 Welcome digital asset news take a top stories and cryptocurrency digital assets and bring them out of bite-sized pieces So today I want to separate this story from the daily video that we do because it's I think it's a pretty important thing and This is going to have ripple effects not just for the taxpayers in America but globally about what's going on and this all starts off with President Joe Biden United States seeks $80 billion to beef up the IRS audits of high earners and We've already talked about the the market today. Everything's going great You know we're at 2.1 trillion dollars, but I must remind everybody that it's not how much you make It is how much you keep and when we talk about this article just remember that You may not be a high net worth earner right now. I don't know your personal situation. I have no idea but as time goes on Every single day there are more millionaires being minted because of cryptocurrency and digital assets so I think this is important to talk to definitely the people in the United States and Definitely people throughout the world because if this Takes hold right here. How many other different countries would be like, you know what? That's a pretty good idea. So what's going on here? Well President Joe Biden's America's American Families Plan will be Which he will talk about this week and he's going to talk about how he's going to fund it We'll be offset in part by a tax enforcement effort Where officials believable raise 700 billion over a decade and I have to tell you that's a pretty good ROI if you're gonna put an 80 billion dollars to beef up the IRS and you get 700 billion back Why wouldn't you just start beefing up even more because if you want to really crack down you can do these things What is going on so? The internal revenue service is going to get an extra 80 billion dollars and more authority Over the next 10 years to help crack down on tax evasion by high earners and large corporations And I think we've all heard the same stories, right? We've heard about like well these you know These billionaires and millionaires there's they're taking all this money and they're and they're just hoarding it And we can never find it because of XYZ whatever it is, right? The government is underfunded the IRS isn't doing their job, and we just can't get this Well, that's all gonna change because Biden's like look we need like trillions of dollars and We can't just keep printing money even though it worked out pretty well Why don't you just keep printing it just kidding? I can't keep doing that And what they're gonna do is they're gonna try to really crack down on the average Joe and Joe and Jane and try to get it from that on that side so And on top of that they're gonna do things like this The additional money and enforcement power will accompany new disclosure requirements for people who own businesses That are not organized as corporations like law firms and real estate partnerships and such and such and things like that So it sounds to me like if you are don't have an LLC S corp C corp It's gonna get a little bit tricky for you if you have if you just like an average investor who just happens to have a windfall because of some Digital or some asset that you were in that could have been cryptocurrency or anybody else and You know if they're gonna pretty much say like look if you don't want to pay the taxes, that's fine But we'll crack down because we've got more people We've got more money to do it and I think this is the issue So if the president is successful individuals who earn more than 400,000 a year would face a higher likelihood of a tax audit, which is a little bit interesting because before it was The IRS was underfunded This is a port that I saw out in Bloomberg or some other place Well, they were underfunded and they couldn't really do the things they want to do because these huge Entities institutions what do you want to call them or people in general? We're just like well, I'm just gonna lawyer up and then if you want to auto me, that's fine We'll just stick this in in the courts for years and we'll see how this goes But now they're like, you know what? We got you. We're gonna we're gonna make sure that we beef up as much as possible And we're gonna try to get that money back if that costs us a little bit of money We sure will do it because we got to pay for a lot of things and you just can't keep hiding it from us And here we go. So That's pretty much it because the rest of the article is all about politics and I am not going to get into that there are two things You never talk about if you want to keep friends And that is religion and politics unless you are we're on like-minded people So I would just avoid that at all costs, but I find this interesting That this is the case of what's going on and we just heard not too long ago I think this was on and this was one of the reason for the big dips Last week was Biden was talking about look If you are a high net worth earner of a million dollars or more. We're gonna try to Do the capital gains tax? Long-term from 20% which is what has been for a very long time I think like 15 or 20 years 20% all the way up to 39.6% and then if you're also on the higher end of that You're right for the individual. We're gonna go from 37% to 39 Somewhere around there for your individual taxes as far as you're getting so again right now People are thinking about like well doesn't apply to me because I don't have 400,000 It doesn't apply to me on 100,000 or 1,000,000 And let me tell you When I look at Twitter and I look at the comment section and I look at like well just taking a look at like Celsius Right, you see people making you know thousands and thousands tens of thousands dollars per week just because of buying Holding on to crypto and gaining interest So if you think like well, I'll never have that think again It is right around the corner and it could be happening to you and it's a good problem to have so The question is do you just want to just sit back and be like okay? Well, I don't really care or do you want to actually do something about it right now because Right now if you think about it, you could just not follow your taxes Like is what I this is what I get in a lot in my in my comment section Well the hell with it. I don't really care because it's too complex or Cryptocurrency isn't it isn't built for that and they'll never catch me. Let me tell you I Think we all know I've been through an audit myself years ago And they want to catch you they'll catch you and now it looks like they really want to catch you because they're putting a lot Of money into it. So what do we do? Well, here's the thing you can put your head in the sand Just like an ostrich and not really deal with it or are you gonna say you know what okay? Let's get this done. Let's see where I can I can go This is not financial advice, but I will tell you there are a lot of different options for taxes Where you can take legal deductions and that's the importance of a CPA The first thing we need to do really is talk about getting all everything together as far as your taxes Look if you're in the United States taxes are due May 17th. So I think we all know this I've been talking with us for quite some time. So if you feel like okay that $80 billion made that's directed towards me Maybe you should just get all your ducks in a row right now and just start filing So just use crypto trader tax. There's a link in the description Dan users get Let's say 15% or 20% one of those two don't hold me to one of those two You get you get a good percentage off and also until tax day. They are doing they're gonna win a you can win a free Unlimited report. There's also a link. It'll take you this website Just putting your first name and email and they draw one every single week If you don't want to deal with that just sign up for taxes and you can do your taxes I've done them to your straight works out pretty well on top of that If you don't like paying taxes, why don't you just get a Roth IRA so this is I trust I have them as well. They are friends of the show They have been past sponsors the show They're not sponsoring this video. Well, they probably should have and I will just tell you this that's you can take your All your well you can use your your cash that you have you can Set this up you can buy cryptocurrency and then guess what as it appreciates You don't have to pay taxes on it now there's different stipulations and You can find all those things out if you got like a traditional IRA a 401k 403 BTSP all that stuff You can roll it over into something like this They will help you out with that and then also in quarter. I guess now it's quarter three Maybe quarter two. I don't know you're going to be able to stake your Cardano your polka dot and your Ethereum which is one of three of their cryptocurrency they offer and All the different rewards that you get on that are also tax-free So you'll get tax-free from the cryptocurrency and tax-free for the rewards, which is pretty great Also in the description. I mean all the links that you can find you go There's this video It's about 20 minutes long and I explained the difference between a traditional IRA a sep IRA a Roth IRA and a cryptocurrency IRA And who this applies to maybe for you So this is just one way that you can you know legally legally Get around paying a boatload of taxes. So this is just something I wanted to bring to your attention because I mean when I see something like this I think to myself. I don't want you to go through an audit I don't want you to have to pay huge penalties and it's not what you make It's what you keep and I just want you to be protected. That's it. So that's it for today. So thanks for sticking with me I appreciate it like it subscribe with all that good stuff links in description. See you on the next one