Happy to say that today I used up a bit less than half my filthy fiat ammo and bought Bitcoins for the first time since this past winter. Would have been nice to buy under 6k, but at least I didnt fomo in at 13900  Feeling bullish. Keep accumulating boyz. You have nothing to lose but your fiat banker chains. 257 days into the new BTCull Market and all is well.   via Imgflip Meme Generator |
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What I like most about the CSW ruling is he has to pay Ira's legal fees. These should be substantial and he is on the hook for them in USD regardless whether he has access to any old coins. Just the legal fees alone may bankrupt the guy, or maybe sugardaddy Calvin will bail him out, i dunno.
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I was in small claims court today and a judge ordered me to pay off the 21 trillion dollar US Federal debt, and give 1 million dollars to each American. I may get access to the funds in 2020 or it may not be possible. Congrats citizens, you are rich in IOU's |
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New poll incoming.  86 of you are doing it wrong  I had to think twice before selecting sex on this poll when it came out. At first I thought, well I have been thinking about Bitcoin more overall the last 5 years then sex, but then I realized that a very large portion of Bitcoin thinking has sex thinking intertwined with it. For instance looking at bottom pics, hot chicks climbing walls, thinking about smashing hookers, sluts, gold diggers, sugar babies, hot poor chicks, future ex's, ex's, current ongoing hookups/relationships, strippers, bartenders, cocktail waitresses, restaurant waitresses, chicks on tv, chicks on the internet, victoria secret models, chicks at the beach, random chicks anywhere one might go, flight attendants, pro sports cheerleaders, milfs in the grocery store, the hot chick who cuts my hair, sexy dealers at casinos, all while I am thinking about King Bitcoin. However when I am having sex or intently thinking about it I almost never think of Bitcoin (sorry King). So when I deduct all time that I spend thinking about Bitcoin and sex together and just isolate for times I thought of sex without simultaneously conjuring Bitcoin in my head and the times I thought of Bitcoin without conjuring sexual ideas in my head, I realized I thought about sex more.  via Imgflip Meme GeneratorTLDR: I believe evolution has made me better equipped for solely focusing on sex and tuning Bitcoin out than solely focusing on Bitcoin and tuning sex out. |
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Lately pamps have come right before trade war developments make headlines. Another area Bitcoin demonstrates superiority over other assets is for govy officials across the globe to trade on news they are privy to before everyone else. This is a great thing imo, makes govy boyz more likely to lust after the precious and protect it. Bitcoin is da best, as usual.  via Imgflip Meme Generator |
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 Yeah but...bbut...how much "fighting" are we talking about here? Is he going to place tariffs on crypto transactions too? Lol It's called tax. Or even worse he could ban it... In America it would not be strange to put some absurd sentence on it like the death penalty.... America is a crazy country.... With a crazy leader.... Be careful what you wish for.... Yang 2020 |
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~ That is how it works and it is blatantly unfair in my judgement. The IRS calls it a "loss carryback".
Why is lc unfair? Think seasonal business. Only curious. #haiku I think you might misunderstand what Im saying is unfair. I think being able to implement an income tax loss carryback for a business or personal return is great, but what imo is unfair is small investors/hodlers cant carryback capital losses in the same manner. This rule is to make life easy for elites and big businesses imo. Small hodlers should have the same privilege. I realize its hard to see what Im saying is unfair unless you look in the context of the entire conversation. Hope that clears it up. |
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Oh wow. I stand corrected.
Have never heard of a loss carry back.
Thank you - you taught me something today.
I withdraw my prior comments.
Your welcome my very gracious friend. I learned more than I wanted about the insanely complex tax code as an entrepreneur. |
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3. The way they truly get you is by taxing gains, but allowing only $3000 per year in losses. This way, you could be in a situation where you pay large gains one year, but are allowed only limited recourse (3K) when you have a large loss. I find this very unfair.
