You are viewing a single comment's thread from:
RE: Exploring the Concept of Taxing Cryptocurrency
Just before the comment section will be flooded with “tax is fraud” statements or “change your residence” proposals, I would like to point to FairTax proposal, where all income, gains, payroll and other taxes are replaced with consumption tax.
Basically, when you pay crypto at a coffee shop they must use a publicly displayed address (QR code at the counter) for all customer payments. And a set portion of all collected payments will be paid to a tax account.
This is pretty much the only feasible outcome of mass crypto adoption - dramatic simplification of the tax code.
For now you can use paid tools/services that assemble all your transactions for proper accounting of taxes. Have fun!
It’s a great ideal but with how taxes are a sham throughout the world I doubt it will materialize. Taxes are used to confuse and create loopholes, this proposal is too easy to ever be applied to a government entity! I am all for a flat tax no matter your age income or anything but that is equally as ludicrous to ever happen. I like your concept for sure.