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.”
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.
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire
London, UK, 16th October 2024, Chainwire
Sinagpore, Singapore, 16th October 2024, Chainwire