Yes, but any losses that exceed $3K you can roll over YoY. True, but it is still a limitation as there is no such limit on gains. It is what it is. Gents, to provide a little clarity here, the 3k max is for deductions against regular income. So if you have a salary or wages then yes you can only roll over 3k worth of losses as deductions each year and this can be done till you die or run out of losses. But..... for capital gains you can deduct all your capital losses from prior years with no limit whatsoever. The way they fuck you is you could gain a million one year, pay taxes on it then lose a million the first day of the next year and get no refund for the taxes you paid the year prior. You would either have to make another million in capital gains to use those losses as a deduction or you would have to live 333 more years making a salary and writing off 3k each year. The tax man is a real sob. A more fair form of theft would allow you to get a refund for past taxes paid. That’s why you get a 50% discount on your CGT taxes. For taking that risk. If you don’t like the risk, structure it as trading income so you can deduct all the losses. You get to choose how it is treated if you are smart about it. You shouldn’t complain about outcomes which are the result of your choices. Who is complaining about an outcome? Its a hypothetical, not an irl experience. The "tax man is an sob" is a statement of fact, not a complaint. I think you are misunderstanding something Im saying also, bc as far as not liking the risk and structuring the income as trading income so you can deduct losses, well you can deduct all capital losses whether you declare yourself an investor or a trader. Thats what ive been talking about all along. Status declaration does not give or take away this ability, its built in for everyone. What neither a trader or investor can do is use a capital loss to get a rebate on past taxes paid. This imo is unfair to people who might find themselves in this situation. These could also be people who sold a house, land, or business at a large loss but had large cap gains they paid taxes on the year before. It applies to all capital losses as far as I know unless you have new info for me. Dude if you have an income loss you can’t get a rebate on past income tax paid either. That’s just the way the world works. It’s not inherently unfair. Sorry HM, as much as I like you and your charts an fractals, I have to point out you are completely wrong here. You can indeed get a refund or rebate on past income tax paid. That is how it works and it is blatantly unfair in my judgement. The IRS calls it a "loss carryback". https://www.thebalancesmb.com/business-losses-to-offset-income-397687"Determining Net Operating Loss Your total income and losses from all business and personal sources are collected on your personal tax return. A net operating loss can be calculated, using specific IRS methods. If you have a net operating loss, you may be able to get a refund on your personal tax return. Net operating loss is calculated by using Adjusted Gross Income on line 37 of Form 1040 and subtracting standard or itemized deductions, but not subtracting personal exemptions. More details on net operating loss are available in IRS Publication 536. Net operating loss is calculated on Schedule A of IRS Form 1045 (PDF). The title of this form includes the term "Tentative Refund." This refund is a requirement that you move the loss to a previous tax year in which you had a profit. It is called a "loss carryback" (described below)." "Deducting Losses in Past or Future Years If you have business losses that are not deductible in the year when you have the loss, you may be required to or choose to deduct these losses in past or future years. It is called a tax loss carryback or loss carry forward, and again, it's something you must get a tax professional to help you with." |
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3. The way they truly get you is by taxing gains, but allowing only $3000 per year in losses. This way, you could be in a situation where you pay large gains one year, but are allowed only limited recourse (3K) when you have a large loss. I find this very unfair.
