Bitcoin : Problem with capital gains tax
My problem with capital gains tax is because it is calculated versus FIAT money.
Let’s say that you are farmer and just just sold 3 cows for FIAT money. Next you convert that FIAT into something that will maintain its purchasing power over years (e.g. gold). Then hold it for 10 years and sell your gold back for FIAT. Now you can still buy exactly 3 cows for all FIAT you got for your gold however since FIAT lost it’s value over 10 years you will get “more” fiat and have to pay capital “gains” on it. After you pay capital gains you can’t buy 3 cows any more.
What the hell just happened?
Government punished you for trying to protect yourself from inflation.
This is flat out theft.
Inflation is hidden taxation on which you don’t have any say. Taxation without representation is theft. Taxation is theft in any case but especially without representation. 🙂
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