IF it were to kill the income tax, you can be absolutely assured there will be a new tax put in its place.
We cannot kill the income tax, since bitcoin was still just an ordinary contributor of tax right now unless the country will put bitcoin in their respective countries just like other countries are doing. If ever that the government will have no choice and imposed tax on it let us abide it. 
Topic: Bitcoin Will Kill The Income Tax - page 11. (Read 29933 times)
IF it were to kill the income tax, you can be absolutely assured there will be a new tax put in its place.
Maybe it will kill the income tax, because in bitcoin you earn profit but you doesn't pay any taxes to your government that's why it is possible that bitcoin can kill the income tax.
Since online transaction doesn’t have other party included, they won’t ask for tax, which can be a bit problematic since taxes are used for common goods like roads and other infrastructures.
Tax collection is robbery. By and by I think salary impose should be executed. I can hardly wait for that to happen. I truly wish and expectation it occurs in my lifetime. I am tired and tired of government officials utilizing our expenses to go to war while destitute individuals go hungry.
I think you're wrong, the taxes the government gets are not allocated for one thing like the war fund only, but the government's taxes are allocated for many things like state infrastructure (roads, bridges, etc), for the poor and the progress of the country of course, if all people do not want to pay taxes certainly state finances will collapse and bankrupt
bitcoin is such a tax exemption so in our country our government is looking for a way to get them in bitcoin but we have not banned the bitcoin in our country, but our president is fine as he understands the welfare of his people.
It is most certainly possible because when people adopt Bitcoin in their everyday life they will use it the entire time. Unless the governments puts out some regulations that must be followed to pay for taxes, but I do not see them tracking everybody's record easily.
It is very difficult to apply a bitcoin tax because it is impossible to trace the anonymity behind transactions, which is the most important feature of bitcoin. However, I think that in order to be able to develop steadily and permanently, there are still legal rules to help bitcoin stay firmly in the market and bring more efficiency to people around the world.
what you are saying is true though but it'll be very difficult for the cryptocommunity to bypass tax sine we still depend on crypto/fiat conversion. If a time comes that everything you do and wherever you becomes crypto, then surely or likely 
we'll be independent of tax
we'll be independent of tax As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.
Read The Full Article
Read The Full Article
The government shouldn't complain of having bitcoin as non taxable because in the first place, most of them don't even recognize us or the system itself. I'm not that knowledgeable in other country's taxation system but ours have high product and services tax so income tax is least of my worries.
As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.
Read The Full Article
It is but it is just fair since tax is also killing individuals with their incomes. The fact that most regular employees are not earning much but the tax deduction is too much for them hurts the financial situation of the person. And the worst is, in corrupt countries taxes are just going into pockets of crocodile government officials. Read The Full Article
Well, this would be great if we witness this, but so far I dont see that this is likely to happen. As income tax is mostly screwing over the "normal" people that have to pay a lot of their hard earned wages in form of taxes, while big corporations are avoiding taxation in the billions, its just about time to disrupt this unfair system and force the governments to focus on taking their taxes from these big corporations while normal people will be relieved. Thats the right development in my opinion.
In my own opinion bitcoin has no any legimite claims or authority that they can eliminate he income tax in whole world. Taxaation is very essential in all governments operation and it is the source of funds to build a systematic organization. Through this it is impossible to happen that they can do that such thing.
I think it's fair, the right of everyone to put their money into bitcoin and if the presence of bitcoin kill the tax I think it is the duty of the government to immediately make a rule about bitcoin.
I think it's fair, the right of everyone to put their money into bitcoin and if the presence of bitcoin kill the tax I think it is the duty of the government to immediately make a rule about bitcoin.
You will need to be able to pay everything with bitcoin. So you won't have to put your money in your bank.
But if this happens it isn't a good thing necessarily , taxes need to be paid.
The government will always find a way to make you pay.
But if this happens it isn't a good thing necessarily , taxes need to be paid.
The government will always find a way to make you pay.
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Let us get one thing straight and that is the fact that taxes will never go away in any country. It dont matter if it is the vat taxes like in england or sales tax like in the United States. Goverments will always need funds to pay for infrastructure and maintenance. Even if bitcoin replaced all currencies in the world there eould still need to be a way to fund infrastructure.
Governments will face this problem its just a payback from their greediness,our taxes werent put into good things but they are making us fools and taking our hardship by using it in their personal lives.
Not really, in my opinion, it is the rich that can evade the taxes through crypto investments but normal people will still be taxed on their income from jobs.
Taxes are currently the major source of income for the government. Sooner or later the gov't will surely tax gains from crypto investments.
Taxes are currently the major source of income for the government. Sooner or later the gov't will surely tax gains from crypto investments.
Bitcoin already kills when transaction costs are too high and confirmation time takes too long. But until now I still enjoy my bitcoin without worrying it.
Hmm. In my own opinion bitcoin has no any legimite claims or authority that they can eliminate he income tax in whole world.
Taxaation is very essential in all governments operation and it is the source of funds to build a systematic organization. Through this it is impossible to happen that they can do that such thing.
Taxaation is very essential in all governments operation and it is the source of funds to build a systematic organization. Through this it is impossible to happen that they can do that such thing.
Indeed,the tax is very compulsory if there is someone who does business such as investing.In addition,with taxes imposed by the government able to provide benefits between employers and the state can make progress At a later time.
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