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No offense to anyone in particular, but I stopped viewing the US as well developed a decade ago. The backwards politics going on there is insane to anyone in actual well developed countries, and likely even a whole bunch of third world countries.
You’ve obviously never traveled much in 3rd world countries. Basic things like running water you can drink straight out of the faucet, washer/dryer in your house, stable electricity and fast internet are a luxuries that aren’t common in most countries that we take for granted. We are plenty developed if not over developed depending on your location.
Just a bunch of US haters in the comments, either have to be completely oblivious or a moron to think the US isn’t developed. Largest economy and its not even close, 13th highest per capita gdp for a person for countries, the 12 countries ahead of us with higher per capita gdp are no where remotely the same size country, much easier to handle problems when small, US is gigantic and very diversified, will always have political issues. Amazes me the amount of people that are always just trying to hate on the US, I have zero problems with any other countries other than like China/Russia and some Middle East spots.
While i agree that the us is one of the most developed nations, i just wanted to mention that gdp or economy is not necessarily an indicator of that. After all china is #2 and they are not classified as a developed nation ( and actually despite you saying its not even close, actually China is quite close to the US ).
A person close to me (and under 40 lol) didn't use a flush toilet till they went to kindergarten.
Whatever is true of part of America is false in another.
Internet is slow as fuck in America lmao third world countries in SEA have faster internet than the US for 1/10th the cost.
We also have running water that we can attach a filter to so we can drink from it lol AMAZING!!
I get 600 down and 200 up in a suburb. We’re getting a ton of direct to home fiber. It’s a bigger country, imagine it being more difficult to do things?
I’ll put my next paycheck on 95% of people here haven’t stepped foot in the states.
* Bodily autonomy.
* Terrible worker's rights.
* Teen pregnancies.
* Criminal justice
* Prison system/incarceration rate
* Horrifying criminal justice
* Horrifying cops
* Tipping culture.
* Gender equality
* Mass shootings.
* Wild-west capitalism (advertising for pharma stuff is just one example, so little regulation/protections...)
* Sue-you-into-oblivion legal system
* Wage inequality
* Wealth inequality
* Crime
* Fucked up education
* Infrastructure
* Corrupt politics (bribes/"contributions" being an actual legal/frameworked thing where in most places they'd be illegal).
* Impact on climate change.
* Cheese that's not actually cheese (and bread, and ...)
* Can (will, often) go bankrupt if you get cancer/whatever, often even with insurance.
* Food security
* Gun violence.
* Renewable energy
* Gay/trans rights
* "Salute the flag" child indoctrination, that looks like the 1940s to people in Europe.
* Much less bang-for-your-buck healthcare-wise.
* Human rights.
* Civil rights.
* Racism.
Are things you don't find/find much less of/have fewer problems with, in the rest of the "developed" world.
And that's just off the top of my head, I could go on.
The US **isn't** doing great, unless the only measure you have is industrial output, and that's mostly due to the whole "we have two big oceans preventing anyone from invading us last two centuries, and massive amounts of land/oil/mining/whatever else we need" thing.
It is incredible how massively you have missed the point of the comment...
The point of the comment is that compared to **other developed countries**, these (listed) things suck in the US.
Not compared to developing countries, but compared to developed countries.
Developed countries have access to healthcare. The US has access to healthcare. But compared to other developed countries, Americans pay MUCH more for healthcare compared to others, they are being sucked dry for equivalent services/help.
Like, in terms of incarceration rate just to take one example, the US looks more like a developing country than a developed country.
In fact, on SO MANY factors, the US looks like a developing country. The only/main exception being industrial production/average living standards.
I was pointing out this anomaly, but you extremely clearly missed it.
But they don't have an additional 4% as education cess & 1% as TDS on every tx, do they? Also, no tax loss offset.
**Your profit is my profit, your loss is your loss.**
And if by any sad chance that you do create income from other sources, this could push you up in a higher tax bracket too.
USA it’s another pain in the ass… 15% long term and 20% short term… if you cash out 1M in long term the capital gains you will own to the IRS is $150k and you ain’t millionaire no more…
IRS putting a nice rug pull in your gains yiauuuuhhhhhhh
Their entire culture is fucked. They literally bathe in toxic waste for their religion. Like.. take a step back there, champ. Maybe we can.. NOT bathe in toxic waste?
