain. Add that to tax notes.

So, $10k in Shitcoin C. Shitcoin C stalls. Trader Joe gets frustrated, and converts to Shitcoin D. It's a loss and he loses $2k, to $8k.

$8k in Shitcoin D. Shitcoin D also does very poorly and has a crash. Shitcoin D tanks to $4k.

$4k in Shitcoin D, Trader Joe gets worried and puts it all into BTC a few days ago. BTC tanks all the way down to $3k.

Tax season. Total USD gains are $5,000 + $4,000 = $9,000. You take 20% = $1,800 in taxes.

Trader Joe ends up paying an additional $1,800 in taxes, nearly erasing all his gains leaving him with $1,200.

Yep, that's right! You will still have to pay taxes, even if you never actually "saw" the gains. Because its on a transactional basis. This tax is retarded and doesnt work because the crypto market moves so fast, and they are not stable assets like stocks. They are only potential gains on paper at the time of writing.

This is how they do it guys, right around Christmas time. This is probably contributing to the crash right now. This tax is wrong, and honestly - you shouldn't pay it.

https://www.ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us

http://nomadcapitalist.com/blog/
https://barterdex.supernet.org/
https://crypto-bridge.org/

>>5344376

It just keeps getting worse


https://www.ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us