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0 sats \ 3 replies \ @Fenix 3h \ on: Tax the rich or fall: French PM faces budget ultimatum bitcoin
Kyc or free Kyc they can do nothing when you use Bitcoin. If you have Bitcoin and back to fiat you already failed. The problem there is the fiat mindset over fiat currency scam.
If the coins are acquired via methods that tie your on-chain address to your identity in a way the exchange or the government can see it, then it is part of your wealth, and they can send you the tax bill?
Like, if you have 15 whole Bitcoins and the government knows it, I am sure they will be smart enough to count it as your wealth and include it in your wealth tax?
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I am not that rich, and thankfully I do not live in the European Union. But I need to clarify a few things
- The article talks about wealth tax, not income tax. That means, taxing you for your net worth (to the extent you declare it or they can track it), not only for your income. So if you have a few Bitcoins sitting in a cold wallet, that obviously is part of your net worth, and on the tax season, their worth can be expressed in fiat Euros. Can they know it? That is where KYC comes in.
- The question is not about Fiat mentality. They can tax in Bitcoin if they want, as in, accepting the tax in Bitcoin (some American state governments are going there), I doubt that makes the tax any more palatable to anyone.
- I would love to not be a slave and say fuck you to any IRS agent showing up to arrest me, as an anarcho capitalist or something. But the question itself assumes a less radical base scenario. It presumes that even a wealthy entrepreneur does not have the capability to fight the raw power of the government (wielding guns and tax agents, threatening arrest and imprisonment), hence to what extent Bitcoin can be used to hide the net worth instead of open confrontation
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