Armstrong Economics Blog/The Hunt for Taxes
Re-Posted Aug 29, 2017 by Martin Armstrong
According to the new draft law proposal, all persons who enter the US will have to declare their holdings in crypto currencies with a value over 10,000 dollars. This is the case with larger quantities of cash or precious metals. Naturally, they are calling this money laundering and possible funding of terrorism. It’s really about taxes.
I have been warning that this would be the next step in government regulation. They are hunting money everywhere. There is no possible way they will allow crypto currencies to beat them. The stories that they cannot stop them are really nonsense. Income taxes are not illegal if you cannot pay, but if you fail to tell them what you made, that is criminal. Applying this same legal approach to crypto currencies is inevitable.
This will apply to Americans returning from overseas. If you fail to report it, they can jail you and confiscate everything you have. It will be the failure to declare.
The only way to be off the grid is still tangible assets and that will be non-real estate limiting this to simply movable assets. Even cash they can simply cancel as was the case in India. They are out for everything for we are the problem not their mismanagement from their perspective. This is also why they are in an all out war against Trump. They will not tolerate anyone who is not a career politician regardless of what they say.