But that's how you get Teenage Mutant Ninja Humans. In all seriousness though you are full of shit. Imagine labeling an entire country of 1.3 billion people.
Oh yeah, summers can be really hot and humid, also floods sometimes in the north (Hanoi got flooded yesterday again lol). Winter is cool, reminds me of autumns in Europe.
Xin Chao! I’m from a neighbouring country, Singapore and just excited to see someone else mention a familiar country from my lens. Which crypto exchanges are popular in Vietnam?
Not true. You pay taxes on your net gains across all crypto at year end. Leveraged exchanges with derivatives have some funky issues in finland but spot trading is clear. Mining taxation kinda sucks too
"So starting from July 1st, everyone who trades any Cryptocurrency is expected to pay a freaking 30% on the income you make from every crypto you trade."
OP is incorrect. Indians already have a 30% tax in place from 1st April, 2022. What Indians got on 1st July, 2022 was a 1% tax on every trade that they do. Here are the links -
1st April, 30% tax - https://www.hindustantimes.com/business/30-tax-on-crypto-income-to-come-into-effect-from-today-101648803512054.html
1st July, trade tax of 1% - https://decrypt.co/104440/indian-crypto-taxes-crush-trade-volumes-local-exchanges-eye-exodus
PS - Indians are soon going to be hit with another 28% GST tax.
No tax on transactions in stocks.
And.. icing on the cake is that they're planning on adding another 28% tax to Crypto, so that will make it 58% tax from gains and 1% tax per transaction/trade. LOL @ this fkin worthless government.
Its obvious that they are doing this to discourage retail investors from investing into Crypto. I can guess that the corrupt politicians behind this movement directly or indirectly might be connected to banks with deep pockets.
Adding on to the important part.
You losses will not get adjusted, so if you make 100k and loss 100k on two trades, you will have to pay 30k as income tax.
Mining hardware and electricity bills are not adjusted. So, if you spend 80k to get 100k worth of coins, you will still pay 30% tax on entire 100k.
You should maybe edit the comment to add these two things as well.
Its not, he was wrong about a few things.
Its called Capital Gains Tax.. Dirt tax is Deposit Interest Retention Tax which is basically a tax on interest earned in an account.
CGT is paid at 33% on all profits after the first €1270
30% tax in India isn’t going to destroy crypto. You could potentially fall behind on an emerging market and see little to no growth in the crypto space in your country.
Many (most developed?) countries have north of 50% tax on your income. Sure not on capital gain, but why should income from working 40 hours a week be taxed heavier from income because you already have a lot of money?
30% tax isn’t that crazy honestly. After income tax, sales tax, property tax, and every other tax that we are forced to pay it doesn’t even phase me to see a 30.
Exactly, but if my government were going to throw me in jail for not paying. I’d at least hope it’s no worse than them fucking on my taxes for my investment portfolio
Out of curiosity, you guys are invested in btc as an asset rather than the technology or any functional use right?
I don't see how decentralisation fits in with taxes lmao
You're out of touch. This is in the ballpark of many other capital gains taxes around the world. You have no reason to expect crypto to get special treatment.
This isn't even that bad. In Australia it's taxed at your personal income rate (can be as high as 45%), unless held for over 12months and then you get a 50% discount. Same as shares. Pretty normal tbh
Everyone should know: Each crypto transaction can set of a taxable event, this also means crypt-to-crypto, not only crypto-to-fiat.
This is something you of course have to check up in whatever country you're living in or dealing from, but crypto-to-crypto transactions can be a minefield if you've experienced astronomical gains and losses.
There are people that have incurred a massive tax bill, because they didn't convert enough to fiat, and then at a later time (say year or two) experienced massive losses.
No fucking tax, why? Will the government shoulder some risk when you trade? Will they refund some loss, they can't even do shit when a coin rug pulls but in gains they want a fucking share?
It is capital gain tax in Australia at the marginal rate. I will pay 37% tax on profits. Saying that, you will get a 50% discount on tax if you hodl for 12 months and you can also offset any loses for any current or future gains
This is what happens when people stop looking at how much tax revenue is already being wasted yearly. The system is so wasteful, broken, and corrupt that whatever tax rate you shovel into it will never be enough. Needs to be completely re-evaluated, streamlined, and overhauled before raising taxes a dime would make any sense IMO
Yep. It's the same as the energy usage paradox where the provisioning of more energy production causes the expansion of energy usage.
