Biden resurrects 30% crypto mining tax in new budget proposal

[bbc.reporter]

@SilverCryptoBullet. You are correct, they cannot. However, they will do enough to receive what is good for then and their sponsors. This is more wealth for themselves and less for you and this is not only a common occurrence in America. This is also in many countries.

In any case, what is this 44.6% capital gains tax? They want to steal more money from the American people  to send to Ukraine?



In March, President Biden proposed a 44.6% capital gains tax in the 2025 government budget, the highest in history. The proposal includes a 25% tax on unrealized gains for high-net-worth individuals. A quote from the March budget proposal reads “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Source https://watcher.guru/news/president-biden-calls-for-44-6-capital-gains-tax-rate



We can be quite certain that the next president will be a Republican.

[larry_vw_1955]

@SilverCryptoBullet. You are correct, they cannot. However, they will do enough to receive what is good for then and their sponsors. This is more wealth for themselves and less for you and this is not only a common occurrence in America. This is also in many countries.

In any case, what is this 44.6% capital gains tax? They want to steal more money from the American people  to send to Ukraine?



In March, President Biden proposed a 44.6% capital gains tax in the 2025 government budget, the highest in history. The proposal includes a 25% tax on unrealized gains for high-net-worth individuals. A quote from the March budget proposal reads “Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.”

Source https://watcher.guru/news/president-biden-calls-for-44-6-capital-gains-tax-rate



We can be quite certain that the next president will be a Republican.

Satoshi would be in big trouble if he was American if this thing passed since he would owe billions of dollars to the us government and if he didn't pay up by selling some of his bitcoin, he would be considered an OUTLAW. so maybe satoshi saw this day coming when they wanted to tax UNREALIZED gains. they would throw him in jail until he coughed up his private keys.  

i think this new rule would only apply to wealthy people. so probably most bitcoin users wouldn't be affected. but i'm sure they would eventually try and enforce it on them too.

[bbc.reporter]

@larry_vw_1955. It will cause developers and users to become more anonymous and use more illegal methods to swap their coins to fiat currencies. Also, the government will use fud to make ordinary people afraid to adopt crypto. This is headshaking because if the government is successful, the users that will be left are the natives of the cryptospace and the criminals who are not afraid to use this.

I reckon we should teach everyone to learn about everything on the cryptspace. Spread the knowledge of Bitcoin, Ethereum, scamcoins, ICO, tokens, Monero, Dash, Zcash, privacy, anonymity, proof of work, proof of stake, NFT, DeFi, CEX, DEX. Everyone should use the cryptospace with any coin and with any token.

[fuguebtc]

@larry_vw_1955. It will cause developers and users to become more anonymous and use more illegal methods to swap their coins to fiat currencies. Also, the government will use fud to make ordinary people afraid to adopt crypto. This is headshaking because if the government is successful, the users that will be left are the natives of the cryptospace and the criminals who are not afraid to use this.

If this proposal is approved, the US government is shooting itself in the foot because many investors and operators will find more ways to avoid taxes than comply with the law. But I don't think the government is stupid to spread Fud to keep people away from crypto when they have approved bitcoin ETFs. If they do that then who will invest in bitcoin and how will they tax everyone?

Governments are becoming more and more crypto-friendly and in the near future, we will soon see crypto adoption worldwide. The era of anti-crypto governments is over, we don't need to have such negative, hostile thoughts anymore.

[bbc.reporter]

It appears the FBI knows about the argument on developers and the users of the cryptospace to be more anonymous after implementation of higher taxes and stricter regulations hehehee. They have warned that Americans should not use unregistered cryptocoin exchanges and services. However, what will they do? They will seize of their domains? This is headshaking because this will be very much a similar occurrence on the darknet where they seize 1 domain and 3 more illegal services are created. This will also make it more harmful for everyone and more advantageous for criminals.



The U.S. Federal Bureau of Investigation has warned Americans against using unregistered crypto money transmitting services.

Americans should avoid crypto services from firms that are not registered as Money Services Businesses (MSBs) under federal law and do not follow anti-money laundering rules, according to a Thursday statement from the FBI's Internet Crime Complaint Center (IC3).

"A few simple steps can prevent unintentional use of non-compliant services," the FBI wrote in the release. "For example, avoid cryptocurrency money transmitting services that do not collect know your customer (KYC) information from customers when required."

Read in full https://www.theblock.co/post/291009/fbi-warns-americans-against-using-unregistered-crypto-money-transmitting-services

[larry_vw_1955]

It appears the FBI knows about the argument on developers and the users of the cryptospace to be more anonymous after implementation of higher taxes and stricter regulations hehehee. They have warned that Americans should not use unregistered cryptocoin exchanges and services. However, what will they do? They will seize of their domains? This is headshaking because this will be very much a similar occurrence on the darknet where they seize 1 domain and 3 more illegal services are created. This will also make it more harmful for everyone and more advantageous for criminals.

yeah it's just a "warning" don't eat yellow snow, look both ways before you cross the street.... who needs to hear what they have to say?

The U.S. Federal Bureau of Investigation has warned Americans against using unregistered crypto money transmitting services.

Americans should avoid crypto services from firms that are not registered as Money Services Businesses (MSBs) under federal law and do not follow anti-money laundering rules, according to a Thursday statement from the FBI's Internet Crime Complaint Center (IC3).

if you're not making it a crime then don't tell me what to do.  

If this proposal is approved, the US government is shooting itself in the foot because many investors and operators will find more ways to avoid taxes than comply with the law.

maybe they can find a more friendly country for rich people one that doesn't try and tax them at such a high rate. but its going to require some upfront capital to buy citizenship in some other country so you can ditch that IRS...

[bbc.reporter]

@larry_vw_1955. I am starting to speculate that these warnings, wells notices, cases from uncle Gary and all these anticrypto campaigns from American politicians might cause a big dump similar to May 2021 when China bitcoin and the whole of the cryptospace in their jurisdiction.

Will the uncle Gary and the politicians be successful in forcing the cryptospace out of America or will the new mayor of bitcoin defeat them?


Larry Fink the new mayor of bitcoin

[larry_vw_1955]

@larry_vw_1955. I am starting to speculate that these warnings, wells notices, cases from uncle Gary and all these anticrypto campaigns from American politicians might cause a big dump similar to May 2021 when China bitcoin and the whole of the cryptospace in their jurisdiction.

i don't know about that. i don't think bitcoin is actually being used by people to buy products and services anymore than it was 5 or 6 years ago. it's kind of stagnated in that area companies have already had a chance to start accepting bitcoin and if they haven't by now then they probably never will.

Will the uncle Gary and the politicians be successful in forcing the cryptospace out of America or will the new mayor of bitcoin defeat them?


Larry Fink the new mayor of bitcoin

so to invest in Larry Fink's bitcoin ETF, you have to trust him that he actually owns all the bitcoin even though you really can't verify that and have to just pretty much trust. plus he charges you a fee. not only that but you have to make your investment on COINBASE, who can freeze your account at anytime. sounds like a winning combo.