A message to everyone worrying about paying the correct amount of tax... have you lost the plot or are you just dull?

Firstly, I am discussing tax avoidance, which is perfectly legal. Not taX evasion, which is illegal.

One of the ideologies about Bitcoin, decentralization and cryptocurrencies that came from the early cypherpunk movement was individual rights to monetary privacy. i.e a systeM with no CEO or human intervention. When you add a third party (like a bank, or a government), they obviously negate this privacy, either willfully (e.g. by checking your bank balance) or by negligence (e.g. by allowing hackeRs access to your private financial information, or leaving a flash drive on a train).

Let's look at a notorious tax avoidance example, the Double Irish with a Dutch Sandwich!

https://preview.redd.it/qz1jgakh1vx71.png?710&format=png&auto=webp&s=7cd0cc43f8b79f2bb5f63e5119f8b54f56ec19c7

So big companies like Apple and Amazon, HNWI etc. use legal tax avoidance techniques, such as the above, to avoid billions of USD tax payments. If you've got loads of money you could probably do it too!!!

In fact there are people who will actually help you with this tax avoidance, here's one I just found called Qubit Labs who are based in the Ukraine: https://qubit-labs.com

They also made a nice infographic on the aforementioned delicious long sandwich if you want to actually understand how it works.

But normal people can't really do this sort of shit. We are basically stuck with our current tax laws, which include normally income tax, capital gains tax, and inheritance tax (if you're pretty rich)

So we work our 9-5, maybe 20-50 hours/week, pay our income taxes above the threshold if we earn enough. Easy come, easy go. While billionaires can basically just game the system and turn $1b into $10b within a few years, without really doing that much. Just look at this chart of how much some rich people made during the pandemic:

https://preview.redd.it/t56mq9u04vx71.png?992&format=png&auto=webp&s=86b3d77579338481239c31917658cc9837a4283c

We took the risk to buy into this magical internet money, do you think the government would pay us back if we got scammed or bought into a coin that loses value? Hell no, but of course they want their cut when WE make money on it. I already paid income tax from my job, now they want their CGT too eh? (yeah I know you can report losses, but that doesn't make it fair).

I'm not against taX per se, I'd be happy to pay if I knew more about where it was going etc. But these loopholes, and the fact that you can basically get incredibly rich if you game the system is bullshit.

I say fuck capital gains tax right up the ass.

Janet Yellen talking about potentially taxing unrealized gains recently, what the actual fuck, is she for real? And questions on US tax forMs saying things like "do you own cryptocurrency"? What the hell, it's bonkers. It's like asking if you own any expensive Magic the Gathering cards, or a virtual ship worth real money in a computer game. The question is there to put you on a list, no-one should have to declare unrealized gains on any asset in a faiR society.

Anyway, if I ever sell crypto for fiat I will be going out of my way to pay the least legal tax possible, like these high rollers. Of course I won't be breaking any laws. It's possible that I might break some oars in the future though, that would be unfortunate.

Seriously though, some of you people need to think about what the government has actually done for you to improve your life with that tax money, and the concept of being taxed twice (income tax when buying crypto with USD, and then more CGT when you sell the crypto).

Where's all that money going, because I don't see much of it being spent in a sensible way anywhere right now. And most of my friends pockets are a lot emptier than they were a couple of years ago. And I'm not very confident that my pension will be worth much in the future either... So maybe there should be less talk on here about how to correctly declare your taxes, and more about ways in which to utilize legal tax avoidance like the big boys to maximize gains and stick it to the fucking man.

Stand strong crypto army! <3 decentralized_bass