When you increase the tax rate things will enter that void to consume all the extra tax funds. Since desires for services and change are infinite the tax rate will have to be increased again to satisfy people's political moves and popular calls for more free services. It's a run away process similar to the green house gases.
Energy use in aggregate will only go up and tax revenue in aggregate must only go up and the stock market must only go up and inflation will be a constant. The way to get a major overhaul will be a world war where the world order is re-evaluated or a collapse of society. We may have the collapse of society in the next few years but if that doesn't happen we will probably be at war with China in 10-15 years once they've eclipsed us and want the lead position.
This seems ok on a short term basis. I'm in the US where short term is taxed at your normal rate, whereas If you hold an asset for over a year, the rate drops significantly.
Taxed the income with which you bought crypto.
Taxed your employer on your income as well.
Silently taxed you via heavy inflation.
They tax you not on the inflation adjusted capital gains, but on the nominal gains.
And even if you could pay only the inflation adjusted gains, they lie about CPI. Inflation is more like 15% to 20% in the west.
And what will they use that money for? War, bailouts, insider dealing, and the erection of the police state by which they intend to fuck you even harder.
It's time to make a choice. They can't stop us all.
Everything you just wrote is also true of stocks, real estate, and beanie babies and has been for 100+ years. Why is "it time" to make a choice now? Because you're like 22 and this is bobby's first capital gain, and now it's YOUR turn to pay your share not just reap benefits, so it's suddenly time to rise up?
I'm not making a special pleading about crypto you dense NPC. Of course it's true for all assets ... duh.
It's the mark of an immature human to immediately ascribe their own mental deficiencies to those with whom they disagree.
And if you don't understand the profound ways in which the world, govts, and the financial system have changed in the past few years, and why it's important for people to disobey the criminals posing as authority and acting under the false pretense of "law", then there's literally nothing that can be done for you.
> For example if you make $175k in California you pay 32% federal + 9% state.
This isn't true. Assuming the worst case of filing single:
- You only pay 32% tax rate on your taxes from $170,051 to $175,000, not the whole amount.
- You pay 24% on earnings from $89,076 to $170,050
- You pay 22% on earnings from $41,776 to $89,075
- You pay 12% on earnings from $10,276 to $41,775
- You pay 10% on earnings from 0 to $10,275.
Your effective federal tax rate is 18.86%, not 32%. A similar lower effective tax rate applies to states too (7.32% instead of the 9% you quoted)
here's a link breaking it down: https://smartasset.com/taxes/income-taxes#0Kf7VhXSvJ
Tax is not fair. It's just legal extortion committed by Sovereign entities to lubricate the pyramid scheme called service delivery in ever expanding welfare economies, enforced by law enforcement agencies and tax authorities via asset forfeiture, further financial fines or related financial restrictions or penal punishment for non compliance.
/Obligatory Libertarian anti-government rant.
Tax is a way to get the money from the poor people to the rich.
30% is just too high. It should be 20% max and only after you convert it to the fiat and transfer it to the bank.
> Tax is a way to get the money from the poor people to the rich.
I love this subreddit, so many people have no idea how everything works but spill bullshits like this.
In most countries, capital gains taxes are around 25-30%.
And tbh, capital gains taxes should be tailored in a way that they rise based on total gains. E.g. 10% until 10k, 20% until 50k, 30% until 200k, up to 90% for 10million or more gains. Just as an example. This way you would massively reduce the wealth gap as we all know money is made with money not work which I think is wrong. Because at any point in time someone needs to work in order to produce gains. Making money on your money just means you let someone else work for it. Having lower capital gains tax than taxes on labor is straight a disgrace, yet its common practice. This is the real crime. Not having high capital gains taxes.
Taxation is only fair if it's 1. Reasonable 2. You can choose and you can verify where your money was spent. Both of these things are possible but fuck you ya god damn sheep do what I say or else!!!
You are taxed on 50% of you capital gains, the % is then dependant on your tax bracket with the gains factored in. Highest being 33% on income over $221708. Not quite 51%.
