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.
As of this time that bitcoin was still in developing stage then i don't think so that it will kill income taxation, but definitely it affect its revenue because more and more people is now contented to be a self employed and working in online job and as a decentralized system the government could not get tax of it. In other side i think business tax will rise also because the money that have get by the people from bitcoin will be spend to purchase goods and services then in that way the government can get tax on that business. 
Topic: Bitcoin Will Kill The Income Tax - page 14. (Read 29948 times)
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.
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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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Read The Full Article
As you said there just a "tax avoidance" made by using cryptocurrency. Yes, as of now it's very easy not to report income derive cryptos due to anonymity of transactions and tax bureau would hard hard time of tracking each transaction but I don't think it could kill income tax. It's much possible that government can make another law/bill with regards to reporting of crypto income and paying tax due.
This taxation issue with bitcoin is the biggest threat not only for the government but for also for bitcoin users. LOOK! if the government will suffer on the economy of their country, TAX we all know that tax is the source of budget of every government to make their own country move and develop. So, If bitcoin will continue to run and bankers will start to move into this coin, investors on fiat move their investment to bitcoin or some Crypto? government will start to move against bitcoin just to sustain their needs to provide services to its citizen. The solution is to divide the transfer fee into half and make it a tax for the government.
Actually the solution to help Bitcoin be legally in worldwide is very easy. It will not against the rule of government and help the government have more profits the tax, but do the Bitcoin user accept it or not! Because they must to spend their money and information to verify on exchange, as Bittrex, Poloniex and BTC-e (now is WEZ), these exchanges all used KYC to verify user and are ready to provide information of user for the government if they want to tax the Bitcoin user. 
This taxation issue with bitcoin is the biggest threat not only for the government but for also for bitcoin users. LOOK! if the government will suffer on the economy of their country, TAX we all know that tax is the source of budget of every government to make their own country move and develop. So, If bitcoin will continue to run and bankers will start to move into this coin, investors on fiat move their investment to bitcoin or some Crypto? government will start to move against bitcoin just to sustain their needs to provide services to its citizen. The solution is to divide the transfer fee into half and make it a tax for the government.
Bitcoin will never kill the income tax. But I'm starting to feel like the freedom that comes with bitcoin might start fading away when more and more regulations come.
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
As you said there just a "tax avoidance" made by using cryptocurrency. Yes, as of now it's very easy not to report income derive cryptos due to anonymity of transactions and tax bureau would hard hard time of tracking each transaction but I don't think it could kill income tax. It's much possible that government can make another law/bill with regards to reporting of crypto income and paying tax due.
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
In a way it might as because it is able to bypass the income tax laws bcause this is a profit that are not yet being properly regulated. SO all pur costs are more into transaction fees and processing payments but we are still gaining kore because there is no 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
As you said there just a "tax avoidance" made by using cryptocurrency. Yes, as of now it's very easy not to report income derive cryptos due to anonymity of transactions and tax bureau would hard hard time of tracking each transaction but I don't think it could kill income tax. It's much possible that government can make another law/bill with regards to reporting of crypto income and paying tax due.
Yes it will kill it. Bitcoin is well evaluated and no need for third person to process transaction between traders and only transaction fee applies no more high taxes needed to be paid.
Bitcoin absolutely will effect the income tax gain of each government but I am sure that the blockchain system will destroy the centralized institutions and structures
I think there is nothing will kill bitcoin like income tax, bitcoin just remove a small amount of people who are using fiat to use bitcoin in the real world and make it a online transaction to pay things better.
I think this is one of the reasons why bitcoin are being banned to some countries, because they cannot collect income tax! bbitcoin are bery hard to track and if the government cannot track it then how they can collect 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
this vision so far. I think the goverments never allow this could be happened Read The Full Article
Yes, bitcoin will kill income tax. That's why government banbing bitcoin in their country. When we cross our country's givig income limit, then we have to give income tax on our additional income. But who are income by bitcoin they don't give tax so, government deprived of income tax and it is causes country badly. It's true bitcoin killing income tax
bitcoin can kill taxes because a country that does not legalize bitcoin can not do more about bitcoin users. a person could have a substantial income from bitcoin but it would be safe not to be taxed if the state does not have a permit for bitcoin.
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.
Regulations are already happening. Governments are fueled by tax, anything that threatens their income is going to be investigated. There are more and more articles for example on CoinTelegraph about governments cracking down on Bitcoin and other cryptocurrencies. Get used to it, cryptocurrencies have come from the underground into the broad daylight.
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.
Regulations are already happening. Governments are fueled by tax, anything that threatens their income is going to be investigated. There are more and more articles for example on CoinTelegraph about governments cracking down on Bitcoin and other cryptocurrencies. Get used to it, cryptocurrencies have come from the underground into the broad daylight.
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.
Regulations are already happening. Governments are fueled by tax, anything that threatens their income is going to be investigated. There are more and more articles for example on CoinTelegraph about governments cracking down on Bitcoin and other cryptocurrencies. Get used to it, cryptocurrencies have come from the underground into the broad daylight.
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