How the fed funnels purchasing power from you to the government

spazzdla

legendary

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Quote from: durrrr on March 31, 2014, 01:48:11 PM

do you guys really think that the irs will really be able to tax all of the bitcoin profits. i just dont feel it is right. the government sucks

The gov is out there to protect the banksters and keep you indebted to the banksters. We are bankster slaves.. life sucks, almost no one cares and you'll go insane trying to fix it. At least I'm not chained like back in the day I guess.

durrrr

sr. member

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do you guys really think that the irs will really be able to tax all of the bitcoin profits. i just dont feel it is right. the government sucks

glub0x

legendary

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Quote from: Robert Paulson on March 29, 2014, 04:54:35 PM

The process is simple:
1. print dollars until the amount of dollars in existence doubles itself.
2. watch how the price of everything eventually doubles.
3. notice that the price of all equities and commodities such as gold and bitcoin (the IRS considers it as a commodity) also doubles.
4. tax everybody's capital "gains" at around 25%.

and now the government has stolen 25% of your purchasing power.

that is why the IRS wants capital gains on bitcoin, up until now it was a way to escape the government's wealth transfer mechanism.

that is true.
Capital gain tax is partly what it is and partly a tax over the inflation they didn't get because you didn't hold fiat in the first place.

waldox

sr. member

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inflation is a tax
irs taxation is a tax
sales tax on top of inflation

a tax on top of a tax

im not surpirsed if effective taxes are 50%

bobdutica

newbie

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Merit: 0

When they double the amount of currency, an therefore everything doubles in price, they have taken 50% of your purchasing power. That's before you have to pay capital gains, that comes later. Inflation is a hidden tax! Unfortunately, most people see the increased prices on everything they have to buy as simply a price increase by those greedy businessmen. So, the government gets half of your purchasing power, and they shift the blame to the businesses who are working hard to provide you with goods and services. (Government gets to spend the extra dollars before everyone else discovers the money supply has doubled.)

Robert Paulson

sr. member

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im saying that while the tax is called capital gains it doesn't actually tax gains but simply takes away the original purchasing power.

K128kevin

member

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Merit: 10

I'm a bit confused but maybe I didn't understand what you are saying - are you suggesting that the government should NOT get a portion of the peoples' wealth?

Honestly imo the biggest problem I see with the idea of bitcoin being a single universal currency is that it is difficult to tax. Tax is necessary and society can't function without it...

Robert Paulson

sr. member

Activity: 448

Merit: 250

The process is simple:
1. print dollars until the amount of dollars in existence doubles itself.
2. watch how the price of everything eventually doubles.
3. notice that the price of all equities and commodities such as gold and bitcoin (the IRS considers it as a commodity) also doubles.
4. tax everybody's capital "gains" at around 25%.

and now the government has stolen 25% of your purchasing power.

that is why the IRS wants capital gains on bitcoin, up until now it was a way to escape the government's wealth transfer mechanism.

Topic: How the fed funnels purchasing power from you to the government (Read 713 times)