Are you going to pay taxes on your Bitcoin profits?
Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.
You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.
If it is withholding, it was never mine, and I never received it. So, if it goes for taxes, it is taken from whomever withheld it in the first place... not me.
If they tell me they are going to pay me a certain amount but then withhold, breach of contract, unless I stated that they can withhold. If it is breach of contract, I might sue them.
If I actually get cash in hand, so to speak, I will pay whatever I owe to anybody. Since this is payment by agreement, it does not fit the definition of
tax. Probably anyone who voluntarily pays a tax isn't really doing so. He is probably paying a contribution.
Sounds like I won't be paying a tax. It will either be a contractual payment, or it will be a contribution. Odds are I won't be making a contribution.
Btw. They won't be coming to take it from me, because the land in which I live is a common law land. My claim supersedes their complaint.
