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RE: The only way to resolve the IRS blockchain tax confusion is to contact members of congress

in #taxes7 years ago

I definitely think something has to be done in order to clarify how taxation is handled regarding cryptocurrencies. Here on Steem it is probably going to be possible to create an application that can calculate potential taxes on Steem earnings. However, even with such an application, it can be rather difficult to clearly calculate taxes if the value highly depends exchange rates between normal fiat currencies and cryptocurrencies. I do agree with you that this would be greatly simplified if the money is taxed when converted into a fiat currency.

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It would be not only greatly simplified, but also fair, it taxes from cryptocurrencies would be asked for instead of collected by force.