Mythbusting (Americans only): “Every Crypto Transaction is a taxable Event”

Many of us have heard this phrase or similar!

Is Every Crypto transaction really a taxable event?

If most transactions are taxable, yes this could dampen Peer-to-Peer Cash (P2PCash) adoption. I KNOW this is NOT true for me and the vast majority of transactions by other Americans since I have researched what the law actually says (USA only). But the generations of propaganda from the authorities and dino-media have been very successful in getting many to fear the IRS when in fact the "income-tax" does not even apply to the VAST majority of Americans!

The "income-tax" (USA only) ONLY APPLIES to:

• Non-resident aliens with U.S. source income

• Foreign corporations with U.S. source income

• U.S. citizens abroad with foreign earned income

There, I said it! Bold statements of fact require strong evidence and there is a plethora of evidence! Since I am all about ADOPTION of P2PCash, I want as many to read this as possible. So today I will just present one item of evidence that the "income-tax" does NOT apply to the vast majority of Americans!

How Does the Law Define a "Withholding Agent"?

Nice and short, but we now have to see whom a withholding agent deals with per sections 1441, 1442, 1443 and 1461.

The title of section 1441 is: Withholding of tax on nonresident aliens

Well I know that's not me since I am NOT a non-resident alien, are you?

The title of section 1442 is: Withholding of tax on foreign corporations

I am also NOT a foreign corporation, what about you?

The title of section 1443 is: Foreign tax-exempt organizations

Strike three! I am NOT a foreign tax-exempt organization either, are you?

And finally, section 1461 where a withholding agent is made liable for such tax (to be collected from entities defined in 1441-1443).

So we see that a withholding agent is ONLY required to deduct and withhold any tax from:

• non-resident aliens

• foreign corporations

• foreign tax-exempt organizations

Its clear to me that I am NOT any of those things!

Are you?

More information in Does the income-tax (USA Only) Actually Apply to You (Part-1)?

Further Education to Set Yourself FREE!

I am NOT the expert on this subject, but I have learned a lot from the man that IS the expert and literally wrote the book on it! Dave Champion's book:Income Tax: Shattering the Myths by Dave Champion

Dave has a short introduction here (backup on LBRY here) about The Largest Financial Crime In History! Here (backup on LBRY here), he has mini-course on the 16th Amendment (11-min video). Dave has a much more detailed (his book is the definitive guide) video here (backup on LBRY here).

From the back cover of Dave's book, a few testimonials:

• "There are few things in life more complicated than the income tax. Dave Champion has done a master job of connecting the dots so the average American can finally understand the monumental fraud being perpetrated on most of the population since 1913. With information this complete and compelling, Dave is probably correct when he speculates that the government will try to discredit him or "silence him". I recommend you buy this book while it is still legal to do so." -Michael Badnarik (2004 candidate for President of the United States, Libertarian Party)

• "Dave approaches the income tax from his unique angle. Income Tax: Shattering the Myths leaves you to draw but one conclusion: The income tax does not apply to everyone; it has its constitutional limitations, and as the current system is enforced, the American People are being subjected to a tax system that runs afoul of the Constitution." -Phil Hart (2004-2012 Idaho State Representative)

Dave was also one of many subject matter experts (including Dr. Ron Paul, Edwin Vieira, Joe Banister and many others) in Aaron Russo's documentary: America: Freedom to Fascism (2006)

Disclaimer

I am not an attorney, accountant or CPA. I am not giving tax advice. I am just trying to shed some light on information that most may not be aware. What anyone does or does not do with this information is up to them. I encourage all to DYOR to properly follow what the law ACTUALLY says!

I have no affiliation with Dave Champion or any other entity discussed herein.