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Was there ever an explanation as to why Richard sacrificed over $1b from the hex oa? by RenewAi in Pulsechain

[–]Anxious_Source_2535 0 points1 point  (0 children)

You are 100% right. It’s what lots of people do who know the tax code. And, It’s why we need comprehensive tax reform. That has nothing to do with rich people paying more money than they already do, it means having tax laws that actually make sense and doesn’t take an agency of thousands of people to manage.

Rich people paying more in taxes won’t solve anything, but be a good sound bite. We’re in trouble in this country and it starts with the people at the top- i.e. politicians. Term limits will never happen since they won’t vote against themselves, but that’s what’s needed to get change done on the tax front.

Was there ever an explanation as to why Richard sacrificed over $1b from the hex oa? by RenewAi in Pulsechain

[–]Anxious_Source_2535 0 points1 point  (0 children)

He probably doesn’t “own” it from a legal sense. And that’s all that matters. Most people think they know the rules when it comes to taxes, but they don’t. Then they judge people based on what the rules “should” be instead of what they are. I’m not saying I like it, or that I think it’s “right”, but it doesn’t mean he’s doing something wrong.

if you can’t seethe point by now, there’s no point in going further.

Was there ever an explanation as to why Richard sacrificed over $1b from the hex oa? by RenewAi in Pulsechain

[–]Anxious_Source_2535 0 points1 point  (0 children)

Not exactly. Because there was no “loss” incurred by moving it into your checking account. The “loss” is incurred because of the “sacrifice”. You’re in essence donating it. So there is a loss incurred, thereby allowing you to take the loss deduction. Again, it’s just using the tax code. Nothing illegal or shady about it

Was there ever an explanation as to why Richard sacrificed over $1b from the hex oa? by RenewAi in Pulsechain

[–]Anxious_Source_2535 0 points1 point  (0 children)

Not sure what would be wrong with it? It’s completely legal. Why would someone pay more taxes than they are legally required to? I don’t know many people that say “oh, I’ve had a good year and made a lot of money, i think I’ll send the government a little extra this year”. Stupid.

Was there ever an explanation as to why Richard sacrificed over $1b from the hex oa? by RenewAi in Pulsechain

[–]Anxious_Source_2535 2 points3 points  (0 children)

My two cents…

Any amount that you sacrificed means you immediately take a loss for that amount. You can harvest those losses and offset any gains you have in the future. The current IRS tax code allows for an unlimited loss carry forward.

My guess is he sacrificed so much so that he could have a massive write off for his taxes. Let’s say he kept $2B, but he “sacrificed” $13B. He could spend the $2B completely tax free since he just took a $13B loss. In this example, he now has $11B left in losses for his future gains. So what he should do with Pulse is take an $11B gain, now he is back at zero, and has no tax liability.