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Author Topic: Do you think a 10% tax on Bitcoin profits is fair for long-term investors?  (Read 472 times)
PVequalNRT
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Today at 12:34:49 PM
 #61

Well, for people who don't like paying taxes, any amount will be too much.  Cheesy

I actually disagree with the idea that governments don't care how you earn your crypto. As far as I'm aware, this 10% figure actually refers only to capital gains tax; it doesn't mean that other tax obligations don't exist, depending on how the asset was acquired. For instance - did you mine it, or were you paid in crypto for actual work? There's income tax. Did you win it on an online casino site? That's gambling tax. Did you sell a house for Bitcoin? That's a whole different story - and so on.

The government needs to do better and wave capital gains on crypto and treat income tax when people spend. Back then when people do make 10x from crypto is reasonable to tax people what they want but now the market has changed, the crypto market is not like before again. You can barely make 5x from this market now and be happy. You can make 5x from your investment and wake up to see that you can't recover your investment capital, that's how terrible the market is looking.

They should be a clear treatment on how the government also protect investors. You can't be taxing people like wild animal and not treat the crypto investment with security. They neither want to accept crypto as legal tender neither do they want to let it be used freely. Crypto doesn't have freedom, the limitations is why we don't have steady growth like it were.

danadc
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Today at 03:58:29 PM
 #62

They should be a clear treatment on how the government also protect investors. You can't be taxing people like wild animal and not treat the crypto investment with security. They neither want to accept crypto as legal tender neither do they want to let it be used freely. Crypto doesn't have freedom, the limitations is why we don't have steady growth like it were.

I've always blamed governments for tripping us up and forcing us into everything. In my case, I've had a run of bad luck in that regard. It was the same in my home country, and I left because I didn't see how I could survive. But things were different. In the country I'm in now, which is a first-world country, we have the problems that governments create, triggering economic and health issues. Now, seeing what OP said, it's a classic scenario: governments always want to profit from us by force, by coercion.

If I want to save in BTC, the government shouldn't interfere. It's my right to do so. Politicians always break the law; for them, there are no restrictions whatsoever.

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