John McAfee admits he “hasn’t filed a tax return in 8 years”

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.

https://dev.coinrivet.com/uk-governments-new-tax-guidance-in-full/