RE: DeFi and GameFi Just Became Tax Free in the US?
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Victory for one, victory for all!
Still, I am not cleared on how the government plans to execute the collection of crypto taxes. Transactions are done privately so, how do they plan to know how much a person made and how to collect the taxes?
On the whole, this tax on cryptocurrency is uncalled for, IMO!
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Banks transactions are also private too. The government doesnt have access to that info without a court order.
The tax burden is on you to file and pay the proper amount. They (the IRS) simply audits to see if correct.
At that point, the government works to prove that you didnt pay.
Finally, keep in mind that all on chain transactions are public. They can be easily viewed. That is why KYC is so important to them at the exchange level. They can then follow you around seeing all you do.
Unless you MimbleWimble when it goes live. That might add a layer that they are not happy about.
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Wawu!
The explanation is loud and clear.
Well, all of these isn't applicable in my country though.
No doubt the government might try to fight projects trying to introduce some more privacy.
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