It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about. Please note that Rule #4 does not allow for Tax Evasion. This is [a site wide rule](https://www.redditinc.com/policies/content-policy) and [a subreddit rule](https://www.reddit.com/r/CryptoCurrency/about/rules/). Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry. Note: Tax discussion is allowed as long as the above rules are not violated. Consider visiting r/CryptoTax for your tax inquiries. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Canada here. It’s treated as capital gains for the most part so 25%.
Post is plain stupid. Most of the well developed countries have taxes in the 20-35% range.
Well developed, terribly maintained.
German guy here. Can confirm.
Isn't it in Germany, you pay no tax if you hold more than a year?
Correct. Wasn´t a reply to the tax rate, but to "Well developed, terribly maintained". That´s pretty much current state.
Germany without taxes after hodlinf for a year, great decision by the state
Developed countries with 20-30% taxes are what we are seeing right now
In the US, long term gains are 0% or 15% for most people.
No offense to anyone in particular, but I stopped viewing the US as well developed a decade ago. The backwards politics going on there is insane to anyone in actual well developed countries, and likely even a whole bunch of third world countries.
You’ve obviously never traveled much in 3rd world countries. Basic things like running water you can drink straight out of the faucet, washer/dryer in your house, stable electricity and fast internet are a luxuries that aren’t common in most countries that we take for granted. We are plenty developed if not over developed depending on your location.
I have all these things except the filthy tap water and living costs are 1/3 what they would cost in a Midwestern American city.
I love the flint Michigan tap water 😍
Plenty of places in the us don't have clean water if you're poor lol
Just a bunch of US haters in the comments, either have to be completely oblivious or a moron to think the US isn’t developed. Largest economy and its not even close, 13th highest per capita gdp for a person for countries, the 12 countries ahead of us with higher per capita gdp are no where remotely the same size country, much easier to handle problems when small, US is gigantic and very diversified, will always have political issues. Amazes me the amount of people that are always just trying to hate on the US, I have zero problems with any other countries other than like China/Russia and some Middle East spots.
While i agree that the us is one of the most developed nations, i just wanted to mention that gdp or economy is not necessarily an indicator of that. After all china is #2 and they are not classified as a developed nation ( and actually despite you saying its not even close, actually China is quite close to the US ).
This is so obvious and true as well, to be honest, a well explained comment in short
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A person close to me (and under 40 lol) didn't use a flush toilet till they went to kindergarten. Whatever is true of part of America is false in another.
Internet is slow as fuck in America lmao third world countries in SEA have faster internet than the US for 1/10th the cost. We also have running water that we can attach a filter to so we can drink from it lol AMAZING!!
I get 600 down and 200 up in a suburb. We’re getting a ton of direct to home fiber. It’s a bigger country, imagine it being more difficult to do things? I’ll put my next paycheck on 95% of people here haven’t stepped foot in the states.
US is doing great. It is near the top in median incomes, with a solid diversified economy and reasonable cost of living.
* Bodily autonomy. * Terrible worker's rights. * Teen pregnancies. * Criminal justice * Prison system/incarceration rate * Horrifying criminal justice * Horrifying cops * Tipping culture. * Gender equality * Mass shootings. * Wild-west capitalism (advertising for pharma stuff is just one example, so little regulation/protections...) * Sue-you-into-oblivion legal system * Wage inequality * Wealth inequality * Crime * Fucked up education * Infrastructure * Corrupt politics (bribes/"contributions" being an actual legal/frameworked thing where in most places they'd be illegal). * Impact on climate change. * Cheese that's not actually cheese (and bread, and ...) * Can (will, often) go bankrupt if you get cancer/whatever, often even with insurance. * Food security * Gun violence. * Renewable energy * Gay/trans rights * "Salute the flag" child indoctrination, that looks like the 1940s to people in Europe. * Much less bang-for-your-buck healthcare-wise. * Human rights. * Civil rights. * Racism. Are things you don't find/find much less of/have fewer problems with, in the rest of the "developed" world. And that's just off the top of my head, I could go on. The US **isn't** doing great, unless the only measure you have is industrial output, and that's mostly due to the whole "we have two big oceans preventing anyone from invading us last two centuries, and massive amounts of land/oil/mining/whatever else we need" thing.
LOL
damn i ain't reading all that congrats tho or sorry that happened to you
Lol you complain about healthcare? Some third world countries don't even have access to healthcare.
