Topic: Bitcoin Will Kill The Income Tax - page 15. (Read 29948 times)
Now the influence of bitcoin is very small because market is not developed yet but in furture we can expect tax in many countries because if people start to use hugh numbers of 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.
To manage the country, pay government bureaucrats and the country's self-interest expenditure, the government has to earn income tax. Bitcoin cannot be trace online and there is no trace of transactions because the government can not make income tax from Bitcoin. But some countries are trying to set the income tax on Bitcoin.
The main income of the government's income is income tax. On the other hand, there is no need to make any type of income tax for Bitcoin transactions. So, considering this, Bitcoin will destroy income tax.
Taxes are the main income of modern state and Income tax is one of the most important. I believe nothing will kill it. Bitcoin itself will die, more likely 
this definitely is a problem . But I do not think that Income tax will be killed all together. Because government can have some control by making law for information requests regarding crypto traders which is already going on now. Coinbase in US. With this information they can enforce some level of tax.
Maybe this is one of reason not all governments are allowing bitcoin trade sure it will kill tax but I Thu k it's gonna take a long time to arrive there
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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this is one of the main reason that government / countries never support bitcoin.
bitcoin kill income tax and all other taxes
I don't think this will happen. It is highly unlikely government will depend on BTC for compensation of government workers. Government representatives are one of the principle giver of taxes so this is one reason BTC won't kill tax. Another is that organizations can't depend on BTC just to abstain from exhausting on the grounds that they issue receipts to their clients.
Investing in the crypto market is a profitable way of earning nothing from the nation, which is also a difficult issue for the government to control.
The anonymity of bitcoin is the reason that most governments around the world prohibit the use of bitcoins for exchange. Currently, state-owned banks are trying to track bitcoin transactions in order to tax these transactions. I hope there will be a day when our government accepts bitcoin as a currency.
I think it is case to case basis that bitcoin will kill income tax. It is depend on the state and country policies on taxation. Here in my country tax is apply when you transact through remittances and exchange or convert your bitcoin to real money. Yes may be some points is correct because bitcoin is invisible in different transaction because tax is not apply on it. Because cryptos' is undetectable it every transaction but if you exchange it in the bank transaction through cryptos' is identified and tax will apply to those person transact on it.
No, actually bitcoin will helps the government to gather more funds for government projects from the taxes imposed to the company. Through this it is a win-win situation which every sector in the society will be benefited in the success of bitcoin.
Of course. Bitcoin has a great impact on unemployment in the countries concerned and develops the economy. I believe that it also greatly affects other aspects of life of people living in well-developed countries.
No, actually bitcoin will helps the government to gather more funds for government projects from the taxes imposed to the company. Through this it is a win-win situation which every sector in the society will be benefited in the success of bitcoin.
Lacking privacy features, Bitcoin transactions can be traced even though at some points it would be tricky: exchanges will have to cooperate and offline transactions will prove very difficult to trace. At some point you will have to explain how you earned the wealth you spent and that is where they catch you.
Maybe for a country that has not legalized bitcoin will definitely kill income tax from bitcoin itself. Because a country that has not legalized bitcoin definitely will not make income tax rules from bitcoin.
Thats hard to happen nowadays. Most people worldwide still using fiat and banking systems and few number of them know about Bitcoin and crypto currencies and deal with it. So may be Bitcoin will kill the income tax if it will become the first used currency worldwide, but that's not yet the case.
And even if bitcoin is not taxable , people who mostly earn bitcoins converts their bitcoins to regular currency to buy basic needs and commodities which most in every country have value added tax so I don't see bitcoin as so much of a threat to tax in any country in the world, even the countries in southeast asia embraced bitcoins with open arms.
Bitcoin will never kill income tax. Once you converted your bitcoin to a fiat currency it is already subject to income tax.
Yes, this. And as most people do convert their btc to fiat and eventually cash out anyway.
On top of that governments will make sure they will remain top dog somehow.
There are no statistics on this
To draw any reliable inferences and conclusions in this regard. Obviously, most people do cash out occasionally, but we don't really know how many and how much. I mean most of the people involved in trading cryptocurrencies (let alone just holding them) don't necessarily convert all of their cryptocapital into fiat all the time or for most amount. I for one am more interested in injecting more fiat into the system than taking from it, i.e. my cash flow is in fact negative (in this sense), and I guess I'm not the only one
It's good for all the netizens here lots my country, especially in other country men. The people avoid too much problems to encounter if the government will no longer to collect for the income taxes for all the businessman and woman. It will be effective for the other country because there are lots of people who have their own business unlike here in my country. Here in my country it has low numbers of businessman and woman.
As for now, there's no tax in bitcoin, but we cannot see the charges fee when we converted bitcoin to flat money, as well as the transaction charges that we had incounter in withdrawing the said cryptocurrrency. But time will.come that the government will take advantage for its popularity, it's either to ban bitcoin, or add taxes.
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