John McAfee, said earlier today that he hadn’t paid a penny in income tax for ten years. The American fugitive went on to say that income tax, which was unconstitutionally introduced in 1913, was illegal.
McAfee was being interviewed on The Crypto Lark YouTube channel, and was in typical government-scathing form as he likened income tax to old, feudal societies.
When Crypto Lark pressed him about Bitcoin, McAfee insisted on talking about cryptocurrencies in general.
‘They give us a golden opportunity to free ourselves from the slavery,’ said the former software security guru. ‘Crypto offers you an opportunity of not being controlled. Privacy coins like Monero, can’t be monitored, cant be tracked, and they offer you absolute anonymity.’
It’s these fundamental applications of cryptocurrencies, and especially privacy coins, that has politicians the world over perplexed on how to regulate them.
McAfee was adamant that they couldn’t be regulated and that people now had a way to get around paying their taxes.
‘If you feel like the governments Income Tax is unconstitutional, immoral and unjust, just use Monero. And nobody will ever figure it out,’ said McAfee.
The amount of money the government could miss out on if privacy coins become an integral part of Money 3.0 could have a significant impact on the way governments collect tax in the future.
In fact, a branch of the United States Department of Homeland Security (DoHS) is researching the possibility of using blockchain forensic analysis tools to better trace privacy coin transactions.
The DoHS claims to want more control over privacy coins, which ‘could facilitate money laundering by rogue countries, terrorist organizations, and cybercriminals.’
The report from the DoHS had no mention of tax evasion, but that is done easily (if you’re rich) through the banking system, anyway.
If you look closer into it, it’s clear governments are not scared of rogue nations, and terrorists laundering their money. They’re scared of losing control and missing out on their share – just like they have with McAfee’s millions.
Author: Tommy Limpitlaw