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A good number of that good number of people that dont pay taxes are children that dont participate in the economy first hand.
by ImprovedSilence 6y ago
A good number of that good number of people that dont pay taxes are children that dont participate in the economy first hand.
- fastball 6y agoI'm not talking about children...
- alexeldeib 6y agoWho are you talking about?
- freeone3000 6y agoPresumably people who make less than $22,000 USD and have no capital gains, which definitionally cannot apply to anyone dealing with cryptocurrencies (as they're securities).
- smeej 6y agoThe long-term capital gains rate is 0% for single people whose income and short-term capital gains are under $40k per year, or married people under $80k.[0] "People who pay no income tax" absolutely can apply to people using cryptocurrencies. [0] https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates https://www.nerdwallet.com/article/taxes/capital-gains-tax-r...
- fastball 6y agoThanks, was about to claw my hair out. Every time I have a discussion about crypto on HN I want to go buy lots of crypto because there are clearly still some smart people that really don't get it, to the point of seeming deliberately obtuse.
- jacques_chester 6y agoI stand corrected. I can be absolutely fiat-free if I choose to beggar myself.
- smeej 6y agoGiven that the median family income in the U.S. is almost 15% less than $80k[0], the majority of U.S. households don't have to worry about this problem. You can try to make it out to sound really widespread if you want, but the facts don't support you. And the fact that people with lower incomes stand to benefit more from crypto than people of higher means who already have access to reliable banking systems is part of the point.[1] [0] https://www.census.gov/library/publications/2020/demo/p60-270.html https://www.census.gov/library/publications/2020/demo/p60-27... [1] Bitcoin's genesis block, which cites the bailout of banks at the expense of sound money.
- jacques_chester 6y agoMy top level point is still the same. The government won't settle debts in crypto. Taxes are the main one, but there are also fees, levies, duties etc etc which will need to be settled in fiat. That is not likely to change.
- alexeldeib 6y agocan you help me understand the income point you made? I'm not sure I totally follow. If I make less than $40k a year, I pay 0% capital gains? But what about income tax? You have to have some form of income, which will be taxable. I don't see how to keep that so low your effective taxation will be 0% while having enough money to live on? Am I missing something? Forgive my unfamiliarity with the tax regimes here.