Should there be a tax on capital gains?

coolcoinz

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Quote from: mich on January 30, 2019, 04:59:31 PM

Yes and even though I hate paying taxes it is the correct thing to do from capital gains.
Crypto is an asset so if you make profit on it, the gov is entitled to their share of your profit.
If you dont have very much income on the other hand, then I dont think you should have to pay if its your only source of income.

While I understand your point, I don't agree with it in full. There's more to it than just being entitled to gains. What about unrealized gains? Should they be entitled to them the way US government thinks it is? Here's an example. You bought bitcoins and forgot about them, because they were worth so little that you just didn't care.
5 years later you find out they are worth 100 times more, but you didn't take profits and you didn't report your gains. What should you do? Take profits now because you have to pay your taxes? Sell everything because the government wants their share and it wants it in fiat money? The government rarely looks at you with compassion. It doesn't care if it's your only source of income. It's income and income is taxable.

viananda2525

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Quote from: CoinChili on May 05, 2019, 08:54:04 AM

What a complicated suggestion. I am against capital gains taxation. I understand if the government will tax our profits and transactions but not with our capital. It is not necessarry to decreased the original amount of our capital by adding tax into it.
[/quotei think it necessarry for us.our government need some money and they could took it from cryptocurrency market.if they have money i am sure it will go back to as in infrastructure that someday we will need.

JeffBrad12

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Quote from: Sithara007 on May 05, 2019, 01:19:27 AM

Quote from: Adriano2010 on May 04, 2019, 02:28:01 PM

Well a tax can should be only if make profit over the year, if someone buy bitcoin with 20000$ and after decide to sell when the price drop and get 5000$ only then shouldn't be any tax because is not made any profit.

Have you never paid any sort of taxes in your life?

In case someone incurs capital losses from the sale of any particular asset, then he is not required to pay any taxes. Only in case he profits from the sale of such assets, he needs to pay the capital gains tax (depending on the duration of the holdings and the nature of the assets, it can be classified as ordinary income or capital gains).

It will be much better to give him a direct link to the crypto tax guidance issued by IRS.
But many countries have different regulation and if we are non US investors or traders can comply with the regulation that applied in our country.
https://www.coinbase.com/bitcoin-taxes#filetaxes
That contains all of the guidance to the crypto regulation tax.
I just think what have you said look similar to what he was saying about the taxation should not be applied to the someone that getting lost.

CoinChili

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What a complicated suggestion. I am against capital gains taxation. I understand if the government will tax our profits and transactions but not with our capital. It is not necessarry to decreased the original amount of our capital by adding tax into it.

Sithara007

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Quote from: Adriano2010 on May 04, 2019, 02:28:01 PM

Well a tax can should be only if make profit over the year, if someone buy bitcoin with 20000$ and after decide to sell when the price drop and get 5000$ only then shouldn't be any tax because is not made any profit.

Have you never paid any sort of taxes in your life?

In case someone incurs capital losses from the sale of any particular asset, then he is not required to pay any taxes. Only in case he profits from the sale of such assets, he needs to pay the capital gains tax (depending on the duration of the holdings and the nature of the assets, it can be classified as ordinary income or capital gains).

Pattart

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Quote from: Yamifoud on January 30, 2019, 09:02:07 AM

Quote from: BeGoods on January 30, 2019, 07:57:28 AM

Quote from: jabrix on January 28, 2019, 10:15:16 PM

Quote from: Burogh on January 04, 2019, 02:37:43 AM

I think its better government collecting taxes from our gain not from our trade. Cryptocurrency is investment and if we collected by our trade, its must be very huge amount we should pay on taxes. But for more safe, better keep cryptocurrency as long term investment because sometimes government policy change

Tax is one of the state revenues used to run the wheels of government and development. The government is trying to impose tax on crypto in a way that does not impose the transaction from the crypto owner and provides security for investment and crypto trading.

But that does not mean they have to give taxes on everything, especially in crypto which is still in the development stage, the tax will only make the crypto enthusiasts decrease. if they want tax from crypto. wait until crypto is in a good position in that country, and crypto tax can be a good income for the government

Tax collection have been already started in some country, it is just they do for fiat holders. Not exactly we felt it cause not as vulgar just like it happen for big companies but it have a possibilities that it will strictly implement soon once it finally recognized as legal currency all over the country. For now, it is under provision and I know the government have unto look for it.

Yeah, for now taxes are only applied to fiat holders or anything that can be audited by the government. in some countries I heard about crypto taxes, but I myself don't know how the payment mechanism is, even though crypto is decentralized and anonymous

Adriano2010

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Well a tax can should be only if make profit over the year, if someone buy bitcoin with 20000$ and after decide to sell when the price drop and get 5000$ only then shouldn't be any tax because is not made any profit.

Barbut

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Quote from: Sithara007 on May 04, 2019, 01:36:30 AM

Capital gains tax is a stupid idea and it is equivalent to double taxation. The government is extracting tax on the income that has already undergone taxation. Also, if capital gains are taxable, why the government is not reimbursing capital losses? It should go both ways, right? Here the investor is taking the risk and in case he gains from it, he has to pay the taxes as well. On the other hand, if he losses his money, then the government says that it's his fault and he should bear the losses. It's very unfair.

Great comment, its same what I thought. I read and I cant believe how right you are!
"if capital gains are taxable, why the government is not reimbursing capital losses?"
Simple as that, when we risk we risk our own money, if we lose nothing happened, if we make profit we share it with government, what a stupidity. You wrote such logical comment about capital gains, and this is why most of the people around the world will not report their crypto assets, people will try to avoid paying taxes on crypto, at least smart ones I presume. I live in the third world country, in my opinion, here in Serbia we dont have any laws about crypto yet, what suits me for now, but when they make see they are preparing some set of laws for crypto I`m going off the grid.

