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Bitcoin, The US Election, and AI w/ Bill Barhydt | EP #113
Moonshots with Peter Diamandis
Double Taxation Dilemma
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The taxation of crypto assets raises significant concerns, particularly regarding perceived double taxation, as individuals are taxed when they sell assets and again when they experience a decline in purchasing power of their currency. The current system allows immediate tax write-offs on repurchased assets, but there is skepticism about the sustainability of this loophole. Moreover, the argument for exempting capital gains taxes on commodity-like crypto assets is strong, emphasizing the unfairness of taxing individuals for preserving their wealth against inflation, which is seen as a burden on those opting for alternative currencies to safeguard their assets.
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