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[AudraMiller]

Mining is the main way in order to introduce new crypto currency in circulation and increase the supply of any specific coin. However in a recent news article it seems that a cryptocurrency enthusiastic couple has actually gone as far as to tell the IRS in the United States of America that they have no obligation to tax the newly mined cryptocurrency coins. Do you think that this is fair? And do you think the cryptocurrency that is being mined by any specific user should be taxed in any way?

 

[LutherKing]

All the transaction percentage burn is an good option. That serves this option out perfectly , and also I would like to say that the tax option can make the users uninterested fees upto 2% is OK tbh actually

 

[AudraMiller]

All the transaction percentage burn is an good option. That serves this option out perfectly , and also I would like to say that the tax option can make the users uninterested fees upto 2% is OK tbh actually

That would be a very good tax rate, however i have yet to see any country that has tax rates that are that low. Generally tax is in excess of 30% from my personal experience.

 

[Brain]

All the transaction percentage burn is an good option. That serves this option out perfectly , and also I would like to say that the tax option can make the users uninterested fees upto 2% is OK tbh actually

The funny thing is that the fees for tax is never this low. If it were I don't think people would have been complaining. So there should be tax but fees should be less

 

[Razor1911]

The funny thing is that the fees for tax is never this low. If it were I don't think people would have been complaining. So there should be tax but fees should be less

actually this is because of the pen name is that most of the government has lowered their tax. In our country also the government is providing lots of rebates.

 

[Brain]

All the transaction percentage burn is an good option. That serves this option out perfectly , and also I would like to say that the tax option can make the users uninterested fees upto 2% is OK tbh actually

The funny thing is that the fees for tax is never this low. If it were I don't think people would have been complaining. So there should be tax but fees should be less

actually this is because of the pen name is that most of the government has lowered their tax. In our country also the government is providing lots of rebates.

Oh that's good for those in your country, unfortunately it is not same here. The government is even explotative here. Making tax alot difficult to pay

 

[AudraMiller]

The funny thing is that the fees for tax is never this low. If it were I don't think people would have been complaining. So there should be tax but fees should be less

I agree with you. If the fees are lowered it may make it a bit easier to incur tax charges that will not set you off greatly to the extent that they are now with the high fees.

 

[Brain]

I agree with you. If the fees are lowered it may make it a bit easier to incur tax charges that will not set you off greatly to the extent that they are now with the high fees.

Well stated. I'm never against payment of tax especially because it will might be to the good of all but the fees shouldn't be overbearing for people to accommodate

 

[AudraMiller]

Well stated. I'm never against payment of tax especially because it will might be to the good of all but the fees shouldn't be overbearing for people to accommodate

Exactly. Also i think that tax rates should happen in increments depending on the amount of crypto that you trade in. Therefore it can be increased with increasing cryptocurrency amounts as well.

 

[Brain]

Exactly. Also i think that tax rates should happen in increments depending on the amount of crypto that you trade in. Therefore it can be increased with increasing cryptocurrency amounts as well.

That's how it should be, it should be according to one's trade volume. I hope those involved get to know about this and do the needful for the good of everyone

 

[AudraMiller]

That's how it should be, it should be according to one's trade volume. I hope those involved get to know about this and do the needful for the good of everyone

I agree with you. The one thing that I think would be helpful as well is if people upgraded their account according to trade volume as well. If this happen it will be easier to track which tax bracket a person falls in.

 

[Wisdom01]

I don't think mined cryptocurrency should be taxed , because those miners have already paid tax for electricity cost and others , it would be another suprise if they should pay tax for mined crypto

 

[AudraMiller]

I don't think mined cryptocurrency should be taxed , because those miners have already paid tax for electricity cost and others , it would be another suprise if they should pay tax for mined crypto

This is a good point and i and not considered that tax has already been built into their electricity. But just as you would pay tax on your profits for a business is this not the same case when it comes to mining crypto?

 

[Wisdom01]

This is a good point and i and not considered that tax has already been built into their electricity. But just as you would pay tax on your profits for a business is this not the same case when it comes to mining crypto?

Exactly and excessive tax would only Chase away those miners , because many miners would relocate to another country if the tax system is not favourable

 

[BullyMaguire]

Nah... I don't think that's a good idea.. mining is hard enough and miners expenses doesn't end by just buying their equipments. They will turn power into crypto currency which is they are paying for..i think exchangers are the one that should be taxed

 

[Corzhens]

I think the tax will depend on the law. Right now what I understand is that crypto currency is not legal in the US. If that is the case then how would they tax the mined crypto currency? When the law mandates to make the crypto currency legal then I guess the taxes will follow

 

[Brain]

I don't think mined cryptocurrency should be taxed , because those miners have already paid tax for electricity cost and others , it would be another suprise if they should pay tax for mined crypto

Yeah I agree with your submission but I doubt it will work this way as everyone will want to have their own cut either through tax or. High fees. But the amount should be lesser for miners to avoid bickering

 

[BullyMaguire]

Yeah I agree with your submission but I doubt it will work this way as everyone will want to have their own cut either through tax or. High fees. But the amount should be lesser for miners to avoid bickering

Or big mining companies can be taxed.. but small ones just like for own consumption should be okay. But people who specifically earn from mining can be taxed

 

[Razor1911]

Or big mining companies can be taxed.. but small ones just like for own consumption should be okay. But people who specifically earn from mining can be taxed

obviously there would be some type of terms and conditions when the rules will be applied. But it is most unlikely that comment will allow subsidy to any kind of miners.

 

[BullyMaguire]

obviously there would be some type of terms and conditions when the rules will be applied. But it is most unlikely that comment will allow subsidy to any kind of miners.

No matter.. if miners will be taxed then it will be adjusted based on their revenue anyways so i guess it will be fine.. it's just too bad though