You are viewing a single comment's thread from:
RE: Cryptocurrencies, Government and Tax Collection. Let's Talk.
The issue is that when you earn your income in cryptocurrencies, it is easier to hide that from the government.
The issue is that when you earn your income in cryptocurrencies, it is easier to hide that from the government.
True, and unfortunately for them they have the burden of proof as to whether or not we actually own/have access to XYZ cryptos. The IRS can't just come to your door and say "you made money on a crypto network and we want our cut." They have to prove it first. Ultimately this whole revolution will force governments to establish a different tax model all-together, perhaps a toll/ fee and license based tax system similar to what many libertarians say is fairer. After all why should I be forced to pay for a bridge that I never use (even vicariously)?