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RE: Valuing Steem Rewards As Taxable Income Is A Vast Overstatement Of Tax Liability - Part 3 - Powering Down - "Steem Power" Is Not a Tradeable Asset, It's a Proxy For Value Like A Stock Option
I appreciate your comment, and I think you are mostly on the right track.
"To be either calculated once per quarter, just like all other taxes, or once per year for non business."
This is an important point. Currently, in the US, if you hold an asset under a year, it's regular income - like a day trader. You pay income tax in your normal bracket.
If you hold it more than a year, then it is capital gains. This is taxed at a substantially lower rate.
Generally speaking, there may need to be some allowance for different time horizons in whatever final taxing strategy is employed.
"The Fed "
I know you probably mean .gov here, but I'm still going to take this opportunity to say "Boo non-Federal-Federal Reserve, Boo".
I missed your reply before :O
Ahh, I didn't know that about capitol gains. I am a little person who has done retail for years and never owned anything, traded, or held assets. I think you are correct about different time horizons though. I can see where it could get messy.
I just feel like it is not an asset until you hold it in your hand...until then it is a promise of an asset, and should only be taxed at the point of entry into tangible asset. They way it is done, all forms of currency are taxed over and over and over...and then when you die they tax it again.
Yes, I meant Gov... :) (though it all goes to the Fed in the end...we should Tax them on that..does the Fed Reserve even pay tax on the money that they create, and all they collect?)