Quote from: The Sceptical Chymist on May 16, 2024, 06:28:46 AM

Quote from: un_rank on April 30, 2024, 07:02:29 PM

The Uniited States tax laws are insane. Despite several attempts to try and wrap my head around it, I hit a brick wall every time. It seems like a design intended to indict people rather than make the process easier for them, you have to figure out what to do and when to do it, otherwise you'll face prosecution.

I just stumbled across this thread, and *wow* I'm blown away at the charges but somehow not entirely surprised by the alleged behavior on the part of Ver. I'd no clue that he'd become an ex-pat, either.

But yep, taxes and all the laws regarding them are indeed crazy in the US. However, in other countries the actual tax rates are even higher (though I don't know how complex the laws are, or how fucking hard they make it for the average person to file their taxes without resorting to expensive software or hiring an accountant). I don't think the IRS is looking to put people in jail necessarily, but they just make doing your taxes unnecessarily difficult/costly as I just said. The amount of money involved in this case is huge, but for "little people" who owe back taxes or get caught up in tax issues, the IRS usually settles with them in the form of a fine, penalties, whatever and they don't end up in prison.

Quote from: mindrust on May 16, 2024, 03:40:24 AM

Most crypto rich people wanted to show off, wanted to be famous and now they are paying the price for their stupidity.

No offense to the younger generation, but that has a lot to do with immaturity in a lot of cases--Roger Ver is an exception if he flaunted his wealth, but I have heard tell of a lot of young, crypto-wealthy people making it known on social media what their financial situation is, how rich they are, and even if they didn't get in trouble with the IRS, they got robbed. Plus even if Ver weren't vocal about his wealth, I'm sure the IRS would have had its eyes on him anyway and they've got enough investigative power such that they don't need to resort to following his escapades online, you know?

I had the same reaction & also didn't know that he was an ex-pat. How could you blame him though? With the current state of affairs in the US becoming an ex-pat and paying your exit tax for a guy like Ver seems like it would be a good idea. He would have been much better off making his new residence in Puerto Rico & then just traveling back and forth in between the islands of the caribbean, I mean he has the money to do so. Its just wild to me that he went so far as to gtfo of america & pull that expat card. In this case his very desire to become free from the bondage of US taxation has become his very demise! Pity really. I hope that he fares well with I mean everyone is innocent until proven guilty but Ver's chips seem to be stacked against him in this scenario...