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You are talking about income tax. There are other taxes, e.g. capital gains tax, that most crypto makes much more difficult for governments to collect.
by tifik 5y ago
You are talking about income tax. There are other taxes, e.g. capital gains tax, that most crypto makes much more difficult for governments to collect.
- lottin 5y agoAll income that you receive from or is routed through an institution will be handled in the same way. This likely includes interest, dividends and capital gains as well. Then there's VAT which is also collected by businesses on behalf of the government.
- tifik 5y agoExactly. Crypto largely removes the need for institutions, and with anonymous wallets it would be very difficult to link a specific person to one. Edit: I am again talking about capital gains. Yes, the money has to come from somewhere, but you can break the traceability easily by using non-kyc means of getting crypto. E.g. bitcoin ATMs.
- lottin 5y agoA bitcoin ATM is an interface with an institution that is selling/dispensing dollars, so you're still dealing with an institution.
- SpaghettiCthulu 5y agoYeah, but you don't need a bitcoin ATM. The grocery store could accept monero and there would be no need for fiat currency.
- lottin 5y agoSure, and if pigs could fly, there would be no need for helicopters.