new tax rumor on crypto - page 2. | Bitcointalksearch.org

Fatunad

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Quote from: inoes on May 03, 2021, 06:15:30 PM

Taxes must be applied to those who meet the criteria, because capitalism needs to be monitored so that things can still be measured and controlled.
I would prefer if taxes are paid only when we withdraw from CEX, because this is already in contact with the official money of a country. However, there is no need for transactions in the DeFi, Dex, and other sectors

Government would rather go nor focused with CEX and try to impose tax deductions whenever a user tends to make some withdrawal and this is the only way i do see that government could get involved into
or trying to sip out those taxes because if we do say that they had already cashed out those coins into fiat then it would really be hard to traced it up because they can decide if they wont be putting up
those cash into banks or any other which means tracing would be hard. Tax rumors is something to become real in near future.For sure government arent just blind on not to take
any steps to filter out on what they do need to filter.

inoes

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Taxes must be applied to those who meet the criteria, because capitalism needs to be monitored so that things can still be measured and controlled.
I would prefer if taxes are paid only when we withdraw from CEX, because this is already in contact with the official money of a country. However, there is no need for transactions in the DeFi, Dex, and other sectors

slapper

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I do not think that tax regulations will weaken bitcoin. And as far as I know, only a few countries are able to impose laws on bitcoin while others (especially third world countries) do not care about bitcoin and some even praise the existence of bitcoin

In a long run, when bitcoin becomes a global currency rather than a digital asset, even the hardest rule can stop bitcoin.

Usually, in an uptrend, people will only concern good news. Bad news, unless they are significant, only has slight impact on the price of bitcoin overall. Besides, we have institutional investors who are backing us strongly

livingfree

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Quote from: Luqman on April 25, 2021, 05:55:04 PM

Quote from: livingfree on April 25, 2021, 01:17:27 PM

Crypto exchanges really have to comply with taxation in country's that don't impose tax in crypto profits

It is a must, I know the government ensures the security of the exchanges by applying strict regulations and taxes to them. But applying taxes to the users of the exchanges seems unnecessary because they already pay some money to the exchanges like trading fees or withdrawal fees. Many users also just get small profits monthly and it is also difficult to determine how much money got regularly by trading on the exchanges. So, I agree the government applies taxes to exchanges but disagree if it applies to the users.

They are businesses so they would have to comply no matter what crypto service they offer.

I agree about trading fees, that's already the deduction to the traders because we're charged with fees and as well as sometimes there's also some commission during the withdrawal.

STT

legendary

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Thats an awful idea and in business that would put USA out of line with the rest of the world. Obviously gains can reverse, taxes can and do have influence on markets by feedback effect with certain cost leading to selling and lower prices and ultimately less capital invested.

Ultimately on taxes you can look at the amount governments spend, they will tax you one way or another and inflation itself is a form of taxation by over production of currency to best favor fiscal budgets first and foremost. It could be considered fairly inevitable taxes will be levied, the best implementation is always to tax business in a sector not people specifically but as BTC is exchanged globally without a central point that would be hard to do without bringing competitive disadvantage to any USA company involved.
Before Biden and about last year prior to the virus deal occurring the same rumor was there for Trump, I thought it was quite serious and would be the cause of a new low some saw coming on the charts but it wasnt that and we've been busy elsewhere. Arguably they are still distracted elsewhere I dont think it passes this year if it is a thing.

Vishnu.Reang

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

As long as they are not going to tax unrealized capital gains, we should be fine. The proposal is to make long term capital gains tax equal to the income tax. Now what is going to happen is that most of the investors will postpone their plans to sell cryptocurrency, if they previously had such ideas. This should actually result in an increase in the exchange rates, since a supply crunch will be created as a result.

I am more worried about the demand to tax capital gains that are not realized. This proposal was first put forward by Ron Wyden (Senate Finance Committee) a few years back and now Biden seems to be considering it.

adaseb

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Are you talking about that tweet posted by FirstSquak? Its a false tweet. Lately that account is either hacked or they are taking $ to post false info. They have been doing this a few times for the past few weeks.