Yes, but any losses that exceed $3K you can roll over YoY. True, but it is still a limitation as there is no such limit on gains. It is what it is. Gents, to provide a little clarity here, the 3k max is for deductions against regular income. So if you have a salary or wages then yes you can only roll over 3k worth of losses as deductions each year and this can be done till you die or run out of losses. But..... for capital gains you can deduct all your capital losses from prior years with no limit whatsoever. The way they fuck you is you could gain a million one year, pay taxes on it then lose a million the first day of the next year and get no refund for the taxes you paid the year prior. You would either have to make another million in capital gains to use those losses as a deduction or you would have to live 333 more years making a salary and writing off 3k each year. The tax man is a real sob. A more fair form of theft would allow you to get a refund for past taxes paid. That’s why you get a 50% discount on your CGT taxes. For taking that risk. If you don’t like the risk, structure it as trading income so you can deduct all the losses. You get to choose how it is treated if you are smart about it. You shouldn’t complain about outcomes which are the result of your choices. Who is complaining about an outcome? Its a hypothetical, not an irl experience. The "tax man is an sob" is a statement of fact, not a complaint. I think you are misunderstanding something Im saying also, bc as far as not liking the risk and structuring the income as trading income so you can deduct losses, well you can deduct all capital losses whether you declare yourself an investor or a trader. Thats what ive been talking about all along. Status declaration does not give or take away this ability, its built in for everyone. What neither a trader or investor can do is use a capital loss to get a rebate on past taxes paid. This imo is unfair to people who might find themselves in this situation. These could also be people who sold a house, land, or business at a large loss but had large cap gains they paid taxes on the year before. It applies to all capital losses as far as I know unless you have new info for me. |
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3. The way they truly get you is by taxing gains, but allowing only $3000 per year in losses. This way, you could be in a situation where you pay large gains one year, but are allowed only limited recourse (3K) when you have a large loss. I find this very unfair.
Yes, but any losses that exceed $3K you can roll over YoY. True, but it is still a limitation as there is no such limit on gains. It is what it is. Gents, to provide a little clarity here, the 3k max is for deductions against regular income. So if you have a salary or wages then yes you can only roll over 3k worth of losses as deductions each year and this can be done till you die or run out of losses. But..... for capital gains you can deduct all your capital losses from prior years with no limit whatsoever. The way they fuck you is you could gain a million one year, pay taxes on it then lose a million the first day of the next year and get no refund for the taxes you paid the year prior. You would either have to make another million in capital gains to use those losses as a deduction or you would have to live 333 more years making a salary and writing off 3k each year. The tax man is a real sob. A more fair form of theft would allow you to get a refund for past taxes paid. |
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PR is not a country and as Jbreher said not tax free for Crypto,
While true, if you enter into contract with PR gov under Act 20 or 22, there are huge tax advantages - crypto or not. Agreed. I spent a few weeks living in San Juan deciding if it would be worth it living there half the year to get the tax savings. I eventually decided against it, but its a tempting proposition. |
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Yeah no big problem, I can pickup a new language and build a new life for myself in just a week or two. Thanks buddy, what was I thinking  That’s pussyfoot talk. If you aren’t agile, you are a sitting duck. Meh to me it would be pussyfooting to leave your home and people behind bc some gibbering dementia patient is trying to steal your money. I understand the agile sentiment, and I could move to another country with ease, but I dont typically look to run from problems anyway. Also some of the countries on that list look to be a few regulatory clarifications away from taxing crypto, PR is not a country and as Jbreher said not tax free for Crypto, and Liberland is a joke. Hopefully Republicans maintain control of at least one branch and this doubling of cap gains never happens. If it does happen I would sell all coins and realize profits, pay taxes, then buy most of the coins back at a new cost basis before the law went into effect. This would alleviate a lot of the problem, then Id have to consider my options. I would agree with your position if it was as you described. In reality however, that gibbering dementia patient is highly calculated and is stealing your money, rather than just trying to. Lol, well I would agree with you here accept he is not President yet, so the trying means he is trying to win the election so he can facilitate said stealing. |
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My future ex Tulsi is out of the upcoming debate so Yang is the next best (ultra slim) hope for a true Crypto friendly candidate. Any tax crazy lefty gets nominated and Im team Trump. Mayor Pete I would predict is unlikely to make a major tax hike so he wouldnt be to bad for a dem nominee. Luckily after watching most of Grandpa Joe's interviews and debates I can confidently say that he has early dementia setting in fast and his brain would turn to mush in a grueling election.
