April 15th Tax Filing deadline in the U.S. has arrived!
How is the government going to collect taxes on investment gains trading cryptocurrency?
The early filing stats are in, and over 50 million tax payers are late. Whether they file by midnight tonight or after the deadline with an extension or not at all remains to be seen.
I am sure the credit reporting agencies are anxiously awaiting results of the Tax Cut and Jobs Act aka Trump Tax Cuts.
I have a gut feeling the numbers of non-filers and protesters are rising dramatically. The public debt is over $22 trillion and rising at an alarming rate.
This is really scary! The booming economy has strong fundamentals, but there are devils in the details of what effect the Trump Tax Cuts will have. Right now, it's a bust!
The tax cuts were a tremendous stimulus to the U.S. economy ~ corporate tax revenues dropped significantly. U.S. businesses did great under the tax cuts. Now, the deficit is growing like a wildfire, fanned by wind gusts from a slowing global economy.
As a precaution, the Fed over compensated with a series of interest rate increases President Trump hated. Just today POTUS was Tweeting some ridiculous notion that the stock market would be 5,000 to 10,000 points higher if the Fed didn't raise rates. However, the Fed raised rates as a precaution, but I don't think it will matter much when we finally go off the proverbial cliff!
The public debt will grow faster than GDP, and sooner rather than later, the U.S. economy will downturn into a great recession.
Yes, I expect the worst case scenario ~ another great recession. It will be ugly! There is no good outcome because it is expected to be long and protracted ~ a decade or more, which would be brutal.
Employment numbers for the U.S. will quickly reverse themselves. I suspect alternative means of making money will be pursued frantically. I believe U.S. workers are really going to see a serious opportunity with Steem!
That's my crystall ball read... What do you think?
Will the Steem blockchain be ready to handle the masses? Will they be able to scale up fast enough?
But, wait... How will the cryptocurrency ecosystem survive? Do you think there is some what of a crutch from the U.S. economy that enables Steem blockchain development? I believe there is!
Furthermore, I think the U.S. tech industry will be hit hard with tax increases in the form of new regulations. They may try imposing taxes on cryptocurrency that can be paid with cryptocurrency!
Nevertheless, desperate measures may be imposed by the U.S. Congress on cryptocurrency when desperate recessionary times come in the immediate near future.
Keep steeming Steemians with fearless bravery...
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Pixabay is the source of photos.