If you have outstanding tax debt, the IRS may now want to take your passport. For U.S. crypto holders still waiting on promised IRS guidelines for filing — especially those overseas who may have missed these warning memos — the over 400,000 agency notifications issued since February last year are troubling. This kind of behavior from government is nothing new, however, but an oft-repeating pattern of parasitism which sucks value from producers of goods, services and surplus, and punishes progress.
True Tyranny Is Vague
It has been said that the most cruel and insufferable forms of tyranny are not those with the most rules, but those with the rules that are the most unclear. Even under extremely unfair and unjust law, if one knows what is expected, one can often survive. It’s the proverbial drunken hand of the volatile, abusive caregiver, who one day is reserved about some small matter, and the next flies into a violent rage about the same, which is truly the crushing burden to bear. In the case of the caregiver, old, unaddressed emotional wounds are likely to blame. In the case of the state, the leveraging of ambiguity to produce fear is intentional.
In May, IRS commissioner Chuck Rettig wrote in a statement: “We have been considering these issues and intend to publish guidance addressing these [crypto issues] and other issues soon.” To date, no such guidance on filing crypto taxes has been issued. What has been issued, however, are vague threats and warnings to crypto holders and traders.
IRS commissioner Chuck Rettig has announced that letters will be sent to crypto holders who may have misreported or neglected to file, » Read Full Article «