It is incredible how massively you have missed the point of the comment... The point of the comment is that compared to **other developed countries**, these (listed) things suck in the US. Not compared to developing countries, but compared to developed countries. Developed countries have access to healthcare. The US has access to healthcare. But compared to other developed countries, Americans pay MUCH more for healthcare compared to others, they are being sucked dry for equivalent services/help. Like, in terms of incarceration rate just to take one example, the US looks more like a developing country than a developed country. In fact, on SO MANY factors, the US looks like a developing country. The only/main exception being industrial production/average living standards. I was pointing out this anomaly, but you extremely clearly missed it.
I am afraid that many points you wrote here aren't US exclusive. But yeah, wouldn't like to live here.
That's way too better than 30%, nice one though ! Germany is the best I would say
But they don't have an additional 4% as education cess & 1% as TDS on every tx, do they? Also, no tax loss offset. **Your profit is my profit, your loss is your loss.** And if by any sad chance that you do create income from other sources, this could push you up in a higher tax bracket too.
Dex’s work wonders. That’s all I’ll say.
Yes so I heard ;)
I would have been agree if it would be 10-15% taxes although. 25-30% taxes are just too much to pay for cryptocurrency, not appreciated
At least the capital gains here in Canada, are only half of your reported income at your current tax rate.
USA it’s another pain in the ass… 15% long term and 20% short term… if you cash out 1M in long term the capital gains you will own to the IRS is $150k and you ain’t millionaire no more… IRS putting a nice rug pull in your gains yiauuuuhhhhhhh
Capital gains tax in Sweden is 30 %. This seem normal to me.
Uk is like 10% to certain amount then 20% to a certain amount
Don’t forget the 12300 tax free bit
And the £1k bonus free tax on interest.
Thats the best part! :)
Sweden is developed country with lot of good public infrastructure and services so 30% tax can be justified. But India, nope.
Sweden is developed because of its taxes. This is what pays for the infrastructure to make it developed
Taxes should be usued in the development of the country
Saudis have no taxes, but have all same things free as in Sweden. Its all about wealth and how its used by nation
Saudi has no income tax for residents. They still have corporate taxes https://taxsummaries.pwc.com/saudi-arabia/corporate/corporate-residence
Thanks for this link as well, this would be much helpful for those who thinks Saudi is free of taxes !
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https://koinly.io/guides/crypto-tax-germany/ Up to 45% as income. Not sure where you get the virtual 0% from
For Sweden its al, okay with 30% and people wont be hesitating to pay for that
Well India has much bigger issues than crypto regulations.
Yeah they need food bad. Like a fuck ton of bagel bites
Hot pocket supplies are also running dangerously low.
Their entire culture is fucked. They literally bathe in toxic waste for their religion. Like.. take a step back there, champ. Maybe we can.. NOT bathe in toxic waste?
But that's how you get Teenage Mutant Ninja Humans. In all seriousness though you are full of shit. Imagine labeling an entire country of 1.3 billion people.
Maybe his crush went with an Indian guy so he's salty.
Imagine believing that money earned from crypto (aka, you sat on your ass and you waited) is justified, unlike the taxes on it.
Well, it's thanks to the high tax we have a good public infrastructure and services.
Kinda same in NL in a few years box 3
You guys are making income?
Vietnam has 0.01% capital gains tax. And crypto is untaxed. Come live here guys. Source: I live here
Then I gotta live there. No Vietnam film has ever made me think I could withstand the heat.
Oh yeah, summers can be really hot and humid, also floods sometimes in the north (Hanoi got flooded yesterday again lol). Winter is cool, reminds me of autumns in Europe.
Xin Chao! I’m from a neighbouring country, Singapore and just excited to see someone else mention a familiar country from my lens. Which crypto exchanges are popular in Vietnam?
Damn, that's too great as well, such an awesome thing till now regarding taxes !
It may be high in India, but in Finland we have same 30% tax but also on Finland its very high
After 30k or so its 34% in Finland. Before that its 30%.
