Controversial cryptocurrency influencer John McAfee has revealed that he hasn’t paid his taxes over the last eight years, citing taxation being “illegal” as his reason.
The 73-year-old, who famously announced he would eat his own genitals if Bitcoin didn’t reach $1 million by 2020, admitted that he is a “prime target for the IRS.”
In a series of tweets, McAfee explained his reasoning behind not paying his taxes, stating that: “Taxation is illegal. I paid tens of millions already and received Jack Sh*t in services. I’m done making money, I live off of cash from McAfee Inc. My net income is negative.”
I have not filed a tax return for 8 years. Why? 1: taxation is illegal. 2: I paid tens of millions already and received Jack Shit in services. 3. I'm done making money. I live off of cash from McAfee Inc. My net income is negative. But i am a prime target for the IRS. Here I am.
— John McAfee (@officialmcafee) January 3, 2019
He continued: “I’m challenging the agency responsible for fueling our government’s madness – the IRS. The IRS will not sit idly by. I know this. But I have prepared my entire life for this battle. We will not be able to shrug off the yoke of this corrupt and insane government without a struggle.”
The debate over cryptocurrency investors paying taxes has been an ongoing talking point among the community. Amid confusion over the tax implications of cryptocurrency trading, the UK government published a new tax guidance in December.
The stance of the IRS has been seen as one of the strictest, with each trade an investor makes being a “taxable event,” meaning that if a day trader makes numerous trades in a day, they could make a net loss due to the potential tax that would need to be paid.