US Tax Changes And Cryptocurrency Exemptions 2018

There has been some news coming out that the US will be changing its considerations for what is exempted as a like-kind exchange of property. In regards to cryptocurrency this could have repercussi…

  • Capital Gains Tax is an overcomplication of any tax system, and a taxation on cryptocurrencies – on net gain or loss – of exchange from one type to another (e.g. bitcoin to etherium) or from crypto to fiat should also not be taxed.

    It is doubtful if the administration costs of CGT justify the gain for any revenue service, and it is submitted that those resources could be better cut back or applied elsewhere.

    How is it that South Africa for example existed successfully for so long without CGT? SA only espoused CGT after some inexperienced politician came back from an overseas trip and, compelled by the “me too” motive and furthering her own career, recommended it to the SA tax authorities, who sprang upon the idea as another way to place and ever-increasing stranglehold on the necks of the SA people, business, and the economy, and greedily implemented it in their usually highhanded manner.