More basement dwelling induced derp. Buy Bitcoin and lose your virginity Roach, its about time ya know. |
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https://www.atr.org/biden-capital-gains-tax-we-should-raise-tax-back-396-percent?ampBiden made the remarks on Wednesday, August 21 during an interview with Iowa Public Television: “I believe we should, in fact, the capital gains tax should be at what the highest minimum tax should be, we should raise the tax back to 39.6 percent instead of 20 percent,” "Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate." I dont think anyone brought this up yet on WO, and the media has hardly discussed it, but this is some serious shit if you are an American Bitcoiner like me. This would seriously affect my wealth when I cash out coins at key numbers like 100k and 1 million. Trump is "no fan of Bitcoin", but holy shit, at least he would never double my tax rate. My future ex Tulsi is out of the upcoming debate so Yang is the next best (ultra slim) hope for a true Crypto friendly candidate. Any tax crazy lefty gets nominated and Im team Trump. Mayor Pete I would predict is unlikely to make a major tax hike so he wouldnt be to bad for a dem nominee. Luckily after watching most of Grandpa Joe's interviews and debates I can confidently say that he has early dementia setting in fast and his brain would turn to mush in a grueling election. Hillary's past stumbling and feinting on the election trail looks competent to what Joe is starting to manifest. TLDR: Fuck Grandpa Joe. Bitcoin is the true candidate for 2020, everyone else is a pretender. There are many countries you could move your residence adress to. We gave you a list of alternative countries with no tax and many commented about their country tax situation. So if you have 1 million, there shouldn't be a big problem for you. Yeah no big problem, I can pickup a new language and build a new life for myself in just a week or two. Thanks buddy, what was I thinking ..... Nobody said to move out from your country, buddy. I said you can move your residence address. Wait so just stay in the US and tell the gov I live in another country and Uncle Sam wont be receiving any monies. Thats a one way ticket to Federal Prison my friend. No thank you. |
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Making the CGT rate the same as the top marginal rate is just stupid.
People claiming CGT by definition (a) are retail punters, (b) do not claim investment losses.
If you make the CGT rate the same as the top marginal rate, no one will claim CGT and everyone will just classify it as trading income, making their investment losses deductible.
Retail investors are dumb as a stick, therefore they lose more than they put in.
If retail suddenly start deducting 100% of their tax losses, this would result in a net tax expenditure.
Putting the CGT threshold up would reduce government tax revenue in net terms, accordingly will never happen
Tell Joe he is dreaming
I think you are conflating retail investors with retail traders. Retail traders yes lose more than they put in and imo even most of the dumbest ones are using software or tax preparers who deduct losses from gains so they pay no income tax on their trading losses. Retail investors represent the majority of investors, active traders are a minority. The retail investors are afaik (retired people and workers saving for retirement, etc) mostly making more than they lose. Capital losses are deductible just like trading losses are deductible. Trading losses are a form of capital loss and trading gains are a form of capital gain and just taxed under short term cap gains rates which are the same as normal income tax rates. Joe wants to make short and long term rates all the same max rate so there would be no more distinguishing between long and short term rates and trading income would be a moot point. Joe would effectively be raising the rate of taxes on short term traders and long term hodlers. But yes, I agree he is dreaming. |
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Yeah no big problem, I can pickup a new language and build a new life for myself in just a week or two. Thanks buddy, what was I thinking That’s pussyfoot talk. If you aren’t agile, you are a sitting duck. Meh to me it would be pussyfooting to leave your home and people behind bc some gibbering dementia patient is trying to steal your money. I understand the agile sentiment, and I could move to another country with ease, but I dont typically look to run from problems anyway. Also some of the countries on that list look to be a few regulatory clarifications away from taxing crypto, PR is not a country and as Jbreher said not tax free for Crypto, and Liberland is a joke. Hopefully Republicans maintain control of at least one branch and this doubling of cap gains never happens. If it does happen I would sell all coins and realize profits, pay taxes, then buy most of the coins back at a new cost basis before the law went into effect. This would alleviate a lot of the problem, then Id have to consider my options. |
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