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Title: Democrats planning an End of Bitcoin Hodlers, in the US Post by: Khaos77 on January 20, 2021, 03:03:22 AM https://www.wsj.com/articles/top-democrat-proposes-annual-tax-on-unrealized-capital-gains-11554217383
Quote The top Democrat on the Senate’s tax-writing committee proposed taxing unrealized gains in investment assets every year at the same rates as other income, Well , if we ever needed proof the world has gone insane, here it is. Currently , you can't be taxed on unrealized gains in the US, which means no matter how much the price of bitcoin goes up, you don't have to pay taxes on it, unless you sell it. The above change would mean that you end up paying taxes on Market changes yearly , even thru you don't actually earn any profit if you did not sell. :P It is official, the inmates are running the insane asylum. FYI: This screws over everyone that holds any asset that increases in value yearly but does not sell, such as stocks, precious metals, and all crypto currencies including bitcoin. :P *Note: If the US does this crazy thing, expect all other countries to follow soon after. Title: Re: Democrats planning an End of Bitcoin Hodlers, in the US Post by: Poker Player on January 20, 2021, 03:31:09 AM I don't know why you are bringing that article here today. It was published April 2, 2019.
I've googled his name and what was said in that article doesn't seem to be one of his priorities. See this for example: https://www.accountingtoday.com/news/wyden-lays-out-senate-tax-priorities Title: Re: Democrats planning an End of Bitcoin Hodlers, in the US Post by: Khaos77 on January 20, 2021, 03:51:45 AM I don't know why you are bringing that article here today. It was published April 2, 2019. I've googled his name and what was said in that article doesn't seem to be one of his priorities. See this for example: https://www.accountingtoday.com/news/wyden-lays-out-senate-tax-priorities Because starting tomorrow, Democrats control the President office, the House, and the Senate . In short, they can literally pass any bill they want, with no real opposition. This happen today : https://taxnews.ey.com/news/2021-0119-yellen-hearing-held-at-finance-committee-1-21-floor-vote-eyed Quote The Senate Finance Committee January 19 held a hearing on the nomination of Janet Yellen to be Treasury Secretary And she is in favor of taxing annually on unrealized gains. FYI: This is just a heads up, so no one gets caught unaware at a future tax time. Personally, I hope it never happens as it harms all sorts of people, but people need to be aware that some are planning it. Title: Re: Democrats planning an End of Bitcoin Hodlers, in the US Post by: Poker Player on January 20, 2021, 04:05:23 AM This happen today : https://taxnews.ey.com/news/2021-0119-yellen-hearing-held-at-finance-committee-1-21-floor-vote-eyed Quote The Senate Finance Committee January 19 held a hearing on the nomination of Janet Yellen to be Treasury Secretary And she is in favor of taxing annually on unrealized gains. FYI: This is just a heads up, so no one gets caught unaware at a future tax time. Personally, I hope it never happens as it harms all sorts of people, but people need to be aware that some are planning it. Source for that? That idea is too communist, even for Biden. I don't think people in the USA are ready for that...yet. Maybe in 4 years' time. Title: Re: Democrats planning an End of Bitcoin Hodlers, in the US Post by: Khaos77 on January 20, 2021, 05:03:07 AM This happen today : https://taxnews.ey.com/news/2021-0119-yellen-hearing-held-at-finance-committee-1-21-floor-vote-eyed Quote The Senate Finance Committee January 19 held a hearing on the nomination of Janet Yellen to be Treasury Secretary And she is in favor of taxing annually on unrealized gains. FYI: This is just a heads up, so no one gets caught unaware at a future tax time. Personally, I hope it never happens as it harms all sorts of people, but people need to be aware that some are planning it. Source for that? That idea is too communist, even for Biden. I don't think people in the USA are ready for that...yet. Maybe in 4 years' time. https://www.reuters.com/article/us-usa-biden-yellen/act-big-on-stimulus-bidens-treasury-nominee-yellen-to-tell-lawmakers-idUSKBN29O1WX?il=0WASHINGTON Quote She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism - as well as other approaches to boost revenues. Title: Re: Democrats planning an End of Bitcoin Hodlers, in the US Post by: NeverSop on January 20, 2021, 05:09:11 AM Quote This happen today : Conservative ideas rely on ambition to monitor finances. Taxing bitcoin holders to American citizens is no different from unfairness. https://taxnews.ey.com/news/2021-0119-yellen-hearing-held-at-finance-committee-1-21-floor-vote-eyed Quote The Senate Finance Committee January 19 held a hearing on the nomination of Janet Yellen to be Treasury Secretary And she is in favor of taxing annually on unrealized gains. That idea is too communist, even for Biden. I don't think people in the USA are ready for that...yet. Maybe in 4 years' time. That is the irony idea. I'm more concerned that Gensler will recap the next change based on bitcoin's fairness bias. He will probably be a bitcoin fan. |