Cardano founder is criticizing the US system of taxing cryptocurrencies, as well as ridiculing crypto projects with sex-related headlines
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- Tax Deducted Cumrocket Profit Profits Invested in NFTTs
- Hoskinson Criticizes Cryptocurrency Amendments in August 2021
IOG and Cardano Blockchain founder, Charles Hoskinson, took to Twitter to share his thoughts on the current US system of taxing cryptocurrencies and posted a meme that referred to the US Internal Revenue Service, crypto project Comrocket and “NFTittities”. , as well as a potential ripoff resulting in a loss of 90 percent of the invested funds.
Tax Deducted Cumrocket Profit Profits Invested in NFTTs
The meme contains a letter from a taxpayer to the IRS, which states that 90 percent of his crypto funds after earning 6,90% on $7,000 worth of Comrocket (a cryptocurrency project ranked 863 on the Coinmarketcap list) Lost, then invested the proceeds in NFTTTs (an NFT project depicting women’s breasts) and then lost almost all of it after developers snatched their investors’ money.
https://t.co/DA5o7gEOG4
— Charles Hoskinson (@IOHK_Charles) 2 January 2022
The question asked by the letter’s author in the meme is whether the IRS considers deducting the balance from taxes on gas fees and short-term capital gains for mining.
gentlemen, this is where we are pic.twitter.com/Huyu63uMmr
— Charles Hoskinson (@IOHK_Charles) 2 January 2022
At the moment, cryptocurrencies are a taxable asset as defined by the IRS. Investors are taxed on the difference between the price they buy and sell. For crypto held for less than a year, investors are required to pay regular marginal tax rates ranging from 10% to 37 percent.
Hoskinson Criticizes Cryptocurrency Amendments in August 2021
In the summer of 2021, Hoskinson was one of the leaders of the crypto industry against the tough crypto taxing initiative passed by a group of US senators. The goal was to collect $1 trillion, including over $25 billion that the Senate was hoping to collect from crypto investors and traders.
A trillion USD infrastructure bill was planned to be used for realizing construction projects across the United States.
John Lennon’s younger son Sean, known for his pro-crypto stance, supported Hoskinson in a series of tweets. Sean Ono Lennon then tweeted that the bill would cripple progress in the crypto industry.