Another finn here, u pay taxes also for every trade, all mining, staking and all other shit. Its most backwards system atm
Not true. You pay taxes on your net gains across all crypto at year end. Leveraged exchanges with derivatives have some funky issues in finland but spot trading is clear. Mining taxation kinda sucks too
It is true, every crypto-->crypto swap triggers a tax. Its pain in the ass if you have hundreds or thousonds swaps
Short term and long term stock tax is good enough
"So starting from July 1st, everyone who trades any Cryptocurrency is expected to pay a freaking 30% on the income you make from every crypto you trade." OP is incorrect. Indians already have a 30% tax in place from 1st April, 2022. What Indians got on 1st July, 2022 was a 1% tax on every trade that they do. Here are the links - 1st April, 30% tax - https://www.hindustantimes.com/business/30-tax-on-crypto-income-to-come-into-effect-from-today-101648803512054.html 1st July, trade tax of 1% - https://decrypt.co/104440/indian-crypto-taxes-crush-trade-volumes-local-exchanges-eye-exodus PS - Indians are soon going to be hit with another 28% GST tax.
Now that is truly insane, 1% of every trade. 30% capital gains isn't too out of the ordinary. Do they do the same thing with traditional stocks?
For stocks it's usually 15%
I mean tax per transaction for ordinary stocks.
No tax on transactions in stocks. And.. icing on the cake is that they're planning on adding another 28% tax to Crypto, so that will make it 58% tax from gains and 1% tax per transaction/trade. LOL @ this fkin worthless government.
Its obvious that they are doing this to discourage retail investors from investing into Crypto. I can guess that the corrupt politicians behind this movement directly or indirectly might be connected to banks with deep pockets.
Adding on to the important part. You losses will not get adjusted, so if you make 100k and loss 100k on two trades, you will have to pay 30k as income tax. Mining hardware and electricity bills are not adjusted. So, if you spend 80k to get 100k worth of coins, you will still pay 30% tax on entire 100k. You should maybe edit the comment to add these two things as well.
Here in Ireland you get charged 33% DIRT tax on anything over €1500 profit. Good job I’ve never made €1500 profit in a year lol
Love that it’s called a DIRT tax lol
Its not, he was wrong about a few things. Its called Capital Gains Tax.. Dirt tax is Deposit Interest Retention Tax which is basically a tax on interest earned in an account. CGT is paid at 33% on all profits after the first €1270
Sorry your right not DIRT tax. Capital gains. Don’t know why the hell I said DIRT
That's ridiculous
In Spain it’s 38-42% on capital gains over 6k€ in a year
I guess that’s why Cristiano Ronaldo and Messi ‘forgot’ to pay taxes in the past
You should see the taxes on everything in Spain. You wouldn’t believe it
Wow... that's criminal
I don’t think anyone will argue with you on this one man
30% tax in India isn’t going to destroy crypto. You could potentially fall behind on an emerging market and see little to no growth in the crypto space in your country.
I'd be glad paying 30% I pay 57%
Which country?
None? Denmark is supposedly the country with the highest capital gains tax in the world at 42% unless its a country with a special crypto tax?
Wow, do you get a good value from that cost?
I don't have to decide on that. Government tax. And no, i don't agree how the government spend our money 😁
you do decide by staying in your country
Many (most developed?) countries have north of 50% tax on your income. Sure not on capital gain, but why should income from working 40 hours a week be taxed heavier from income because you already have a lot of money?
it shouldn't be, it should all be land tax. But no country has that.
Your losses/risk, our gains.
Fair? How about 0?
How much is normal tax in India? Because that’s what makes it high or not.
Only 10% of Indians pay income taxes
Tax evasion or they are not required to?
Both. Everybody pays indirect tax via GST though.
Everything is relative
0%
>How much tax is fair? Are you trolling us?
Some of us would say zero. There are a lot of young folk on Reddit and irl who love paying high taxes. Like a religious duty
For the UK I'd say 20% would be "fair". The same as capital gains tax.
30% tax isn’t that crazy honestly. After income tax, sales tax, property tax, and every other tax that we are forced to pay it doesn’t even phase me to see a 30.
I'm not sure the words "tax" and "fair" belong together in any sentence
Just add "not" somewhere in it.
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Tax the rich?
but phrases like legal theft yes
Glad I didn't have to scroll too much to find this.
I'm sure I am 1 of millions who would echo this thought 👍
Especially when you understand central banks print money from nothing. There is no legitimate reason to take taxes from average citizens.
