Submitted via IRC for TheMightyBuzzard
The 10,000 bitcoins that seven years ago famously paid for the delivery of two Papa John's pizzas would be worth more than $74 million today.
The exploding value of the cryptocurrency since its first real-world transaction in 2010 is one reason the U.S. Internal Revenue Service is pushing to see records on thousands of users of Coinbase Inc., one of the biggest U.S. online exchanges. The company's digital currency platform allows gains to be converted into old-fashioned dollars in transactions that the IRS alleges are going unreported.
Coinbase and industry trade groups are fighting back in court, claiming the government's concerns about tax fraud are unfounded and that its sweeping demand for information is a threat to privacy.
(Score: 2) by crafoo on Monday November 13 2017, @12:59AM (1 child)
Are you making an argument for or against income tax? I can't really tell. I assume you know the wealthy aren't really affected by income tax. Capital gains tax is maybe what you mean?
Income inequality is fine and expected. The is a pretty big variation in people's capabilities, motivation, and industriousness. What we want to allow for is very easy mobility. Remove barriers for success. Open as many avenues for success to as many people as possible. Progressively apply larger tax pressures and "enforced responsibilities" as a corporation grows. No free rides though. People have to choose to put in the effort and take the risks.
(Score: 0) by Anonymous Coward on Monday November 13 2017, @04:05AM
You're right. Sociopaths are superior beings and clearly deserve the lion's share of our economic output.