What if you had to pay a 23.8% tax every time you decided to use a different credit card?
Your AmEx terms got changed, it sucks now. You want to apply for and use a Discover Card.
You get to pay a 23.8% “income tax” to the government levied against your entire net worth for doing that.
Also, if you ever use that Discover Card, you get to pay a another 23.8% “income tax” to the government on every expenditure.
So, you’ve got to pay an income tax on everything you actually earn.
Then, if you want to change the way you spend it, you have to pay another income tax even though there was no income. There was a number involved, and that’s all that matters. Whatever that number is (calculate your total net worth), you pay 23.8% on it because you got a new credit card.
Then, if you actually spend any of it, you are required to commit fraud against yourself by paying the same tax yet again, falsely representing expenditures as if they were income. The opposite of reality. Again, there was a number, so you have to pay a 23.8% tax on it.
This is the thuggery of current cryptocurrency regulation, and the government says they want to be careful not to stifle innovation…
Don’t try to gaslight and deny it.
Nothing this absurd could be real, right?
Don’t try to say “You’re doing it wrong, that’s not how it works.”
That is exactly what is being done.