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This would be infinitely more effective for the IRS to collect taxes and the government to legitimately score revenue for the infrastructure bill. As it stands, no one running a node can comply with filing 1099s, so there would be no additional tax revenue due to this law.

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Mike Brock

@brockm

· Aug 8, 2021

... or, I have an idea: why not raise the stakes on individuals who do not report crypto gains by substantially increasing penalties? This seems like a better idea than trying to impose solutions that will literally be impossible to comply with.

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Jesse Powell

@jespow

Replying to

@moneyball

Fully agree but penalties are already 50%. When penalties get obscene, the threat of penalty, even for the innocent, becomes a mechanism for forcing settlements without a trial. Maybe it's time to admit that income tax is broken and try something else.

7:06 PM · Aug 8, 2021Twitter Web App

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and

You can always comply with the law by simply not doing something if you cannot comply with requirements for doing it. You can choose not to drive a car if you do not have a driver’s license, even if you have a car and know how to drive it.

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