Opinion by: Robin Singh, CEO of Koinly
Is there a catch for Bitcoin hodlers, with the asset’s price up over 600,000% since the beginning of 2013?
Perhaps — if governments keep waking up to Bitcoin’s value, the whole “you only pay tax when you sell” mantra could soon be a thing of the past.
What if a wealth tax is the answer for revenue-hungry tax agencies with no time to lose? It’s a yearly tax on a person’s total net worth — cash, investments, property and other assets — minus any debts, applied whether or not those assets are sold or generating income. The idea is to boost public revenue and curb inequality, mainly by taxing the ultra-rich. A wealth tax takes a clip off what you own, not what you earn.
Countries such as Belgium, Norway and Switzerland have had wealth taxes baked into their tax systems for ages, yet some of the