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Topic: Is the IRS ruling that bad really? - page 2. (Read 2084 times)

full member
Activity: 126
Merit: 100
March 30, 2014, 01:04:06 PM
#12
Is anyone really going to pay taxes on bitcoin? Really?

Maybe a few big time investors, but normal people shouldn't be affected by this at all. How hard is it to shuffle your coins around a bit or sell them anonymously for cash?

Anyone paying taxes is choosing to do so. And I have my doubts as to how many bitcoin users will choose to pay taxes.

I don't go to jail over anything...unless it is a righteous cause.  

Tax evasion is not a righteous cause.


That is highly debatable.   So what winds up happening is that we pay income tax to pay back the central bank (fed reserve) for the interest they charge us (as a private corporation) to use money (which is supposed to be created by congress thru the treasury for no interest at all) that they create out of thin air but receive MASSIVE profits for, by basically enslaving our citizens and our country as debt slaves...

So exactly how "righteous" is it to be supporting THAT system?



From the Grace Commision (mind you debt to the fed and interest on that debt has gone up WAY more than US income since the 80s, so we are paying them more now)

....“With two thirds of everyone’s personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the federal debt and by federal government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services [that] taxpayers expect from their government."
legendary
Activity: 854
Merit: 1000
March 30, 2014, 12:33:20 PM
#11
Is anyone really going to pay taxes on bitcoin? Really?

Maybe a few big time investors, but normal people shouldn't be affected by this at all. How hard is it to shuffle your coins around a bit or sell them anonymously for cash?

Anyone paying taxes is choosing to do so. And I have my doubts as to how many bitcoin users will choose to pay taxes.

I don't go to jail over anything...unless it is a righteous cause.  

Tax evasion is not a righteous cause.
full member
Activity: 126
Merit: 100
March 30, 2014, 12:29:24 PM
#10
Is anyone really going to pay taxes on bitcoin? Really?

Maybe a few big time investors, but normal people shouldn't be affected by this at all. How hard is it to shuffle your coins around a bit or sell them anonymously for cash?

Anyone paying taxes is choosing to do so. And I have my doubts as to how many bitcoin users will choose to pay taxes.
hero member
Activity: 766
Merit: 509
March 30, 2014, 12:20:35 PM
#9
I see it as good.  I'd rather it be taxed than banned. 
member
Activity: 103
Merit: 10
March 30, 2014, 12:15:50 PM
#8
I don't have any problem paying taxes on my profit from bitcoin as long as I can claim the losses too.  So as it stands I am down and should be able to claim a loss, so this is good news right?
newbie
Activity: 28
Merit: 0
March 30, 2014, 11:10:05 AM
#7
sorry for the stupid question, what is the IRS?
The IRS is the national tax authorities, belongs to the civil service establishment administrative organs.
hero member
Activity: 658
Merit: 500
Small Red and Bad
March 30, 2014, 11:09:22 AM
#6
sorry for the stupid question, what is the IRS?
Google it. It has its own wiki site Smiley
legendary
Activity: 854
Merit: 1000
March 30, 2014, 10:47:04 AM
#5
This ruling is good.

Now i know how what i need to do to make my mining business legit.

member
Activity: 170
Merit: 10
March 30, 2014, 10:13:37 AM
#4
sorry for the stupid question, what is the IRS?
hero member
Activity: 798
Merit: 1000
March 30, 2014, 06:08:48 AM
#3
No its not that bad at all and as said exactly what most people would expect. I feel that any news at the moment is being spun in a bad light. Really starts to feel like the bottom when this is happening.

I think most people will carry on as normal like you say, for the general small user it shouldn't really change much.
hero member
Activity: 667
Merit: 500
March 30, 2014, 05:33:19 AM
#2
The IRS guidance is exactly what anybody who knows about anything would've guessed in the first place, there were only two points that were in play / suprising --

1. Mining as immediate income declaration

2. No currency use-case exemption
sr. member
Activity: 910
Merit: 302
March 30, 2014, 04:59:04 AM
#1
I mean most people should have expected regulation similar to that right? Not many people expected they will declare it a currency right away?
Also at least now the institutional investors know how much tax they will have to pay on their long term investments in bitcoin, which is 15% and that's supposed to be good, right? I believe that uncertainty was of the reasons they couldn't invest until now?


Yes it will be accounting nightmare for retail users that buy every day stuff with it, but come on, who really accounts their coffee spending and stuff?

My vision is:
big business will comply
smaller and medium business that don't want to deal with the accounting overhead will just formally move to Isle of Man, Germany or Singapore.
Institutional investors will finally jump on board with nice chunk of change.
The retail users won't even bother and will just do stuff as they did until now.

One fun question, when was the last time when you heard about that waitress in the US sued for not declaring her income from tips?  If you haven't heard about that case, it's because it never happened.

Discuss Smiley
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