TAX rant, I just want to cry


#1

Hi,

I just need to rant somewhere. What is real theft? Let’s take my example with easy numbers:

I cost for my employer 2000$ / month. (employer pays extra tax)
My gross salary is: 1650$ / month.
I pay taxes, so my NET salary is 1096$% month.
Well, that’s already ~50%.

Let’s say I was super lucky with a crypto investment, and I made a 10x from my 1 month of salary, eg:
I spent 1000$ on LTC when it was 30$, this means I bought 33LTC (I wish I had)
I sold all of my LTC on coinbase for 300$ recently, which means I got 9900$ for my investment. Pure profit: 8900$. Yaaay.
Well, now I have to pay tax even after that 8900$ gain!

15% - personal income tax, that’s 1335$
22% - health contribution tax, that’s 1958$

Okay, I paid my taxes after my crypto gain. I’m left with 5607$…
Now I want to surprise myself with the best alieanware notebook that money can buy for 5607$.
Do you know how much tax is incldued in the notebook’s price which costs 5607$? 27% VAT, that’s 1513$ tax again!!! Without VAT it would be 4094$…

This makes me so sad :frowning: We really need that revolution


#2

Your title says “rent”. :slight_smile:

Yeah being in the USA now is tough if you like cryptocurrencies. I still don’t own any because of the craziness right now. I was about to jump in when I saw the thread here on banks shutting down accounts that buy crypto in the legiitmate manner (i.e. - at an exchange with full KYC). Between your comments and the restrictions on USA residents participating in ICO’s, it’s enough to make anyone sad.!


#3

Corrected! thanks :slight_smile:
I’m not a US citizen. I’m from Hungary, little country in Europe with high taxes. :slight_smile:

Well, if you want to get ever involved, now is the chance. My personal theory: all of the big companies can not invest more money in crypto because of the year closing accounting. But in january, with a new budget for 2018 they can pump their billions into the market. I wouldn’t be surprised if we would see a 1 trillion $ market cap in end of January.


#4

Problem is, I have a small business. If the bank closes my account, I’m done. So I guess we have the choice of high taxes (EU/Netherlands/etc.) or no access (USA and ICO/exchange lockout).

I wonder how that Mars rocket is coming along? :slight_smile:


#5

I think you misunderstood that thread about closing bank account (or I haven’t seen it).
If I remember well, there was a post when somebody complained about their COINBASE account was closed (not the bank account), probably because he sent LTC to not so trustworthy entities.

But if you don’t want to risk even that, and you would like to maintain high privacy, buy crypto from local bitcoins with cash.


#6

Bro don’t even get me started.

I’m an entrepreneur so I own my own company.

First I pay corporate tax 30%, then personal income tax of 32% in order to pay a salary.
If at the end of the year the company has made a profit, I pay 25% profit tax.
If you then have any money left to pay out dividend, you get clipped again with 30% dividend tax.
If you then want to buy something as a consumer like stay at a hotel, you get clipped another 25%.

If any money is left and I put it into cryptos, if I want to take out the profits, I get clipped another 30%.

FUCK THAT.

But I’ll pay it, coz paying taxes is more fun than sitting in jail, but government is basically legal thievery.

Ow shit, I forgot, we’re not done yet, on top of that you loose 2% of your value each year because of inflation. We are fucked! So cryptos is what we deserve.


#7

That sounds even more horrible. :frowning:
Same here in my country: if you invest as entrepreneur in crypto, you have to pay 47% tax after profit :smiley: Insane…

I will pay it as well, because small people like me always can get fucked. Eg:
Up to 2 years in prison if you do tax evasion (less than 2000$) and it goes up to 10 years for bigger amounts.

BTW, coinmastery uploaded a video recently, where he pointed out that if you have loss (bags) in crypto business, you can decrease your taxable profit with it. Worth looking into it.


#8

In Sweden you have that as well, if you make a loss on an investment you can decrease your tax bill. But I’m not worried about that coz we’re only making gains :slight_smile:


#9

That’s all crazy guys! Here in the Netherlands we pay cryptocurrencytax like this:

0 % tax till 25.000 euro
0.85% tax till 75.000 euro (minus the 25.000 euro free, and with a financial partner (wife) it’s 50.000 free)
1.38 % from 75.001 euro till 975.000 euro
1.61 % from 975.001 euro till the moon :rocket:


#10

Guys I am actually pretty mad about that situation. In Austria if I am employed I cost a company for example
4.500 € after all taxes the employee gets a monthly net income approximately 2.000€ so you paid 2.500€ taxes. After all that when you pay your rent or buy a sandwich you pay 20 % taxes again. That happens for everything. And then there are some special products like gas for you car which is actually 68% full of taxes you have to pay =). When you calculate all that i am pretty impressed that everybody is still calm and just don’t think about this…

I mean in Austria you even have to pay taxes if you hang a flag out of the window … it is calles “Air-tax”

It was just a matter of time till the goverment closes those gates of grey zones…


#11

And I thought that I was living in a fucking tax country (Holland) :face_with_raised_eyebrow: maybe I am lucky


#12

Will you marry me? I don’t care if you are man, or not, I just want to be part of that tax paradise :smiley:


#13

If you guys are so upset by this start working your way into the governments (infiltrate them) learn the game and then use that drive to make lasting change. I know this is easier said than done in most countries but it is a mechanism that we have at hand to try and change things.


#14

France …
for gains is reported in income tax under

BNC : bénéfices non commerciaux ( non commercial gains) value below 33 200 € annually without reducing tax
34% tax …

for anything above 33 200 € and below 82 800 € annually is under
BIC : Bénéfices Industriels et Commerciaux, you must register as a business ( micro-entrepreneur)
30% tax from half of your gains ( 10 000 € gains, 5000€ is in your pocket, the other 5000 € is taxable 30% 1500€)
possible some fee to pay to become micro-entrepreneur (annually)

then
Régime du réel simplifié for above 82 800 € and below 789 000 € annually without tax
condition 33 200 € between 238 000 € annual gain without tax

and
Régime réel normal for above 789 000 €
condition greater than 238 000 € annual gain without tax


#15

:rofl: :rofl::rofl: shall we live in Holland or in your country? :wink:


#16

Holland of course! And I wouldn’t be mad at you, if you would leave me on our honey moon (after taxation!) :smiley:


#17

Ok, divorce directly after the wedding :hugs:


#18

Well… If you pay taxes, you should be happy. Governments are protecting us, giving us work to make a living, building the infrastructure that we can all enjoy. They care about their people apparently. After all, what are people without the leadership and authority?

Sarcasm apparently :troll::doge: But yeah, it’s more fun to pay, than to sit in jail


#19

more like corrupt majority of the fund and spend it on people who did not contribute to society/nation by squeezing every last drop from tax payer


#20

Yes that is true but take more than 50% of your salary and after that pay again 21% tax for a sandwitch feels not good…