what i don't get about the taxes thing, is lets say you purchase something with crypto. what tax would be applied to that event?
Well, even the folks here don't understand taxes at all either.
Otherwise, you would not hear folks declaring that the SEC
not considering various Crypto Coins as securities as a good thing.
Trades of securities fall under the umbrella of Capital Gains Tax (in the US), and if they are not securities, then they have to be considered
income.
Let's see, what would I rather pay:
Capital Gains Tax - 15%
Income Tax - 22% or more. But wait, it doesn't stop there. Add in SS Tax, Medicare, and all those other taxes that are included
SEPARATELY on your paycheck. Those incidentals are also part of the 'income tax.' Also called 'Payroll Taxes'. You might very well now be above 30%
Now, which would you rather pay?