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ConsenSysMesh / web3studio-projects

Discussion board for web3studio projects
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TaxIz #16

Open humbitious opened 5 years ago

humbitious commented 5 years ago

One huge problem with a near-future world where people pay each other all the time in Eth or other crypto is that it is a tax event every time. If I pay in cash, well, I earned that cash presumably and got taxed with that happened. When I trade Eth for, say, a new puppy, that trade reduced my Eth holdings, and will be reportable on my taxes under a set of forms that don't make that easy...more designed for securities holdings.

But, the upside as this matures is that the timing and provenance of all outbound Eth can be traced to its inbound event. There should be a ton of fine tuning opportunities here to make taxes actually easier and maybe even cheaper if you used Eth or another Crypto.

Someone MUST be working on this, but I wonder if anyone is working on it to the depth I'm thinking about here. Done right and after critical mass, you could see a TaxIz regime make everyone rush to spend (and receive) crypto in order to save on Taxes.

The Problem

How does it work?

Existing Work

Fit and Fitness

Assumptions

brian-lc commented 5 years ago

Interesting idea. Would you mind adding some more details here into the template? @humbitious