Topic: Bitcoin Will Kill The Income Tax - page 16. (Read 29945 times)
I agree if bitcoin can kill the tax because what if there are entrepreneurs or officials who have enormous wealth if deposited in the form of bitcoin then the government will not know because the bitcoin system is very privacy. But on the other hand also people expect freedom of transactions without having to think of the distance between the state and society also want the ease of investment provided by bitcoin. then this is the impact of the free economy provided by bitcoin and this could be an added reason for the government to ban bitcoin. I believe that bitcoin has a good impact on the world economy but bitcoin also has a devastating effect on governments in regulating the country's economy but it all depends on the individual because all technological advances must have a positive and negative impact.
Interesting, I have actually been following news relevant to my countries income tax and I was pleasantly surprised at the developments in that direction.
I actually agree with the sentiment of this post... In a way. As long as people use cryptocurrencies to pay for things then things will continue to get taxed. But it would be rather hard for the government to proof your ownership of any cryptoassets unless you convert them back into fiat.
I actually agree with the sentiment of this post... In a way. As long as people use cryptocurrencies to pay for things then things will continue to get taxed. But it would be rather hard for the government to proof your ownership of any cryptoassets unless you convert them back into fiat.
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.
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
Or the other way around! I hope not.. Governments have problems with crypto currencies as they are unable to track the transactions to individuals and therefore unable to tax individuals.. This has got them so worried and messed up that they are giving the users a bad name... I don't mind the tax on the profits as per applicable laws. Why run! when you can look them in the eye.
Bitcoin or another crypto currency can not destroy the profit tax. In the near future, most states will indeed establish such a tax. This will be either anonymously automatically when exchanging for ordinary currency and other operations with crypto currency, or it will be necessary to identify for the tax authorities. Without this, it will be impossible to exchange the crypto currency, buy something for it, or enter into an official deal that is fixed by government agencies. Therefore, such a tax will have to be paid. Only minor transactions and transactions between citizens without intermediaries can circumvent the payment of taxes, if such a tax is generally established. In the US, for example, a deal below $ 600, I read, is not taxed.
Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.
Bitcoin will never kill income tax. Once you converted your bitcoin to a fiat currency it is already subject to income tax.
No not income tax, capital gains tax
Bitcoin will never kill income tax. Once you converted your bitcoin to a fiat currency it is already subject to income tax.
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.
The idea is certainly good but I think the government will think of something to bite off some of the pie)
So true. They won't just let anyone get away with their obligation. Maybe this time we can't feel it as they are not declaring that they are putting a tax in each transaction we make. But sooner or later I am sure that they will slowly crawl into the exchanges and other legal entities used by bitcoin, and there, they would start on planning on where they should put tax.
yeah... and i think in my opinion as long as the crypto currencies are affecting the govt in the future because no one will ever care anymore with taxes if they're pretty educated with this one... the government will surely come into play..
So what's your point really?
it is very excessive if bitcoin is asked for taxes, because surely the tax drawn is very large because bitcoin income is also very large. taxes may apply if the state has made a formal statement to legalize bitcoin.
The main reason behind investing of money by so many people was none other than this that they were having nothing to pay in the form of tax. It is because of the reason that bitcoin does not have any such kind of restriction on its investors. I must say that this is really a good thing and is serving in the favor of investors in a significant manner. Bitcoin is very much capable of killing income tax.
yeah... and i think in my opinion as long as the crypto currencies are affecting the govt in the future because no one will ever care anymore with taxes if they're pretty educated with this one... the government will surely come into play..
The idea is certainly good but I think the government will think of something to bite off some of the pie)
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Don't think it will kill income tax. Just another new thing in a long line Uber, internet, online, that the governments have to apply tax to.
Frankly I wouldn't mind paying 30% tax if facebook, google and amazon, monsanto, big pharma etc. are also paying their 30%. That's one of the things so great about bitcoin is that you can follow the money trail.
Frankly I wouldn't mind paying 30% tax if facebook, google and amazon, monsanto, big pharma etc. are also paying their 30%. That's one of the things so great about bitcoin is that you can follow the money trail.
In all honesty i personally do not think the government will loose on taxes. While the USA government does not see bitcoin as currency they do tax capital appreciation in the same category like art work. I know the IRS has been asking on tax forms since 2014 or 2015 " if you traded bitcoin " in that year.
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
I think this is very good news. Why do you need tax, if there is decentralization in products, platforms, shops and much more? It's very cool if taxes disappear. A new step in the modern future. Read The Full Article
Only if bitcoin is actively used around the world and will get maximum legalization and application
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
An important change made to the taxation issue, is this. How people use cryptocurrency to avoid taxes. However I don't think this will last forever, at some point government will start putting restrictions to cryptocurrency transactions which means possible taxes. Overall this problem hasn't get, so let's use crypto as much as we can, like in projects as propthereum.io
yes SOME can avoid taxes, but 99,99% will still pay their taxes. It's the way the system works, and if it doesn't work, the government will just adjust it so they can collect.
Our income tax will be payed by our companies before we even get a hold of the money. So they can deduct our salary from their earnings. It's a bloody smart system if you are government.
Our income tax will be payed by our companies before we even get a hold of the money. So they can deduct our salary from their earnings. It's a bloody smart system if you are government.
Bit coin will not affect taxes for it is necessary or need by the government..it is the right of the government to do so..it is more likely that there will be a tax for bitcoin process than removing income tax because of bitcoin hahaha..for it will follow the law of supply and demand..more supply of bitcoin the more chances of taxation.. 
i guess this is the reason why government is regulating bitcoin they can't tax bitcoin so they tax the one buy and selling bitcoins it applies in the transfer fee of the third party where you buy and sell bitcoin they already seen this so they took measures in the one providing the market bitcoins
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