I'm curious, we have all these tools to self custody and protect our bitcoin, but how do we protect against the cap gains tax man? As an American we will pay 20% no matter where we live in the world, and in Cali it's 33%
Does it just come down to non KYC purchases only to avoid tracking? Will you have to earn it directly to avoid fiat paper trail from paycheck like a cash job would now?
What are the odds the U.S. abandons its federal cap gains tax?
#asknostr
Break the chains of KYC in some way, sell P2P and accept the risks that come with committing “tax fraud” which is just the phrase the state made up for their form of extortion / theft.
Free men don’t ask permission
I’ve lived by this 🫡👑
Love this! I've never asked, but I'm weighing in my mind how I should answer. I suppose the name Gulag bound says it all🤣, but given a choice I would prefer to be out of prison. However there are some things I simply will not comply with. I think breaking the KYC chain and taking the risk might be the best answer.
As more countries adopt Bitcoin as legal tender, Bitcoin will become a foreign currency before become the world currency. Capital gains tax on Bitcoin will cease to exist.
This makes sense to me, in the last two years alone it feels like bitcoin adoption has accelerated to light speed, and perhaps it's just a matter of time before the gov is forced to capitulate to the pressure of the people.
Contact your local politicians, be heard. RFK Jr already started to move the Overton window towards no cap gains on bitcoin.
There’s an interesting mechanism at play here, if you hate bitcoin and want to keep the tax, you disincentivize people from spending it. The more the richest consumers are disincentivized to spend it, the higher the price goes, and the higher the price goes, the more pressure there will be to eliminate the tax.
That’s the backdrop to also watching the new rich flee your country to start businesses and spend in countries without a cap gains tax.
I think the pressure is already on!
Well said! I never thought about it from that perspective. I could leave the country, but I know that they still try to tax you abroad, but that's pretty had to enforce and like you said that might backfire on them and they will capitulate to remove the tax.
Wake up and realize most Americans are not liable for income tax. You've been lied to all your life; does that surprise you?🤔
Interesting 🤔. I studied law in the U.K. So I don't have an extensive knowledge of U.S. legal history. Our social systems are in fact, completely made up, but in the crowd, perception can be reality. If the mob thinks you're guilty they will burn you at the stake, regardless of the truth. It can be hard to know what is compliant or not, so it almost feels like why bother trying.
Yep, you're completely right, and that's precisely the attitude the state relies on to keep it's tyranny train rolling along the tracks, destroying us all...😢
It was never going to be easy to shift the power back to the people. Defiance comes at a price, I think it's time to take stand and disobey,
Damn the consequences.
If you're married and have no other income, the first ~$100k of cap gains isn't taxed federally.
Thanks Corey, I'm single and have an income right now, but I was curious about that if my situation changes. So if you live in a state with no state cap gains like Florida or Texas then no cap gains tax at all until 100k?
Correct, its half that if youre single. But the standard deduction even adds more. And, of course thats only on gains so you can sell more if your basis is high.
TN and NH are also options. Probably a half dozen others.