It seems that some bear whale is paying them like $100K to post false info and cause a market crash. They were a reliable source of info because it was up to date and instant and free however lately alot of their tweets are without actual refences. I tried searching for some of their tweets on google and came up with nothing. So right now I would unfollow them until they stop posting fake news.

blue_nexus15

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Quote from: bittraffic on April 24, 2021, 12:29:06 AM

The tax rumor is just for the US rich people's increase of the capital gains tax rate. It's simply just for the government to be able to print more money for distribution and then they make the rich pay for it. This is really something to be afraid of if you are rich and from US, that is why it's not surprising for rich individuals to dump their coins.

If you are looking for the URL, its this one https://taxfoundation.org/biden-capital-gains-tax-rates/

Personally, I think, If the rich are subject to a higher tax rate than the average person, this is not uncommon. But Biden's new law is aimed at retrospectively collecting taxes for the rich and sharing it as pro-poor coffers. In general it is not wrong in the form that the Biden policy proclaimed "heals America". But the problem will be in the long run. It can reduce democracy.

At the same time, the Tax Act is only part of bitcoin's sharp decline in the past week. It also has many other problems aggregates. But bitcoin will certainly go straight this week.

Luqman

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Quote from: livingfree on April 25, 2021, 01:17:27 PM

Crypto exchanges really have to comply with taxation in country's that don't impose tax in crypto profits

It is a must, I know the government ensures the security of the exchanges by applying strict regulations and taxes to them. But applying taxes to the users of the exchanges seems unnecessary because they already pay some money to the exchanges like trading fees or withdrawal fees. Many users also just get small profits monthly and it is also difficult to determine how much money got regularly by trading on the exchanges. So, I agree the government applies taxes to exchanges but disagree if it applies to the users.

macson

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many countries still do not impose taxes on crypto players, lucky for those of you who do not live in the US. For more precise information about taxes on crypto, you can read the article below;

Code:

https://edition.cnn.com/2021/04/12/success/bitcoin-cryptocurrency-taxes-feseries/index.html
https://chanfest22.medium.com/a-guide-to-common-us-crypto-tax-scenarios-8174e2ec3e44
https://www.forbes.com/sites/shehanchandrasekera/2021/03/09/whats-your-tax-rate-for-crypto-capital-gains/?sh=2d42a37d71e2

personal opinion: i believe that when the mass adoption of cryptocurrencies occurs, taxes on cryptos will apply worldwide. ^{(we have to prepare ourselves)}

Finestream

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Tax is definitely normal, but a high tax could really make investors and traders panic, however, there's always a solution to that since tax laws are differs from country to country, so we just have to adjust and probably transfer for to a country with lower tax if we really see it as a burden.

This issue or rumor now was probably the reason of the big dump, but its already, that's pretty basic or normal, and we are heading to a bear market for good, we should still benefit from this.

This is probably the news. https://www.reuters.com/technology/fears-biden-tax-blow-leave-cryptocurrencies-ether-bitcoin-ropes-2021-04-23/

martina14

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I think this would depend if the cryptocurrency are based centralized system of course there is obviously have tax in it. But if it is decentralized, well, there is zero tax of course. Unless, the government of your country create a by laws regarding about cryptocurrency, I think it could be happen into reality in the future.

Hippocrypto

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

What I am about to speculate this taxation rumors, it will probably add up with transaction fees or other miscellaneous stuff that triggers increase of commodities related with cryptocurrency. Though it's hard to think but, we should adopt on that because this is what's going to exist in the future. Government would soon incorporate crypto with our economy, so fiat and digital currency will be merged.

tygeade

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Quote from: Sled on April 25, 2021, 08:00:52 AM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

Some countries are already imposing taxes for holding Bitcoin like in Germany but still, there are a lot of countries that didn't bother to ask for it
https://decrypt.co/43513/10-countries-that-dont-tax-bitcoin-gains

Well, If we could just think about how fiat rulers paying their taxes to a certain percentage, it quite similar chargers will also have to see in crypto(if possible). As the growing number of crypto investors, traders, and holders, the more it attracted the government to fully legalize forcing them to pay their taxes. Maybe not this time and the rumored that we have heard had come to possible in the near future. And could really affect the anonymity we have in this crypto market as they surely ask about our identity.

I think bitcoin wasn't this high for most of the time, which caused governments to be late about it as well. There are laws applicable like income tax, if you sell a product and get crypto in return, you still have to pay taxes on it, however if you do not sell anything and just buy bitcoin at low level and sell at high level, that is rarely ever taxed in most nations except a few ones. It means governments were too late to charge taxes on those.

