Taxation will be a huge mess. How will they tax an individual? Some people gain bitcoin via payment for goods and or services, others acquire bitcoin and hold or trade it. Right there I mentioned 4 possible taxes, taxes on sales, taxes on income, taxes on long term investments (capital gains) and taxes on short term investing. - Edit (not that we were even talking about taxes really).
RE: Gov't Regulations vs Crypto Freedom
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Gov't Regulations vs Crypto Freedom
Ideally, the IRS should treat it the same way they treat foreign currency - exempt from capital gains. Not taxing the gains would allow the money they would otherwise claim circulate through the economy, and it would probably be utilized more efficiently than the government could manage... Unfortunately, the world we live in is far from ideal.
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they will definitely get u.s. citizens who are buying/selling on Coinbase for capital gains taxes. The IRS has already gained all records on all customers for the past 3 years.
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I say good luck to the govt trying to get people to pay taxes on bitcoins.
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