Topic: Bitcoin Will Kill The Income Tax - page 18. (Read 29933 times)
I think Government knows this problem. And certainly, they will find out the method to solve it. Government never let we avoid income tax
No, it won't, bitcoin is just an alternate currency and when it's cashed out to fiatt the government will take what it wants of the income.
well i agree on that if bitcoin didnt also help my country maybe it will already banned by our government but at this point of time it will still running and we can gain through it .i believe that the government had get also a big benefit through all converter wallet all maybe in a way we cash out our btc to the proccess of convertion . Because if they wont get income taxes through coverter wallet maybe btc will marked as illegal buy government and it will be banned.
Do not expect any country to ban anything outright,if a country thinks that bitcoin will be a parallel economy which could threaten the entire economy then any government will have the rights to ban from using it,but it might take some time and they would find a way like money laundering and terrorism funding as a cause if they ban bitcoin at all but how can they kill the income tax,you have to pay your taxes once you convert them into fiat and there is no escaping that. Bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.
well in my country it bitcoin is really helpful and it cant really kiill the income taxes because government can really collect income taxes in all bitcoin exchangers or converter wallet.and it is not a small amount due to exchange they can collect almost one fourth way of the amount that you convert.government is really a government anything that without thier control will be banned and all businesses without taxes will be stop.i believe bitcoin has a big help to our government because they wont stop it in fact they support it buy allowing some online wallet to convert it into our money.
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
I think there are already so many valid and easy ways to avoid income tax, yet many still do not do so, it comes down to both morals and willingness, governments will in time learn to combat the ease with which bitcoin can be used to avoid income tax.
Bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.
well in my country it bitcoin is really helpful and it cant really kiill the income taxes because government can really collect income taxes in all bitcoin exchangers or converter wallet.and it is not a small amount due to exchange they can collect almost one fourth way of the amount that you convert.government is really a government anything that without thier control will be banned and all businesses without taxes will be stop.i believe bitcoin has a big help to our government because they wont stop it in fact they support it buy allowing some online wallet to convert it into our money. 
Bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.
Bitcoin Makes my life amazing that i have ever think. But nowadays many countries are banning bitcoin and As my opinion, due to bitcoin kill income tax. Thus a county face economical pproblem and so government trying to provide it and they banned bitcoin to solve this problem
For what is taking place now to our technology the local community in the complete entire world are most frequently used the banking technique and some in some other nations around the world they employed fiat. The place those two are centralized and we know that. So I guess if moments arrive that bitcoin will grow to be the currency of all countries the taxes or income tax will entirely disappear.
Yes all this if happened then the credit will go to bitcoin allowing people to earn more pay less taxes. But i think banks will still retain their importance because there is no competition among bitcoin and banks, and if the citizens of a country are getting benefited and able to raise the standard of their living then the country will be benefited also. But i think it will be a plus point for the mass because their earnings will increase than the amount they loss
I do not believe that it'll kill income tax.As for really minute transactions we have to spend deal charges.All kinds of income taxes are included in this transaction fees.Such as the tax I think.Income tax is essential,Simply because if some part of your hard earned money doesn't go to the governing government bodies,There'd no upkeep happening.As a result the locations we reside in is a complete mess.Thus with bitcoins or without one tax can't be prevented.
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
As long as the decentralization exist in the characteristics of bitcoin, taxes has no longer be apply in any form of cryptocurrency and bitcoin.
but once it become centralize there will have a restriction for sure to be happen and changes which they will implement it to apply, and once it happen bitcoin users will be the number one thing affect by it.
Actually bitcoin in a way can develop very transparent taxation system. I mean as everything is stored on the blockchain, there is no chance of any tax frauds other than just simply not declaring it, but the rules could be just as simple as, to receive any payment in bitcoin if you are a company or worker, you need to register an official bitcoin address that would be just watched by the government. The privacy and anonymity can remain in your own personal wallets that you don't have to show to anyone, but just the "working" wallet would be officially signed to your name.
Yeah when all people are using Bitcoin and focus to it and don't want to work in any job anymore you were right if this happened. since the world change by technology maybe Bitcoin can only change that income tax Not kill or Bitcoin can be taxable now if government notice that they don't have any worker available because they are all here in Bitcoin.
I believe BTC can not destroy Tax, I think produce other way to caculater tax
Very plausible that this will eventually become a problem, and it won't be good for bitcoin as it will earn it a bad reputation for being a tool for tax evasion. It will probably pave way for a new era of governments either becoming more liberalized or intrusive regarding tax and citizen invigilation. We'll have to see what happens, I see it as a good thing as it may lessen the leash that central banks have on people and in general will question the power that they possess and if it's good that they do.
Sooner or later government will realize that they can get a lot of funds in bitcoin by imposing tax, many form of tax can be impose on cryptos like your gains you get from holding and selling it, unrealized gains from closing periods so i dont think people earnings from cryptos can easily escape tax.
I think so government will took over taxation against bitcoin, and you'll notice how it will be controlled by the authorities in generating more regulations to implement.
Sooner or later government will realize that they can get a lot of funds in bitcoin by imposing tax, many form of tax can be impose on cryptos like your gains you get from holding and selling it, unrealized gains from closing periods so i dont think people earnings from cryptos can easily escape 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
No, it won't.
If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.
For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.
Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.
If income tax goes away, watch other taxes go up.
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 no. because in my countries bitcoin user have to pay a tax because in my country people use bitcoin as livelihood, its make have to pay a tax Read The Full Article
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