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Question: What do you think
Yes, capital gains tax is good - 0 (0%)
I don't know - 0 (0%)
No, it shouldn't be this way - 1 (100%)
In my country we don't have this! - 0 (0%)
Total Voters: 1

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Author Topic: IRS or the US income tax code is such a fraud  (Read 34 times)
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December 09, 2017, 08:12:17 PM

I'm not actually talking about paying taxes based on income and whether or not that is right.

This is about determining how much money a person owes and how very unfair this system is, unless you're a Socialist or you're someone who has zero savings.

In the USA people pay income taxes and taxes on their capital gains when possessions that they own are sold. If you sell titled property like real estate or a vehicle then there really isn't a way to get around this. The value of all things is determined in dollars. So if the government lowers the value of the currency by half in one year, then everything you own is now considered to be twice as valuable, and you now technically have to pay taxes again on half of everything that you own even though you already paid taxes on the original money that you earned to buy the things with. If the currency collapsed completely then you would have to pay almost full taxes on everything that you own.

People in the US who have some Bitcoins are going to have to go through this capital gains tax if they sell them and keep the money in the US!

People in the USA are taxed on gambling winnings too! If you spend $100,000 dollars at a Casino playing a game that has 98% payout, you shoud really only have lost $2000 because on average you have $98,000 in winnings. The problem is that you have to pay taxes on what you win. You can deduct gambling losses but this doesn't help you if you only spent a small amount of money gambling in a particular year but you won a jackpot!

What are things like in your country?
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