Comments by "dlukton" (@dlukton) on "Joe Biden’s New 43.4% Capital Gains Tax Rate" video.

The loan isn't taxable. But bear in mind that, at some point, there's going to be a big, bad bear market in crypto; bitcoin could potentially drop 70% or more. That's not a problem for people who are simply "hodling", without having to pay interest. But if you've got to pay 10% interest on the loan during a bear market, it'll test your resolve.
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Yeah, the "unrealized capital gains tax" is one place where I would draw the line (never mind the wealth tax). At that point, the cost of US citizenship would definitely be too high.
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@crocky69 On "DeFi", there's no record of the transaction. But if you do it on a centralized, "KYC exchange", and if the exchange sends a 1099 form to the IRS, then yes... you'll be obligated to pay a capital gains tax on that conversion.
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@YungMono0 P2P is fine for small amounts. But if you sell a large amount of crypto on a P2P exchange, you'll wind up with a large deposit (electronic funds transfer) in your bank account (or fintech account). If the amount is large enough, FinCEN will know about it.
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@billhennessey6374 I've heard that it takes quite a few years to get citizenship in Panama. And also, I've heard that the government of Panama imposes a remittance tax on money that's brought in from an offshore business. But from a tax perspective, Panama is certainly better than the US.
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Vantum Noir Depends how high bitcoin goes. Some think it could get up to $300K before the end of this year. Were THAT to happen, we'd get a 70% decline for sure. But if BTC only makes it to, say, $150K, then yes, I agree, the bear market will be shallow.
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@chrish.4891 The capital gains tax rate is 10% (or less) in quite a few countries around the world.
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