parttimeeconon

Published on Jul 21, 2020
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The US has has a peculiar method of taxing cryptocurrency. In many other countries, citizens pay no taxes on crypto-crypto transfers or crypto only purchases, but in the US, crypto is treated as income when it is earned. Further, citizens must pay capital gains taxes when they use crypto to make a purchase. I understand that governments need taxes to operate, but calculating basis and capital gains for small, trivial transactions limits the ability of citizens to use crypto in day-to-day transactions. Perhaps a "De Minimis" exception would be a good compromise that preserves government's ability to generate revenue from crypto while also encouraging adoption and innovation. NOT FINANCIAL OR TAX ADVICE

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bitcoin taxes crypto tax cryptocurrency taxes

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