The Biden administration doesn't care about your privacy rights; they want your taxes and money. The politicians think that now is the time to cull the human herd, and now the government doesn't just want the milk, but now they want the meat. The Biden administration wants banks in the US to pass through information to the IRS on every transaction that is $600 or more.
It is an attack on privacy rights because the government wants the information of anyone transacting $600 or more, regardless of tax liability. They're spying on every citizen to get a few that may or may not be avoiding taxes, and they no longer care about due process. I guess it is time to dump the plastic and use old cash bills and coins.
"The American Families Plan Tax Compliance Agenda" is like ensuring all enslaved people pay their masters, the banks, and governments. It is supposed to stop billionaires from not paying taxes, but I don't think they make $600.00 payments. That looks more like making the poor pay all the taxes while the ultra-rich hide their money not to pay taxes and put it in safe heavens countries.
The United States government is printing money like there is no tomorrow and expects the cryptocurrency market to pay for all those expenses. The truth is the United States knows its dollar currency is worthless, and it's a worry people will start to dump the dollar for cryptocurrencies. It wants to prevent that from happening; it intends to scare the regular person into buying, and if the ordinary citizen buys, the governments want to make sure it can collect taxes on those gains. It wants to keep on printing dollars. The United States wants its cake and wants to eat it too.
Soon enough, people will realize that the dollar is not worth the paper on which it is printed. People will dump the dollar for assets that hold value over time. The tax is just a way to scare you into selling. Still, in reality, the United States dollar will soon go the course of the Bolivar and any other fiat currency that has hyperinflated in the past.
The answer is straightforward don't worry about taxes. Buy and hold until everyone accepts cryptocurrencies as payment, and in the future, you will be able to spend your crypto as it was supposed to be. I don't think Bitcoin will be valuable in the future because I don't believe that $1000 transaction fees will work as a peer-to-peer currency. And if like in the US, you can get a loan from your assets, you better get your money that way because borrowing money is not taxable, at least as the laws are written now.
And suppose you want privacy when buying crypto. In that case, nothing says privacy from third parties like buying and selling using cash. At least, in the United States, you only pay capital gain taxes when you sell. But if you don't want anyone to know you hold cryptos, don't use centralized corporations when you are buying cryptos. And keep your mouth close.
You must always pay your taxes on time, and don't try to be smart because you could fail. The best way to spend your taxes is to use loopholes as billionaires do. If nothing better, learn to pay and structure your taxes as the billionaires do. That way, you will never have to worry about taxes, and you will pay your fair share as well. Billionaires pay their fair share, so you should do the same and follow their example.
Nigeria is going the way of Venezuela, and their local fiat currency is worthless. Many corporations that import hoard dollars to have enough reserves to function in the future. The government is unhappy because they have realized that many citizens got out in time and exchanged their fiat for something more valuable like Bitcoin. The United States government doesn't want its citizens to get out on time to buy Bitcoin before the Federal Reserves make the dollar worthless.
And credit rating agencies are not happy with El Salvador because they say that the Bitcoin law has harmed the local economy, that people are protesting the law, and that they destroy one ATM as proof of their discontent. A report said some of the protesters in El Salvador got fools into opposing the law and probably got even paid for protesting. Even when Bitcoin can't work as a peer-to-peer currency, central banks are worried because they know, sooner or later, that more countries could follow and implement other altcoins that work as currencies. The fiat system could collapse because of it.
Another reason why not only the US government doesn't care about your privacy and probably other countries do the same too is that the latest attack on your privacy is the sanctions imposed over Tornado Cash, the protocol itself. At least here in the US, the first amendment protects an open-source protocol. It won't surprise me if other countries follow the US lead regarding sanctioning privacy tools.
We live in an exciting time, and I think that sooner or later, we will have a Venezuela moment sooner or later, and one of the top 20 wealthiest countries will collapse, which will mark the beginning of the end for central banks' fiat currencies.
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