Bitcoin should be taxed - page 2. | Bitcointalksearch.org

dzonikg28

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Quote from: Jawhead999 on June 03, 2021, 04:36:04 AM

Bitcoin is already taxed since few years ago in the countries that Bitcoin is legal, if you are from countries that banned Bitcoin of course they didn't tax it since they think getting source from Bitcoin is illegal etc. But I believe when they already unban Bitcoin, they will taxed Bitcoin because they can't control Bitcoin unless tax it.

I guess OP rather means that it shouldn't be really taxed because money itself isn't taxed. Unless you have to pay tax on wealth, but that is a different story. If I understand him correctly he is a proponent of Bitcoin being used on a daily basis without running into taxation issues because you buy a bagel with your crypto and now actually triggered an event that now entails an event which is subject to taxation.

That is one of the biggest problems cryptocurrencies still face when it comes to using them on a daily basis. It doesn't matter whether you use a card or whatever, in almost any case you have to pay tax or realize a loss by using your cryptocurrencies.

ReiMomo

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Quote from: CoinFoxs on June 20, 2021, 04:40:05 PM

Taxes applied on the currencies that are legal bitcoin is not legal in developed countries like America, China, Russia etc so it is impossible to tax an illegal currency. When bitcoin is accepted worldwide then automatically taxes will be applied on bitcoin like fiat.

Exactly right, the tax will apply if you will sell your bitcoin into fiat no matter how small or big the transaction, it should be taxed by the government.
Most well-developed countries are very strict when it comes to taxation because the reason their economic growth is just because of the tax that they collected and I guess gambling businesses was a big part in it.

Quote from: Chathusand on June 20, 2021, 12:23:45 PM

It is extremely impossible to check each and every transaction in and out of bitcoin, as well as those who own bitcoin assets, because bitcoin ownership is determined by a wallet address, which may belong to more than one individual.

yes, it is, if the transaction is bitcoin to a bitcoin address, but when you convert your bitcoin into fiat and you are using centralized exchange, a high chance you will be caught it.

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Taxes applied on the currencies that are legal bitcoin is not legal in developed countries like America, China, Russia etc so it is impossible to tax an illegal currency. When bitcoin is accepted worldwide then automatically taxes will be applied on bitcoin like fiat.

Chathusand

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It is extremely impossible to check each and every transaction in and out of bitcoin, as well as those who own bitcoin assets, because bitcoin ownership is determined by a wallet address, which may belong to more than one individual.

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Taxation can only make the price of Bitcoin higher. Taxation means that the country officially recognizes that the income of Bitcoin is legal. Since paying taxes in accordance with the law, the country has the obligation to protect Bitcoin.

bryant.coleman

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If Bitcoin is a legal currency, it can be taxed, but encryption must be guaranteed.

Your post is self-contradictory. Currencies can't be taxed. If Bitcoin is classified as a currency, then it can be taxed only at the source (i.e income tax). Only assets comes under capital gains tax. In a way, you earn no real profits from a currency, irrespective of whether it is a fiat currency that is not protected against inflation, or a cryptocurrency such as Bitcoin that is protected from inflation. Do you pay tax on your savings bank accounts? Suppose you are having $10,000 in your bank account, do you need to pay a monthly or yearly tax on this amount?

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Quote from: Sanitough on June 05, 2021, 08:30:05 AM

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

[...] a tax is a responsibility, it's the lifeblood of a county therefore we have to pay, if we evade tax, make sure we do it well so we will not face a problem in the future. [..]

You know that the U.S. didn't even have income taxes till the early 1900's right?

Most people, even in America, are so naive about taxes they actually believe that our streets and highways are paid for out of income taxes. They are not. They believe income taxes pay for public schools. They do not. And yet look at all of the money printing going on in the federal government for infrastructure which supposedly includes paying for schools, roads and highways. It's a freaking joke.

Taxing peoples work/wealth away doesn't make a country better. If you believe that, i'd think you'd like to buy the Dollar. The massive inflation coming is a tax on everyone. Will this make the U.S. more wealthy? Better off? Is that Helping solve the counties problems? I don't think so.

Barry Mantle

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If Bitcoin pays tax, it means that the country recognizes Bitcoin, which may be a good thing. However, I am wondering how the country collects tax, since Bitcoin is anonymous, and I am confused about how to check the bill and how much tax to pay.

Argoo

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Any state has the right to tax any activity of citizens that brings them income. Cryptocurrency in this regard cannot be an exception. Therefore, I do not see anything unusual in the fact that profits from cryptocurrency will be taxed. Anything that is taxed is recognized by the state as a legal activity and this is very good for a cryptocurrency, since in this case the state takes it under its protection, including protection by the judicial authorities.

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Beginning in 2017, tax authorities began to take this unprecedented income seriously. At this point, you'd better make sure that you do everything related to tax filing right. It is now in the tax season in the United States, and the Internal Revenue Service (IRS) will not let go of this part of the income they deserve.

Paisleyvn

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Each country’s policy will be different. If Bitcoin is legal in that country, it can be taxed as government support and guarantee the legality of doing business on Bitcoin. The government recognizes the legalization of Bitcoin, and I think it would be fairer to tax Bitcoin.