Sithara007

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Capital gains tax is a stupid idea and it is equivalent to double taxation. The government is extracting tax on the income that has already undergone taxation. Also, if capital gains are taxable, why the government is not reimbursing capital losses? It should go both ways, right? Here the investor is taking the risk and in case he gains from it, he has to pay the taxes as well. On the other hand, if he losses his money, then the government says that it's his fault and he should bear the losses. It's very unfair.

jademaxsuy

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Yes this is what a tax payers would like to have a lesser tax fee. But, I do not think government will going to change this because.there is a huge money flowing in this matter. Imagine that every transactions he capital gain tax will be 7.5% of the money being transacted.

Taxes are the blood of the government expenditures and because we are talking huge money then this is why politician are.buying.votes just.to win during election and will.manage huge money for their own interest.

Janation

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Quote from: wendiar19 on January 30, 2019, 12:53:16 PM

of course it doesn't have to be needed because with the profits you get from trading and various other types of trading you don't have to pay taxes because the profits you get are yours,

Some countries might accept but some don't.

There are some countries that tax people out of their earned profit from trading. You can say that it is not needed but in reality, it is mandatory to pay your tax, if you did not, you will go to jail. Some people make ways to avoid paying huge taxes, in our country that is a problem though as far as I know, they already pay it by the time that it became news.

millgates

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Quote from: TiceOwil on July 30, 2018, 07:41:16 AM

According to my opinion, I think It's income and should be taxed. There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.

What is your thought on this matter?

I think it should be taxed, if the tax rate is high then it will be very frustating. We have responsibility toward our country but sometimes government too much extorting us. When you make profit in bitcoin then no other know that your capital is grow except you. And I think you don't need to declare your profit until you convert it into fiat money. Country should help the citizens to live in prosperity, and not to push the citizens to pay high rate tax which slow down the process to live in prosperity.

Argoo

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I do not think that it is necessary to impose a capital gains tax in cryptocurrency. Cryptocurrency has a very high price volatility. It can rise sharply in price and also fall sharply. For one reporting period, it can rise, for another fall. There will be a need to return the tax paid. The tax is taken mainly when cashing cryptocurrency in fiat. Therefore, it makes no sense to introduce a tax on profits from which the tax has already been paid.

romero121

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Quote from: Yamifoud on January 30, 2019, 09:02:07 AM

Quote from: BeGoods on January 30, 2019, 07:57:28 AM

Quote from: jabrix on January 28, 2019, 10:15:16 PM

Quote from: Burogh on January 04, 2019, 02:37:43 AM

I think its better government collecting taxes from our gain not from our trade. Cryptocurrency is investment and if we collected by our trade, its must be very huge amount we should pay on taxes. But for more safe, better keep cryptocurrency as long term investment because sometimes government policy change

Tax is one of the state revenues used to run the wheels of government and development. The government is trying to impose tax on crypto in a way that does not impose the transaction from the crypto owner and provides security for investment and crypto trading.

But that does not mean they have to give taxes on everything, especially in crypto which is still in the development stage, the tax will only make the crypto enthusiasts decrease. if they want tax from crypto. wait until crypto is in a good position in that country, and crypto tax can be a good income for the government

Tax collection have been already started in some country, it is just they do for fiat holders. Not exactly we felt it cause not as vulgar just like it happen for big companies but it have a possibilities that it will strictly implement soon once it finally recognized as legal currency all over the country. For now, it is under provision and I know the government have unto look for it.

Yes, already tax on cryptocurrencies were in usage, but that weren't that effective. Particularly large scale firms working with cryptocurrency were under surveillance and they were marked for tax. The same isn't there with the common people who were just small volume transaction makers. Also it is truly hard to keep track of each and everyone's transaction data.

ethereumhunter

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So far, every country applied the tax for their citizen especially for people who have jobs that receive an income every month. As far as I know, taxation is used by all country to grow the economy and for the people too although sometimes the distribution of that money is not on the right target. I am sure that rich people pay a bigger tax than the other people because the government will watch every income they earn and they will accept the rule by paying the tax.

primeluck

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They should be taxed at the same rate as ordinary income.Capital gains are the profits from the sales 0f an asset,shares of stock.a piece of land are considered taxable income.

crzy

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Quote from: wendiar19 on January 30, 2019, 12:53:16 PM

of course it doesn't have to be needed because with the profits you get from trading and various other types of trading you don't have to pay taxes because the profits you get are yours,

You work hard for that money and yet the governmet is still asking for you to pay for the taxes even if you’re dead already. This is really not acceptable because you’ve already paid your income tax, this is double taxation and the harassment from the government, I hope this law will be stopped in the future with a help of cryptocurrency.

2chase

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I believe that for people who have billions of dollars it will not be difficult to find new ways to launder their income, and to minimize taxes if they don’t want to pay the amount of taxes that they have to pay. The problem of taxes is relevant only for the ordinary citizen - for rich people, this problem does not exist.

mich

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Yes and even though I hate paying taxes it is the correct thing to do from capital gains.
Crypto is an asset so if you make profit on it, the gov is entitled to their share of your profit.
If you dont have very much income on the other hand, then I dont think you should have to pay if its your only source of income.

wendiar19

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of course it doesn't have to be needed because with the profits you get from trading and various other types of trading you don't have to pay taxes because the profits you get are yours,

Topic: Should there be a tax on capital gains? (Read 1013 times)