In the US, the more you make in income, the higher your capital gains tax. This means that if you have a long term hold in an altcoin, and it moons hard, if you make over $37,950 you will have to pay the capital gains tax, whereas comfy NEETS like me won't have to pay a nickel. Many states have a similar tax system, so wagies will get double cucked.
Enjoy your commute tomorrow!
Who the fuck is going to risk waiting a year to cash out of the most volatile shit imaginable just to not have to pay 15% tax? Long term hodl means nothing when almost all of these coins will be worthless by 2020. Even bitcoin will be worth only a few thousand by mid 2018, I hope you made sure to buy all of yours over 366 days ago :^)
why would i pay anyone my own hard earned money
to hell with the state, taxation is theft.
Enjoy prison, bud.
>buying coins on the internet
>hard earned money
We have to risk our money on things that might not work out.
>muh roads
FUCK THEM I'LL RIDE A HORSE THROUGH THE GOD DAMNED WOODS
You are the cancer eating at the American dream. KYS.
You are the queer eating at the Asshole dream. FAG.
I will enjoy the 25 minute commute to my 120k per year job that I'm funneling into crypto every day :)
in theory he is. but the system is so fucked its really not worth paying taxes
For sure dude, you should not pay it. I've heard the government has a pretty relaxed stance on unpaid taxes. Be sure to make your case about it being theft to the judge as well.
This, I just get a little heated when I see 40% and know what it goes to. I went to public school, I've been to the post office, and I've known more welfare recepients than I would ever care to.
You better hope the Bitcoin Ponzi scheme is going to last for the rest of your life.
I literally would have no problem with paying taxes like this if there was universal healthcare.
America is so fucking scummy.
Yeah man they should just get rid of public school. Let those born in to shitty poor families stay uneducated with no chance of making something for themselves. I'm sure that will end well.
>unironically correct
LOL this is great
Im unemployed and made 250k in crypto gains in 2 months.
Wagecuck'D
the gainz count for putting you into a higher tax bracket
RIP
Time to cash out under the IRS's noses
Fck those guys
This Teachers unions have destroyed the possibility of poor people to send their kids to better performing schools. If there were no public schools people wouldn't just give up on their childrens' education, and schools wouldn't cease to exist. Parents would actually be very selective with where they send their children, they wouldn't keep going to the same shitty schools for their entire youth. Which they fail now anyway, it just doesn't seem as bad because we've lowered our standards over the decades. I'm not saying throw the baby out with the bath water but the writing is on the wall, decline. What's more is the politics, the brainwashing is not limited to universities. Assuming you aren't a pinko commie, this is biz after all. Not only are thry dumbing them down, they're teaching them to vote for economically devastating policies. /end blog post/
This is why public libraries and relative free access to information exists.
If people are born into a shitty life and want to turn things around its fucking easy. The main thing that holds them back is their refusal to cut ties to their shitty family, which is exactly the same with publics schools
Getting rid of public schools (and it being compulsory) is just getting rid of day care.
>gambling should be subsidized by the government
>he thinks $38k is a lot of money
Why not just quit your job if you make it big on crypto
Wait hold on. So you be sayin that the capital gains DO NOT count towards your "income"?
they count, both long and short term go towards your adjusted gross income
They do.
OP is saying that if you only realize $37,950 in LONG TERM capital gains in a year, and have no other income, you pay 0% tax. what a rebel.
Short term capital gains are applied as ordinary income, but are netted with long term capital gains at year end, though the netting process.
Thank god I wasn't born in the US and use my countries passport to sign up on exchanges.
GOOD LUCK AMERIFAGS
Trump will solve this
You idiots do know that your proceeds of crypto sales counts as income.
The US spends trillions after trillions "protecting" you from terrorist. And the defence budget grows every year. Yet when it comes to Healthcare. Sorry buddy there's not enough for that.
Should we rename cancer to something like Abdul?
So if you are married you can cash out 75k tax free if you dont have any other source of income? neet
You only have to pay capital gains when you cash out, not shuffle coins.
can't wait for you retards to get anally devastated by the IRS when they immediately see the fraudulent numbers you'll have to put on your return to do this
>have well paying job i enjoy
>can trade while at work
>dont need to draw attention from the taxman because gotta prematurely cash out to pay bills
Keep trying neet.
Why would you have to claim fraudulent numbers if you haven't cashed ouf
What are you talking about?
correct
assuming you hold for 366 days.
i know that feel m8. I make more money trading than I do at my accounting job.