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Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

TAX is the only difference b/w governments and BITCOIN. If bitcoin is taxable then governments have no objection in accepting it as payment system. Being taxable means it can be monitored and controlled by central entities. In short, anything taxable is just like FIAT.

Alert31

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In our country, bitcoin is not regulated yet, that's why it is still not taxable. Sometimes, I think what if one day government impose taxation in cryptocurrency, how it will be? What is the process? Because we only have a digital wallet address, they don’t know our identity until we make a transaction like sending or making a withdrawal at banks or some remittance center. So, it means, Government will deduct the tax from our crypto earnings during the time that we are going to make transactions in any banks or remittance center.

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Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

The users who are withdrawing Bitcoin profits to their respective bank accounts are already paying taxes to the government under Capital Gain tax mechanism if the income is more than the specified limit of country under taxation policies.Those who are evading taxes by not cashing out profits through banking system run away from taxes otherwise you have to pay tax even if it is not recognised as legal tender in any country.But if the government has put a complete ban on crypto usage then you don't need to file ITR for Bitcoin because you can't trade or invest in them as it becomes illegal in that prespective.But in other cases many are already paying taxes and government earning million dollars of revenue from crypto industry as well.

bryant.coleman

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Most of us don't have any issues in paying taxes on our cryptocurrency gains. But the problem is that Bitcoin is fully legal and regulated in only a handful of countries. In countries such as India, cryptocurrency still exists in the grey area and the legality and tax implications are not clear. So unless the government comes up with a mechanism to clarify the doubts on these issues, at least a section of the users will be reluctant to pay their taxes on time. Who will pay their taxes, if the authorities will use it an excuse to further harass them?

Nightz

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Quote from: kryptqnick on June 03, 2021, 10:05:39 AM

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Right now, whether Bitcoin is taxed really depends on the country where you live. I think that Bitcoin itself shouldn't be subject to taxes, but that the income from trading or just getting BTC as a salary should be reasonably taxed in a way that's similar to fiat income taxes. So it shouldn't be anything crazy because then people will just hide it, and the procedure of filing taxes should also be as simple as possible. I think such conditions would move a lot out of the gray area, and it can be beneficial to countries economies.

Correct and in most countries that I know every conversion from crypto to crypto is also subject to taxation. It makes sense because giving away your Ether for Bitcoin is nothing else but a realization of the profits you made on the first asset.

But it is a delicate topic because the lack of global harmonization in taxation and generally taxation on crypto makes it difficult to push it into the mainstream because it has limited usability. If you buy smaller items and then have to take account of everything and calculate your tax, you can imagine what kind of mess is going to punch you in the face at the end of the year or at the beginning of the year so to say.

Gouvernements just don't want to give up their participation on the awesome profits that cryptocurrencies brought to their citizens and the only way to get their hands on that is by taxation.

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Bitcoin is decentralized but again once you use a different platform that is supported by the government or someone who owned it there must be a fee on it because they are the know who makes more convenient for your use and transactions you only have a choice you will use without any payment but you need to find another way or just having more convenient use of the crypto or the bitcoin but you need to give a small amount on it.

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Quote from: Jawhead999 on June 03, 2021, 04:36:04 AM

Bitcoin is already taxed since few years ago in the countries that Bitcoin is legal, if you are from countries that banned Bitcoin of course they didn't tax it since they think getting source from Bitcoin is illegal etc. But I believe when they already unban Bitcoin, they will taxed Bitcoin because they can't control Bitcoin unless tax it.

That's the reason why some governments are now adopting bitcoin because they are benefiting in some transactions that we made.

There are really advantages in legalizing bitcoin in a certain country and it only depends on how to the government will regulate it just to allow people have financial freedom.

It is much better to live in a country that is open-minded about the existence of cryptocurrency and getting taxes from it is not that bad especially that if it is fair for the citizens.

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Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

In the real world why do people get taxed? Because our governments do provide some kind of service to the community unlike in the crypto world were I think there have nothing to do with this....if you said services like electricity we already pay for that using fiat.

So why should I pay tax for my crypto when the governmenthas no hand in it?

Wawa2013

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Quote from: FIFA worldcup on June 06, 2021, 01:24:04 AM

Quote from: ConnerDalfino on June 03, 2021, 04:29:06 AM

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

For that bitcoin needs to be regulated by the countries. If crypto is illegal in some countries or there is no certainty on the legalization of bitcoin in some part of the world, people won't pay any taxes on it. Governments need to think and devise a mechanism on how can they tax on bitcoin and other crypto holdings.

To impose taxes, the government should first legalize Bitcoin, because currently there are still many countries that have not legalized Bitcoin.
Unfortunately the government is too afraid of Bitcoin which will replace fiat, even though Bitcoin can be used as an alternative payment,
no need to replace fiat. With negative thoughts towards Bitcoin, some countries have decided to reject the presence of Bitcoin.
Therefore, in some countries Bitcoin owners do not need to pay taxes, because Bitcoin has not been regulated by the government.

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