Brandon's new bill just passed. Word on the street says that they are hiring 80,000 new IRS agents that and they all will be assigned to crypto cases, after all the act allocates $45B o provide digital asset monitoring and compliance activities. This just means they are after your unpaid taxes, and they are coming in hard. I'm so glad to be out of the shithole the US has become and they can't come for my ass where I'm based.
They will come after and audit and fine anyone who traded over $600 in crypto but did not pay taxes on their gains. They are going back to 2016 till now, they estimate they will collect $130 billion dollars in unpaid crypto taxes and fines. If you haven't paid the IRS, you better do it before October 14th because soon after they will stick the IRS dogs on you.
It doesn't matter if they think crypto is useless and worthless, because you've been making money out of trading internet money and they want a piece of that, simple as.
The real problem is that most crypto investors don't even know crypto can be wash traded. The IRS is only going to get middle class and poor idiots. The rich know the rules or know people that tell them how to play the game (like accountants). The crypto cash is going to wipe out hundreds of millions of taxes for the rich because they sell at a loss and they rebuy right away.
This is why the IRS has always been evil. Big fish/upper middle class give no fucks and don't cheat on their taxes/make mistakes. They get audited all the time as part of their business process and end up paying nothing or very little. It's the small business and self employed who are the "evil tax cheats" the left talks about because they don't have the money or business models to get the right accountants/tax break/credits etc. It's truly evil and very inefficient for the government.
You have to remember a lot of the middle class is living pay check to paycheck levered with stupid consumer debt and fancy houses. I bet a lot made 20k that will not get audited for a few years and then they will have stiff penalty and really be put into a bind.
The majority of the people who will get screwed are in a situation where they'll have to pay FIVE HUNDRED DOLLARS to file taxes on their ONE HUNDRED DOLLAR investment (which was a loss).
But don't worry, this might be just a fear mongering psy-op trying to make you comply and you're going to be fine, they don't even have the knowledge to track everything down, but you've been warned.
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