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Why do you say that?
My anecdata confirms what you said...seems to be the cultural norm to avoid paying tax on crypto profits. I think I read that less than ten Americans declared bitcoin profits over $1m in 2018.
Seems crazy really, it's quite an easy way to go to prison in the US
Stonehedge-
Biden announced plans yesterday to introduce 43% CGT on those earning over $1m a year and a big market sell off followed.
He won't even get it through the Senate so isn't a real threat anyway. -
And I agree, avoiding paying taxes seems to go hand in hand with the ideology of many in crypto, they are going to have a nasty shock in a few years time when the IRS or HMRC come knocking on the door with a large bill to pay. Unless you managed to completely avoid ever interacting with a KYC exchange it seems inevitable in a few years they will be able to run transaction histories through software and map out peoples history, I expect one of the Big 4 will become a major player in doing this and will probably do it for free in exchange for a slice of any successful penalties recovered.
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My anecdata confirms what you said...seems to be the cultural norm to avoid paying tax on crypto profits.
Strikes me as hardly surprising tbh, because
voiding paying taxes seems to go hand in hand with the ideology of many in crypto
And also, if you are 'smart' enough to engage in crypto trading you probably think you are 'smart' enough to engage in and succeed at tax avoidance / minimisation / system gaming
greentricky
Howard
Turns out Americans really hate the prospect of paying CGT