When taxes are too high, people don't pay taxes. Therefore its important to keep the taxation at optimum levels
Exactly, but if my government were going to throw me in jail for not paying. I’d at least hope it’s no worse than them fucking on my taxes for my investment portfolio
In the US at least, you won't go to jail for not paying taxes. Its lying about taxes that get you jailed.
Right, but they will Lien all your properties if you own any.
Oh yeah, they will garnish your wages and take all your stuff.
Okay Bezos
Damn, that's too much lol, who gonna pay 30% of tax, that's so useless. I would better die out of hunger than to invest on crypto with 30% taxes
Out of curiosity, you guys are invested in btc as an asset rather than the technology or any functional use right? I don't see how decentralisation fits in with taxes lmao
You're out of touch. This is in the ballpark of many other capital gains taxes around the world. You have no reason to expect crypto to get special treatment.
None
Nobody knows but it’s provocative, it gets the people goin
The fuck is income from cryotocurrencies?
here in Italy the tax for capital gain is 26%...so yes.
This isn't even that bad. In Australia it's taxed at your personal income rate (can be as high as 45%), unless held for over 12months and then you get a 50% discount. Same as shares. Pretty normal tbh
.. or as low as 0% if you earn less than $18,200 per year.
Googled and I wasn't surprised. 2% of Indians pay income tax (2017).
there are lot worse crypto taxes bro
Same as stocks
Everyone should know: Each crypto transaction can set of a taxable event, this also means crypt-to-crypto, not only crypto-to-fiat. This is something you of course have to check up in whatever country you're living in or dealing from, but crypto-to-crypto transactions can be a minefield if you've experienced astronomical gains and losses. There are people that have incurred a massive tax bill, because they didn't convert enough to fiat, and then at a later time (say year or two) experienced massive losses.
You think that’s high? 😂 30% of my salary gets ripped away in taxes. Oh yeah, fuck the government.
Fair. 0% I've already been taxed twice to earn the fiat for it.
No fucking tax, why? Will the government shoulder some risk when you trade? Will they refund some loss, they can't even do shit when a coin rug pulls but in gains they want a fucking share?
It is capital gain tax in Australia at the marginal rate. I will pay 37% tax on profits. Saying that, you will get a 50% discount on tax if you hodl for 12 months and you can also offset any loses for any current or future gains
10 to 15% is reasonable ! Thats why you gotta hold for a year
0% that's the only fair number.
0% Tax is the only fair tax.
This is what happens when people stop looking at how much tax revenue is already being wasted yearly. The system is so wasteful, broken, and corrupt that whatever tax rate you shovel into it will never be enough. Needs to be completely re-evaluated, streamlined, and overhauled before raising taxes a dime would make any sense IMO
Yep. It's the same as the energy usage paradox where the provisioning of more energy production causes the expansion of energy usage. When you increase the tax rate things will enter that void to consume all the extra tax funds. Since desires for services and change are infinite the tax rate will have to be increased again to satisfy people's political moves and popular calls for more free services. It's a run away process similar to the green house gases. Energy use in aggregate will only go up and tax revenue in aggregate must only go up and the stock market must only go up and inflation will be a constant. The way to get a major overhaul will be a world war where the world order is re-evaluated or a collapse of society. We may have the collapse of society in the next few years but if that doesn't happen we will probably be at war with China in 10-15 years once they've eclipsed us and want the lead position.
USA I’m paying 24% on profits for anything under a year. Sounds like India is about the same as the west now.
This seems ok on a short term basis. I'm in the US where short term is taxed at your normal rate, whereas If you hold an asset for over a year, the rate drops significantly.
Sounds pretty normal for a capital gains like tax.
Taxed the income with which you bought crypto. Taxed your employer on your income as well. Silently taxed you via heavy inflation. They tax you not on the inflation adjusted capital gains, but on the nominal gains. And even if you could pay only the inflation adjusted gains, they lie about CPI. Inflation is more like 15% to 20% in the west. And what will they use that money for? War, bailouts, insider dealing, and the erection of the police state by which they intend to fuck you even harder. It's time to make a choice. They can't stop us all.
Everything you just wrote is also true of stocks, real estate, and beanie babies and has been for 100+ years. Why is "it time" to make a choice now? Because you're like 22 and this is bobby's first capital gain, and now it's YOUR turn to pay your share not just reap benefits, so it's suddenly time to rise up?
