Topic: Bitcoin Will Kill The Income Tax - page 13. (Read 29943 times)
Basically its taxable. I read it something about if bitcoin is taxable. It says technically it is taxable. Because its part of service tax which is belong to income tax. But the thing is, the government is not actually doing anything about it. I dontk now if it is good thing hehehe. Its not illegal though if so they could have banned it. Maybe because the government dont know where to get in. Crytocurrency is new to them and to us. I think nobody get harm with it and people are enjoying and having a priviledge to earn a decent money.
Most of the economy still runs on FIAT money, so no matter how much cryptos you have, in the real world you will have to turn it to FIAT at some point and there the taxman will catch you.
The only way crypto will become a viable payment system in our daily lives is if the governments can find a way to tax a substantial amount. If governments begin to feel threatened as to their viability to tax at a expected level they will use force to extract their payments.
If regulations are are not taken into consideration, then Bitcoin will surely Kill Income Tax. But wait things are not going to end here is something happens to treasury of government they are likely to take some steps to resolve such conditions but then they will be left with 2 choices either imposing a ban or implementing regulations and both of which can curb the freedom of crypto users. Because a decentralized system is made in such a way that there is no need to pay any taxes or something else.
We know regulations are coming there is no way way we're going to be left free of such a tax, they'll find a way to get the money they think it belongs to them however it's likely we also get countries which are bitcoin friendly and which will not charge us any income tax or capital gains taxes from our holdings and if that is the case then I'll not be surprised if many enthusiast moved to live there. 
Bitcoin and the other digital crypto currencies are the ones who will cut the taxes off yeah for sure but I am also sure that they will find a way how to impact taxes on digital currencies.
What most fail to understand, is that the THE HUNT FOR TAXES is the most dangerous and all-consuming driving force behind all governments worldwide today.
The police state being erected all around us turning our society into a giant open-air prison isn't being put in place to fight terrorism or drugs or 'crime'.
It's the mechanism governments use to prey on their citizens to rob them of their wealth in order to fund the lavish lifestyles of the ruling elites and their minions, the pedoticians.
EVERYTHING is a lie designed to support this system of slavery through taxation, wage employment and debt.
If some bright mind in the crypto-community one day figure out a way to free citizens from tax/wage/debt slavery through the use of blockchain technology, it will truly be the greatest leap forward for humanity in 200,000 years.
The police state being erected all around us turning our society into a giant open-air prison isn't being put in place to fight terrorism or drugs or 'crime'.
It's the mechanism governments use to prey on their citizens to rob them of their wealth in order to fund the lavish lifestyles of the ruling elites and their minions, the pedoticians.
EVERYTHING is a lie designed to support this system of slavery through taxation, wage employment and debt.
If some bright mind in the crypto-community one day figure out a way to free citizens from tax/wage/debt slavery through the use of blockchain technology, it will truly be the greatest leap forward for humanity in 200,000 years.
Nearly every month cryptocurrency, which gained more value than the previous month, confuses states' mind. Countries that aim to share their money from the money earned from digital money are already beginning to take a step on this issue. US Tax Service of the world's most prestigious stock exchanges ended the US judge's decision to "dispute the disclosure of user identities" that had been on the agenda for a very long time, and decided to share CoinBase's 14,000 user identity with tax offices. This would be an important development on taxation.
all this and started as I understand in order to get away from taxes, to get away from the dependence of the government on us. A very good idea.
I dont have no idea over all but The first priority should be to increase adoption.
It is a big no. The bitcoin has no authority or any chances that they can remove the income tax.
Taxation is the life blood doctrine wherein the biggest collection is came from the income tax; if there will be no income taxation, there will be no government who implement the law and manage the process in the economy.
Taxation is the life blood doctrine wherein the biggest collection is came from the income tax; if there will be no income taxation, there will be no government who implement the law and manage the process in the economy.
I think many people will be unwillingly avoiding taxes when it comes to forks and airdrops. It'll be funny to see their dilemma when they find it out say 2 years afterward whether to pay some small fine or risk jail time 
No, bitcoin cannot kill income tax. Yes we don't have income tax to those people who are earning bitcoins. But many people are still working in a company and we're bitcoin earners are just few. So income tax is still there and if that happens each country's economy will fall down.
Bitcoin can't kill the tax, because we do our fiat money transactions via centralized exchanges which are directly in relationship with governments and financial institutions of the state. That's the reason.
While, there are many people know the nature of Bitcoin and take advantage its nature to create many transactions without government tax.
Deffinitly the bitcoin will kill the income tax because the transaction details in the bitcoin will be not visible to government
that's for sure. The world of cryptography will disable the income tax if we actually use bitcoin directly without the first exchange bitcoin with other currencies
I hope so and I'm confident it will do. Income taxation means being a slave of the government.
In the Netherlands since 2017 the tax has come with an absurd rule. You need to file all your crypto currency on what it was worth at 1 januari 2017 and pay taxes on that amount, it doesn't matter to them if you held them and they got worth less later on. Ofcourse there is no taxes if the amount is below 25k euros. So those that filed taxes for their crypto on januari 1st 2017 when bitcoin was only worth 850 euro at that time, only need to pay taxes over it as if it is still 850 worth while in reality it is practicly ten times that worth now. The taxes in the Netherlands really have no clue how crypto works or functions. So with the rising of crypto people were in luck this year.
But those that want to file taxes in 2018 will need to fill out their cryptos worth as what it will be worth at january 1st 2018. Even if it will decline for the rest of the year.
So in short it's first 25k is taxfree, 26-75k gets taxed for 0.86%, 75k-975k gets taxed 1.38%, over 975k it will be taxed as 1.61%.
Ofcourse if you don't tell they can never proof if you have crypto untill you turn it into fiat. In other words turning your crypto into fiat while staying under 25k euro per year will leave you scot-free.
But those that want to file taxes in 2018 will need to fill out their cryptos worth as what it will be worth at january 1st 2018. Even if it will decline for the rest of the year.
So in short it's first 25k is taxfree, 26-75k gets taxed for 0.86%, 75k-975k gets taxed 1.38%, over 975k it will be taxed as 1.61%.
Ofcourse if you don't tell they can never proof if you have crypto untill you turn it into fiat. In other words turning your crypto into fiat while staying under 25k euro per year will leave you scot-free.
No, bitcoin cannot kill income tax. Yes we don't have income tax to those people who are earning bitcoins. But many people are still working in a company and we're bitcoin earners are just few. So income tax is still there and if that happens each country's economy will fall down.
Bitcoin can't kill the tax, because we do our fiat money transactions via centralized exchanges which are directly in relationship with governments and financial institutions of the state. That's the reason.
I'm really interested to see how this plays out. Yes that idea is great, but the US is getting more savvy about bitcoin and crypto in general. All will come in time.
The government always finds a way to tax its citizens. Bitcoin transactions are technically linked to bank accounts, at least the process of converting fiat to Bitcoin is.
In my own study bitcoin cannot kill the income tax in all countries in the world.
Income tax is very essential in the government since it is the life blood doctrine of the system besides not all people are depend or using bitcoin many people still working as a employee in different companies.
Income tax is very essential in the government since it is the life blood doctrine of the system besides not all people are depend or using bitcoin many people still working as a employee in different companies.
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