Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Crypto tax evasion is 'pervasive'

ft.com

Post reply on HN
Print view View original

31–40 of 80 posts

Re: Crypto tax evasion is 'pervasive'

#31

Post by stuffoverflow »

They estimated the average tax liability of noncompliers to be between $200 and $1087. Also wouldn't the fact that Norway requires to declare wealth in crypto no matter how small the amount likely inflate the number of noncompliers quite a bit? In most countries you are only create a taxable event when exchanging to fiat or other crypto.

IMO there should be more reasonable limits to how much you are allowed to sell before being liable for taxes. The amount of time it takes to properly file crypto taxes can be multiple hours especially if you do on-chain trading and need to report every invidual shitcoin exchange and so on.

I feel like a significant amount of the tax office's resources would be freed by just allowing something like 5€k a year to be sold tax free.

Re: Crypto tax evasion is 'pervasive'

#32

Post by 23B1 »

Good.

At this point I'd rather form my own army and build my own highways and teach my own children than pay for entrenched bureaucrats to further entrench themselves along with the powerfully wealthy.

Re: Crypto tax evasion is 'pervasive'

#35

Post by yuliyp »

OutOfHere wrote: post #14
bdcravens wrote: post #10

Earlier quoted context omitted.

There's also a group that's against the Federal Reserve, but that belief system tends to be congruent with the "taxation is theft" group

> the "taxation is theft" group Let's be real here. With compounding, total taxation takes away 90% of income. If that's not theft, I don't know what is. There would be an appropriate level of taxation that would be fair, perhaps 10%.

Yes that's entirely the point. Ideally peoples' share of wealth should go down with time. Return on capital after taxes shouldn't enable people to continue growing their wealth relative to society forever. They should have to actually do work to earn more.

Re: Crypto tax evasion is 'pervasive'

#37

Post by verall »

OutOfHere wrote: post #25
bdcravens wrote: post #20

Earlier quoted context omitted.

Currently less than 4% of Americans save any money. To assume that any would save enough to compound instead of spend in the absence of taxes is naive.

So you think the hardworking 4% should suffer like the rest of them? Even though they pay more taxes? Taxation is supposed to be fair, but your approach isn't.

Do you think that the minority of the population which saves money works harder than the majority that does not save money?

* I think that the 4% number is dubious but it's not material to the question.

Re: Crypto tax evasion is 'pervasive'

#39

Post by beaglesss »

zarzavat wrote: post #30
sealeck wrote: post #5

Earlier quoted context omitted.

> Of course governments and tax authorities are one such traditional player, so they will be disintermediated. The government calls it "tax evasion", while the crypto world calls it a feature. Where do these people think tax revenue goes? Into a big black hole? The money goes to pay for the justice system (which protects property rights, prevents people from killing each other), build and maintain infrastructure of a…

> Without the government we'd be much, much worse off. Who is “we” here? In some countries tax revenue goes to improving services, in some countries it goes to the President’s brother-in-law, in some countries it goes to military incursions that are morally repugnant. Tax, like cryptocurrency, isn’t intrinsically good or bad. They are both tools that could be used for benevolent or malevolent purposes depending on wh…

That's why I'd argue each service should be 'taxed' at the point of use. If you like a road, pay the toll. If you like sewage, build a septic system or pay for treatment. If you want to help Ukraine, fly on over or donate to the cause.

Re: Crypto tax evasion is 'pervasive'

#40

Post by beaglesss »

mistercheph wrote: post #21
tgv wrote: post #6

Earlier quoted context omitted.

> democratize access to money Is that the latest euphemism? Tell me, where can I get the money? A lot of it, please.

Try saving the local currency in a country with a government that is actively debasing its currency to fund the ventures of its aristocracy, and you will understand that having access to a secure, transferable store of the value of your work is not universal, but a privilege assured by the power of trillions of dollars of fighter jets.

Gold and many other useful commodities are valuable with or without fighter jets backing them.
Post reply on HN