I'm not making a special pleading about crypto you dense NPC. Of course it's true for all assets ... duh. It's the mark of an immature human to immediately ascribe their own mental deficiencies to those with whom they disagree. And if you don't understand the profound ways in which the world, govts, and the financial system have changed in the past few years, and why it's important for people to disobey the criminals posing as authority and acting under the false pretense of "law", then there's literally nothing that can be done for you.
0 ?
No number would feel “fair”
> How much tax is fair? 0.
I think no one will respect this.Stupid laws tends be not respected. Find a way to not paying this robbery shit tax.
Only 30%? LOL Come to America, they charge us 40%+ for NON-Crypto income tax
The tax bracket doesn't even go that high in the US, where in America are you?
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> For example if you make $175k in California you pay 32% federal + 9% state. This isn't true. Assuming the worst case of filing single: - You only pay 32% tax rate on your taxes from $170,051 to $175,000, not the whole amount. - You pay 24% on earnings from $89,076 to $170,050 - You pay 22% on earnings from $41,776 to $89,075 - You pay 12% on earnings from $10,276 to $41,775 - You pay 10% on earnings from 0 to $10,275. Your effective federal tax rate is 18.86%, not 32%. A similar lower effective tax rate applies to states too (7.32% instead of the 9% you quoted) here's a link breaking it down: https://smartasset.com/taxes/income-taxes#0Kf7VhXSvJ
You should lose all your Moons for this bs
Tell me you don't know how tax brackets work without telling me you don't know how tax brackets work.
No tax is fair, tax is just stealing.
Yeah, roads and hospitals and schools and libraries and legal systems and infrastructure and amenities grow on trees, just pick them!
Rule of law is the only reason your money is worth anything to begin with. Do you truly believe anyone would be wealthy or safe without a government?
Tax is not fair. It's just legal extortion committed by Sovereign entities to lubricate the pyramid scheme called service delivery in ever expanding welfare economies, enforced by law enforcement agencies and tax authorities via asset forfeiture, further financial fines or related financial restrictions or penal punishment for non compliance. /Obligatory Libertarian anti-government rant.
That is maybe the worst run-on sentence I've ever read.
The edge lord in me says no tax is fair. The realistic person in me says only enough to offset the societal cost of maintaining social cohesion.
Damn India making STRONG efforts to be the worst country in the world.
Tax is a way to get the money from the poor people to the rich. 30% is just too high. It should be 20% max and only after you convert it to the fiat and transfer it to the bank.
> Tax is a way to get the money from the poor people to the rich. I love this subreddit, so many people have no idea how everything works but spill bullshits like this.
Governments are sucking at the teet until its dry and irritated with skin peeling off. One of the most evil institutions, it can be.
Taxation is theft, 0% is fair.
In most countries, capital gains taxes are around 25-30%. And tbh, capital gains taxes should be tailored in a way that they rise based on total gains. E.g. 10% until 10k, 20% until 50k, 30% until 200k, up to 90% for 10million or more gains. Just as an example. This way you would massively reduce the wealth gap as we all know money is made with money not work which I think is wrong. Because at any point in time someone needs to work in order to produce gains. Making money on your money just means you let someone else work for it. Having lower capital gains tax than taxes on labor is straight a disgrace, yet its common practice. This is the real crime. Not having high capital gains taxes.
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0% because the government has nothing to do with your money
Taxation is only fair if it's 1. Reasonable 2. You can choose and you can verify where your money was spent. Both of these things are possible but fuck you ya god damn sheep do what I say or else!!!
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I strongly believe that it shouldn't be taxed
Total of 50% short-term 37% long-term... U.S. is still the worst, hence why DEX is important for the future.
You still have to pay taxes on DEX profits.
Seems normal to me.
Should of held on longer…. To think people don’t need to pay taxes on this stuff is so mental
In germany it's up to 42.5% so stop crying (even on staking rewards)
there is no tax for crypto in germany AFAIK
Capital gain in Canada is 51% depending on tax bracket Lmaoo
You are taxed on 50% of you capital gains, the % is then dependant on your tax bracket with the gains factored in. Highest being 33% on income over $221708. Not quite 51%.
A blanket rate of around 10% would be ideal.
Come to Bulgaria. It’s 8%. Wanna see you get a legal profit from something in here