Topic: Biden Goes After Crypto Tax Evaders with Global Data Sharing Initiative - page 2. (Read 311 times)

Can anyone imagine a scenario where nations of the world sacrifice state sovereignty to pander to this proposal of global tax initiatives. Would every nation in the world willingly abandon their right to government themselves and bow down before the united states, Joe Biden, china or any central authority figure?

Does anyone support this as a first step towards a one world government someday becoming a reality?

I think we saw the blueprint for how this will unfold in the history of net neutrality. Many years ago John McCain proposed a bill known as the internet freedom act, which would have killed net neutrality. That bill failed. And another attempt to kill net neutrality was made. And another. Adjustments were made. Until finally they succeeded in killing net neutrality. I think these attempts at establishing global tax initiatives and perhaps a global one world government will be the same.

This first proposal made by Joe Biden will probably fail. They will make adjustments and try again.

This is a good question. From where I am from, there is a law that income (whatever form) derived in and outside of the country are subject to tax unless it's specifically stated that it's exempt. I'd like to think that the infrastructures built by the State agencies (or private companies they partnered) that helped us set up our own accounts/equipment/machines to trade/mine crypto as reasons for this.

~ why exactly do we owe taxes on crypto-earnings to the government??

I'd really like to see some viewpoints on this. Bitcoin and crypto is something that the government has played zero role in. It is those of us working behind our screens that have given value to these currencies. Now that they appreciate and people get benefited from this economy that they have created without any govt help, why does the government deserve our taxes??

Can anyone imagine a scenario where nations of the world sacrifice state sovereignty to pander to this proposal of global tax initiatives. Would every nation in the world willingly abandon their right to government themselves and bow down before the united states, Joe Biden, china or any central authority figure?

I think these attempts at establishing global tax initiatives and perhaps a global one world government will be the same.

Does anyone support this as a first step towards a one world government someday becoming a reality?

Why do I have the feeling that this is old news?
The idea of a global tax won't work,because many countries won't agree to raise their taxes.

Can anyone imagine a scenario where nations of the world sacrifice state sovereignty to pander to this proposal of global tax initiatives. Would every nation in the world willingly abandon their right to government themselves and bow down before the united states, Joe Biden, china or any central authority figure?

...

This is the kind of thing we can really expect under a Democrat administration: there will be more and more regulations not really just to protect investors but mainly to extract as much tax and revenues as possible.

Shows how desperate the US government to have money because each government will definitely ask what right do they have to get these data from them?

If the country would not comply with this Global Data Sharing Initiative and they rage this up to terrorism-related issues so they could bypass and access these data, it's another story but I really think they would do that.

Can anyone imagine a scenario where nations of the world sacrifice state sovereignty to pander to this proposal of global tax initiatives. Would every nation in the world willingly abandon their right to government themselves and bow down before the united states, Joe Biden, china or any central authority figure?

Does anyone support this as a first step towards a one world government someday becoming a reality?

I think we saw the blueprint for how this will unfold in the history of net neutrality. Many years ago John McCain proposed a bill known as the internet freedom act, which would have killed net neutrality. That bill failed. And another attempt to kill net neutrality was made. And another. Adjustments were made. Until finally they succeeded in killing net neutrality. I think these attempts at establishing global tax initiatives and perhaps a global one world government will be the same.

The Biden administration has proposed international cooperation to clamp down on crypto tax evasion by sharing data globally.

The Biden administration is making an effort to clamp down on crypto tax evasion by asking for the collection of data on foreign cryptocurrency investors active in the U.S. The United States Treasury Department released a series of revenue proposals late last month when the suggestion was made. The effort is a bid to increase international cooperation on tax evasion related to crypto.

The guideline would require cryptocurrency brokers like exchanges and hosted wallet providers to provide information to the Internal Revenue Service (IRS). This information would be related to foreign individuals that indirectly hold accounts with said entities.

Many foreign individuals currently use platforms based in the U.S. to make their trades. Given that crypto tax laws are still very much in the early stages, there are likely many earnings going unreported. The U.S. would hand information on these purchases to foreign governments.

In return, it would receive information on U.S. citizens who could be dealing in cryptocurrencies abroad. Many Americans also use foreign exchanges and wallet providers to handle their crypto investments.

The IRS has previously made efforts to ensure tax compliance within the United States. But the new suggestion marks a significant step forward in terms of ensuring compliance. It will be interesting to see how other governments take to this idea, as they too are concerned about taxation.

Biden administration keen on crypto regulation
The Biden administration is making a concerted effort to plug any loopholes in the crypto market. Many new statements and potential regulatory changes have been suggested in the past few months. These include those related to taxation, KYC/AML, and investor protection.

Several new appointees in key positions have also made their opinions on the crypto market known. While they are not particularly welcoming of cryptocurrencies, they do acknowledge that the technology has benefits. The key focus at the moment appears to be investor protection.

Treasury Secretary Janet Yellen, SEC Chairman Gary Gensler, and OCC Acting Comptroller Michael J. Hsu have all made remarks to that end. The sudden uptick in cryptocurrency discussion, and the remarks made by officials, are a clear sign that 2021 will likely be a year of regulatory focus on cryptocurrencies.

The world at large is also very interested in seeing how the U.S. tackles regulation, which could set an example for other countries. South Korea, China, and the U.K. are all also doubling down on regulation, with similar reasons to that of the United States.

https://news.yahoo.com/biden-goes-crypto-tax-evaders-095735812.html