Tag Archives: Federal government of the United States

Bitcoins Ruled As Taxable Property by the IRS

The US Government has recognized Bitcoins which is good in a way but at the same time they have decided to view them as property, making them taxable. If they had decided that the virtual currency actually was a currency then a tax could not be placed on them when they gain in value. Some view this as making the currency legitimate, and a good thing.

Bitcoin Magazine

Bitcoin Magazine (Photo credit: zcopley)

The fact that they can now be taxed reduces the interest for some who see the risk in the fluctuations in value and don’t want to take on the … Read the rest

Phil Mickelson Needed to Pay 61% in Taxes For His Fame

Phil Mickelson Needed to Pay 61% in Taxes For His Fame

“I might move away from California because of the State taxes here”, quoted Phil Mickelson and guess what? He became the hot topic this past January when he had to sacrifice 61% of his money he earned from of 2013 Open Championship and The Scottish Open in the shape of governments taxes. Steeped tax rates and UK’s policy to collect more taxes on endorsement earnings of non-resident athletes with the rest of the taxes from United States government, were the factors behind this dramatic situation.

Phil Mickelson, Open 2006

Phil Mickelson, Open 2006

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