Topic: Bitcoin Will Kill The Income Tax - page 17. (Read 29945 times)
There is nothing like cripto currency is going to kill income tax. Yes its your income but it comes under other sources for now it is negligible. But as to gain from bitcoin you need to register your pan card, so that will increase your income and you need to pay your taxes.
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
Before for this to happened do you thibk will allow this? Tax is one of the best way for an individual to contribute in his or her part in their country, tax is part of the development it can upgrade local services that will also made for us I dont think this is a good idea.
For each and every country the income got through taxation contributes big. Bitcoin has got features that help users get rid of tax. In the past large volume fist holders used this a way to stay away from tax. Now this has changed a lot. People prioritize as an investment than an way to escape tax.
In my country, Italy, bank accounts, securities, real estate and consumer goods are all traced. The use of bitcoin will affect taxation only in completely secret and illicit exchanges. In regular transactions there will be no strong effects on taxation.
I dont think that this is right, because if the government properly legalize crypto currency and make income tax arrangements then they can earn nice tax on all transactions that is going to happen in trading and other outputs, just like gold and silver trading tax and other trading tax. So here their is no point of Bitcoin killing the Income Tax. This can be said only if government dont legalize it and the users are using without any law due to no detail on it.
Yes it should be possible ones the government works with wallet company's or so there should be a way so far there is proper audit
If Bitcoin is completely tax-free, sooner or later bitcoin will be hit, because bitcoin will never be legal unless it is tax-deductible.
Bitcoin will kill the income tax, good topic to discuss but hard to come into existence.
Its quiet easy for any government to collect tax on income, when all citizens are using the same currency and using banking services.
It is not the case with bitcoin. Bitcoin is not used in all countries and also in all parts of the country.
Its an additional currency, so its contribution to income tax is limited. to govern a country government needs money, income tax is the big source of income of any government.
Even if bitcoin become the only currency in operation it is not possible to avoid income tax.
Government will allow Bitcoin to function only under some regulations.
Its quiet easy for any government to collect tax on income, when all citizens are using the same currency and using banking services.
It is not the case with bitcoin. Bitcoin is not used in all countries and also in all parts of the country.
Its an additional currency, so its contribution to income tax is limited. to govern a country government needs money, income tax is the big source of income of any government.
Even if bitcoin become the only currency in operation it is not possible to avoid income tax.
Government will allow Bitcoin to function only under some regulations.
That's why federal government ought to control bitcoin in all trade and buying and selling site in order to have taxes! this really is good because we are able to help increase our economy.
Yes, government can collect tax of bitcoin by make regulation for legitimate exchange site, online shop and any other business. Bitcoin users can still avoid taxes by transacting in illegitimate places but that is risky. Help countries by pay tax is good as long as the amount does not incriminate us. I feel bitcoin will not destroy earnings tax since transactions is occurring on the web , And the authorities will absolutely make a move in buy to stop the killing of earnings tax. Probably it is dependent on the nation.
If it will destroy income tax, it's like destroying the government because tax is the lifeblood of the country, the opposite maybe possible which is the government will destroy bitcoin to protect their income from taxes. That is how it works, we need to understand how powerful the government, they can make a law to ban bitcoin and that would hugely affect the value of bitcoin and its future.Exactly. That is why Bitcoin has to toe the line. Or else, it might suddenly find itself isolated and barred from ever coming out again. Both have to make an adjustment. With the strength of Bitcoin's community support, governments are raising the green flag to Bitcoin already. But Bitcoin must also consider the existence and power of the governments. When the point comes that tax is seriously affected because of Bitcoin, the government--which is really a lot more powerful than Bitcoi-- will have to act.
I feel bitcoin will not destroy earnings tax since transactions is occurring on the web , And the authorities will absolutely make a move in buy to stop the killing of earnings tax. Probably it is dependent on the nation.
If it will destroy income tax, it's like destroying the government because tax is the lifeblood of the country, the opposite maybe possible which is the government will destroy bitcoin to protect their income from taxes. That is how it works, we need to understand how powerful the government, they can make a law to ban bitcoin and that would hugely affect the value of bitcoin and its future.
I feel bitcoin will not destroy earnings tax since transactions is occurring on the web , And the authorities will absolutely make a move in buy to stop the killing of earnings tax. Probably it is dependent on the nation.
What I'm curious about is how the government will survive without taxes. the goal is to not pay any, but then we wouldn't have a government lol
Do you know that a large number of the world nations don't have income tax? The list includes countries such as Qatar, United Arab Emirates, Oman, Monaco, Cayman Islands, Bermuda.etc. These nations survive from other taxes, such as the GST and Corporate tax. I am not saying that income tax should be abolished, but just saying that the government can survive without it.
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.
Bitcoin did kill the income tax because government cannot put their hands on it. That is why introducing bitcoin or other cryptocurrencies to the government would largely affect its economy and us. They could find a way to put their hands on it and us for them to have profit and steal our money. Luckily they cannot simply dive in here to do so but when it comes we are in great danger.
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
Not only bitcoin but other crypocurrency that will appeared because crypto or digital currency is no fee or tax than fiat money or example is bank have a high tax. Read The Full Article
What I'm curious about is how the government will survive without taxes. the goal is to not pay any, but then we wouldn't have a government lol
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
Not only in taxes but also in other government services where digital currencies can disrupt them including banks as well. Digital currencies will do some damage to banks just the emergence of electronic mails (e-mails) did to the postal services. It really affect the postal services and even force some of these entities to closure.
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.
Instead of killing the income from taxes, it will not be taxed because in some countries there are no rules governing bitcoin and taxes. There are even some countries that block bitcoin because it is considered to weaken the value of the country's currency.
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