Bitcoin Will Kill The Income Tax - page 12.

Lingqingyi

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

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.

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I really want to know how to tax, when you make money you need to tax, so when you lose money? This is an interesting question.

senin

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What a silly reasoning? How can bitcoin destroy the profit tax? The fact that someone will try not to pay it, because in some cases such a possibility exists? Well this is ridiculous. The state has great opportunities to force citizens to pay taxes, including under the fear of criminal liability, and it will do so.
Not bitcoin will kill the tax, and the state will prohibit bitcoin and drive it into the underground if it poses a threat to it.

elie_s

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True that's why governments of some country are fighting

Derflatures

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How I wish! if this is possible, this will simply make every ordinary working people like me who hates my job, love working.... everyday...

King Sastro

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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.

fogocut21

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This is juat nonsense. Even in the extreme case of everyone using bitcoin, the goverment can, and most likely will tax your income. Yes it might be easier to hide income, but when it comes to taxes, goverments usually find a way to enforce it.

Japinat

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Quote from: cava95 on January 06, 2018, 06:24:32 PM

No soon bacause small number of peoples use Bitcoin or some criptocurrencies,when large number peoples use bitcoin I think many countries will created tax system,for now tax on Bitcoin don't exis .

Bitcoin cannot kill income tax because it's not possible as the government is very powerful, they will control everything so their power will remain and we know that tax is the lifeblood of the country so it's impossible it will be eliminated, tax is already implemented even in the early stage of this world.

cava95

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No soon bacause small number of peoples use Bitcoin or some criptocurrencies,when large number peoples use bitcoin I think many countries will created tax system,for now tax on Bitcoin don't exis .

Dexion

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Quote from: Positid on December 06, 2016, 09:38:01 PM

I have thought of this a long time ago, one of the reason why people are coming in here to earn and transact bitcoin is to aviod being tax by the government. We know that taxes are not only a minimal amount, in our country for income tax I have to pay like 20% of my income which is really big if you were to declare all your earnings.

Right now, we just have to enjoy this kind of benefit but I am pretty sure the government is doing what they can to collect taxes.

yes, I agree with your statement, that most people come to the world of crypto is to avoid taxes, and get bigger results.
one of the tax aims is to build and improve state facilities, then to help the less fortunate, but it does not seem to be the goal. and more corrupted by the government.
so I better use my own results from the crypto world to help the poor.

crypto_Butterfly

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I believe governments are currently making a way to put the taxes on bitcoins but ti will be interesting to see how they will overcome this problem.

FunnyDude9999

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+1 to it will probably not.

If bitcoin kills income tax then lawmakers are going to try to kill bitcoin.

rey.fudz15

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Simply a no, tax regulators or the congress will always find a way to tax people that earns from bitcoin, not the gains but maybe the cash that comes from the conversion of bitcoin.

BitcoinFrik

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

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

Soon enough they will find way to tax crypto, it's a hidden war here, crypto vs governments. Someone will win at some point, I bet my money on the crypto.

ridgeview123

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Bitcoin may go under the radar to avoid taxes for the time being but I don't think it will kill the income tax. Only when bitcoin is widely adopted and accepted by merchants and people for their daily trading needs, there will be no track of money to be discovered. I don't know how far away from now on to that day, but I think when that day comes, we will be taxed under other name.

Chainblock

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It will surely kill income tax if bitcoin adoption will spread throughout the globe and that's why most government would really not let this thing to happen that's why they will ban bitcoin on their place.people love bitcoin because they have the full control of their money.

haxker007

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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.

Xtra_Coin

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Somnevayust that this can happen. Taxes have existed since the time when the primitive state began to be formed. Since that moment they have changed but nevertheless we still pay taxes. In addition, there are laws in which everything is clearly indicated. And people with shoulder straps will be interested - where do you have money if you are unemployed? Society is changing - but also under this society and laws are changing, so I doubt that it will be possible to bypass the system!))))

Paycoinzzz

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Quote from: Jeepney_koh on January 05, 2018, 03:18:20 AM

Quote from: Paleus on December 06, 2016, 05:18:24 PM

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

If Bitcoin will be the main currency to use, and all people will work in bitcoin, then, there's no more Income Tax that the government can collect. But it would be impossible that all people will just work on Bitcoin. Also, if Bitcoin will be converted to cash, still people have to tax.

Ripple or Ethereum or other altcoins for payment can do that, but I do not think Bitcoin can kill the income tax of government.
Just only the price of Bitcoin increases to high price still enough to make the Bitcoin system becomes obstructive, how to use it for worldwide Cheesy

?

immunitychilly

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It is possible if everyone uses Bitcoins. There should be a hundred percent of use for this to happen. Looking at the situation, most people are still using fiat.

Jeepney_koh

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

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

If Bitcoin will be the main currency to use, and all people will work in bitcoin, then, there's no more Income Tax that the government can collect. But it would be impossible that all people will just work on Bitcoin. Also, if Bitcoin will be converted to cash, still people have to tax.

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