I have to say I would obviously prefer if it was possible for me to not pay any taxes at all, not because I hate taxes, I actually like taxes, why? Because taxes are what makes a nation better, without taxes no nation would ever grow. However I just do not believe my government would ever use those taxes for anything good, they would just make themselves richer instead. If we consider that we may not want to, but if everything else in fiat world pays taxes, then we have to pay taxes as well, there is no way around it.

Nanda Dewi277

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Imagining if a country really implements taxes for crypto assets, they may have a partnership with their local excahnge. Or probably they will count it once they are cashing out to the bank account. Well, this issue may be happening in certain countries. However, if it really happens, it may be implemented several percentages of our assets? It may be wow for the whales and many more people will probably ignore to save their assets in the local exchanges or do everything to avoid the taxes.

livingfree

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Quote from: Luqman on April 24, 2021, 05:41:17 PM

Quote from: livingfree on April 24, 2021, 03:35:43 PM

-snip-

I live in Indonesia. Here, crypto holders or traders are still no obligation to pay taxes for their crypto assets. But for crypto exchanges, there are quite strict regulations and must pay taxes. Yeah, you are probably correct, it is only about time that our government will apply taxes of crypto holders or traders. They must think about the potential income for our country from the crypto sector. Moreover, crypto investment or trading is going to be more popular currently.

Crypto exchanges really have to comply with taxation in country's that don't impose tax in crypto profits.

Because they are business and it doesn't matter whether they are in crypto or not, as long as it's declared as a business they should really have to comply the laws about it.

Quote from: Tomiwa_akin on April 25, 2021, 04:52:35 AM

you are right. i think the tax free freedom that traders and investors have enjoyed is something that is not easy to let go. it all depends on each country. once it circulates, everyone should be prepared for it.

Yes, once it's being imposed everywhere, we have to accept it.

Sled

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

Some countries are already imposing taxes for holding Bitcoin like in Germany but still, there are a lot of countries that didn't bother to ask for it
https://decrypt.co/43513/10-countries-that-dont-tax-bitcoin-gains

Well, If we could just think about how fiat rulers paying their taxes to a certain percentage, it quite similar chargers will also have to see in crypto(if possible). As the growing number of crypto investors, traders, and holders, the more it attracted the government to fully legalize forcing them to pay their taxes. Maybe not this time and the rumored that we have heard had come to possible in the near future. And could really affect the anonymity we have in this crypto market as they surely ask about our identity.

Tomiwa_akin

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Quote from: dunfida on April 23, 2021, 06:59:30 PM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

Depends on a certain country because even others are already setting out those taxation laws but doesnt mean that all countries will follow along.

Im already anticipating for this time will come where government is starting to look at on the probabilities on imposing taxes on crypto gains on a certain individual but do they
really think that they can filter it out completely. ? Grin

honestly the majority is not happy with the news, in developed countries they can track and work with exchanges if they want to do it. not all countries will be able to do this. on the long run its a good move but for start it isnt.

Tomiwa_akin

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Quote from: livingfree on April 23, 2021, 06:20:54 PM

It depends to your country if they're going to put tax on it. In US, you see investors and traders have been responsible to file their tax gains.

And that could be the same as the other countries if they will impose a strict rule about crypto profits. It's not a rumor for some countries who have been applying that law already.

But to some, it will depend to the law that shall be made by your government.

you are right. i think the tax free freedom that traders and investors have enjoyed is something that is not easy to let go. it all depends on each country. once it circulates, everyone should be prepared for it.

target

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Quote from: indo1 on April 25, 2021, 12:54:09 AM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I believe the market persists and makes bitcoin sideways, I know taxes have a huge effect on many stock markets, even cryptocurrencies. But will this be the same as 2018? where many regulations make bitcoin fall. I think this year was a little different, the giant businessmen came in - I didn't understand much about regulation. But everyone loves bitcoin.

I'm hopeful it's not like 2018 that it will drop terribly because of the adoption because there's paypal, Visa and MasterCard are already adopting BTC. But we shall see when there will exchanges that will be seized by governments.

It's not a good time for tax laws to be adjusted this high while the poor are suffering already. Investors will also be taxed as their investments grow and this will lead investors to hide their wealth.

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