Topic: What percentage of people in the USA do you think haven't paid taxes on trades? - page 2. (Read 342 times)

Tax is what is expected to be paid by every individuals regardless of status, this is now very common as it's only believed that business people were the only ones expected to pay tax, in cryptocurrency, every identified crypto bodies were expected to pay tax and i can say that they all are paying their taxes and if not all then the majority are, that's why any corporate organizations or institution that is identified being centralized will have no option than to pay tax, but since bitcoin is decentralized p2p network, it's the only crypto that is tax free except for its miners.

AFAIK, it's just for cashing out or for when you make a purchase which can be taxable.
The tax rules vary from country to country, but in majority you shouldn't be taxed for converting BTC to ETH or vice versa, but on capital gains at the time you "cash out" relative to when you purchased the said asset.

It's of course a bummer that many are not properly educated on how taxes work, so what was originally designed to take from the rich, is now mostly affecting the poor and middle class who are not very informed about it.

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About the percentage in the U.S who haven't paid taxes on traded (capital gain), that is impossible to speculate in my opinion.

Yep, I do agree with this, I mean basically most crypto adapting privacy first. so I think it was easy for people to avoid tax.

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maybe some users pay taxes because they trade on a centralized exchange and higher rank members or early adopters or experts in crypto would most likely put more than 50% on wallet not CEX.

and right now there is a bunch of Decentralized Exchange and p2p trader for cashing out money. so its become more untracable

I would say a little part of people who trade cryptocurrencies and bitcoin paid their taxes because most people will use this market because they don't have to pay taxes and they can hide the transactions unlike the other markets, however, the government is trying hard to track the transactions and take tax from the money they trade in cryptocurrencies but still, the big players and anonymous whales will not pay the tax because none can track their transactions to calculate their transactions value and take tax from them.

How the hell would I know what percentage of people in the USA don't pay "taxes on trades"? I don't have a crystal ball and I can't conduct anonymous surveys asking people in the US about whether or not they pay their taxes. I guess that they won't give sincere answers, even if I ask them. The question "Do you pay your taxes?" sounds suspicious, when a complete stranger is asking.
I don't live in the USA and I don't pay taxes there, but the US tax system can't surprise me anymore. It's a constant flood of bureaucratic BS over and over again.
What do you mean by "taxes on trades"? Capital gains tax is a thing in the USA, but I don't think that there is a tax for every cryptocurrency trade.

To be clear, we're talking trades or swaps from one crypto to another not just cashing out.

I had no idea taxes on crypto trades were even a thing. Hell, had no idea anything about taxes were when I first started dipping my toes in bitcoin. Then when I heard you have to pay taxes on cap gains I thought it was just for cashing out. I have a feeling more than half of millennials and gen Z like me also had/have no idea. Like 60% or more for millennials. I guess about 45 to 60% for everyone. Leaning more towards 50 to 55% as a more accurate guess. Only one of the dozen friends of mine who knows about this knew there were taxes on trades, and I'm not even sure he knew so much as just guessing to pick a different answer than the rest. Only like 4 of my friends knew taxes of some sort, namely, selling bitcoin would result in a taxable event.


Do you think this article is accurate or do you think it's more or less from the time this article was published?

https://finance.yahoo.com/news/40-crypto-investors-don-t-153230225.html?guccounter=1&guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAACTUn5OkJSyGccBl_t5YTX9BKJWJupqXk5BTRWm99ikZBjROQgLVoxb8Oe1MkXuAn6hhrIlOYbbEbymVnoezNgm6JvJRwCICtKa6XYbvo-Ft0B_0cl-Ii4fRmLpTQWrQ1o7ncBWwsomTr04VAMmf08eEiH3pt_CNRt4r7OMc37Cd

Isn't it insane that only in the USA, they tax trades and then expect YOU to figure out how much you "owe"??
Imagine going to the grocery store and the cashier scans all your items, her computer tells her how much you owe, but she wont tell you, and instead, expects you to calculate everything and if you're wrong, you go to jail. This is essentially the tax system in the USA and they don't teach any of this in schools. You're just supposed to be psychic and/or be born with this knowledge.