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Paying tax is and will always be optional for the rich. Crypto offers the middle class a chance to evade taxes as well, so lawmakers are of course far more adve

Paying tax is and will always be optional for the rich. Crypto offers the middle class a chance to evade taxes as well, so lawmakers are of course far more adversarial to it than they are to the methods used by themselves and their corporate friends. One cold hard look at https://usdebtclock.org/ https://usdebtclock.org/ is enough to convince me that paying taxes to the US government is not a moral imperative. Every penny I pay is going towards paying off a massive ever-expanding black hole of debt that is mathematically impossible to ever pay off, the government is going to spend the same amount regardless of the revenue it collects since the Fed just prints it all anyways. So what's the point in "paying your fair share" in such a system? You'd be a fool not to evade as much as you possibly can.

flerovium 5y ago
This misses the point: 'loopholes' often require sacrificing optionality. Most "X billionaire paid Y in taxes" have to do with _deferred_ taxes or charity, which can't exactly be spent on lamborghinis. There are definitely bad tactics and real loopholes, but this isn't the main problem. The real problems are more subtle and they require trade-offs. These problems won't be solved as long as the tax code remains as complex as it is. Massive tax regulation is a surprisingly recent invention.[1] [1] https://www.politifact.com/factchecks/2017/oct/17/roy-blunt/tax-code-so-long-nobodys-really-sure-its-length/ https://www.politifact.com/factchecks/2017/oct/17/roy-blunt/... EDIT: the parent author's very strongly worded statement isn't true. I'm trying to add clarity to a vague statement, not wage an ideological battle.
- aosmith 5y ago
  What about the situation where they borrow against their stocks, pay some small amount of interest and then when they die all the stocks pass to their heirs after settling any remaining debt without paying any income tax?
doopy1 5y ago
"Crypto offers the middle class a chance to evade taxes as well" - how?

flerovium 5y ago

This misses the point: 'loopholes' often require sacrificing optionality. Most "X billionaire paid Y in taxes" have to do with _deferred_ taxes or charity, which can't exactly be spent on lamborghinis. There are definitely bad tactics and real loopholes, but this isn't the main problem. The real problems are more subtle and they require trade-offs. These problems won't be solved as long as the tax code remains as complex as it is. Massive tax regulation is a surprisingly recent invention.[1] [1] https://www.politifact.com/factchecks/2017/oct/17/roy-blunt/tax-code-so-long-nobodys-really-sure-its-length/ https://www.politifact.com/factchecks/2017/oct/17/roy-blunt/... EDIT: the parent author's very strongly worded statement isn't true. I'm trying to add clarity to a vague statement, not wage an ideological battle.

aosmith 5y ago
What about the situation where they borrow against their stocks, pay some small amount of interest and then when they die all the stocks pass to their heirs after settling any remaining debt without paying any income tax?

doopy1 5y ago

"Crypto offers the middle class a chance to evade taxes as well" - how?