Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
Thats not true.Bitcoin and blockchain will make lots of things easier and if it become mainstream,there can be some ways developed to take them into account for tax payment 
Topic: Bitcoin Will Kill The Income Tax - page 19. (Read 29933 times)
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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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.
No, it isn't feasible. Do fiat cash get rid of the tax? No. For most of us, they will still be working for big corps, and they will not be avoiding tax. You will find tax dodgers right now taking cash payments as income, but they are and not the mainstream, it's no impact on killing the wages taxes.
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.
For the current problem we have to take a decision because in fact the use of bitcoin can not generate taxes for the government. There are rules as soon as possible to arrange this event as a good state waga certainly wants his country to be better for the future. 
Yeah, bitcoin will kill the income tax if bitcoin makes them popular in the world and every sector of people's life.
But this is not so easy to kill income tax, bitcoin have to need longer services,.
But this is not so easy to kill income tax, bitcoin have to need longer services,.
Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it.Time will come that bitcoin profits will be taxable but right now we just have to enjoy that we are not being taxed by the government. But if they are showing no interest with bitcoin, there will be no income tax to all of us who are earning bitcoin.
Yes. Once it's full accepted it will bring an end to tax system. Because bitcoin allows you to trade peer to peer which takes off the middle man. And these would eventually mean there is no one looking after all these transactions. Which eventually will take down the government and tax system.
It is totally dependent on the Bitcoin holders. when someone can be able to earn money from this system then he needs to pay personal income tax for getting benefited from this government. It is the basic duty for every individual to pay the income tax. So we should not blame Bitcoin for this issue. But it is true that anyone can avoid tax system if he or she wants to. but I don't think that Bitcoin is not only the responsible for this case.
Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it.Time will come that bitcoin profits will be taxable but right now we just have to enjoy that we are not being taxed by the government. But if they are showing no interest with bitcoin, there will be no income tax to all of us who are earning bitcoin.
i think if bitcoin is legalized to people, it will be under controled by government and bitcoin users must pay taxes. however, a problem is bitcoin is annomous and untraceable currency, so the government can not control bitcoin, that is the reason why until now, the government still can not legalize bitcoin.
Im not sure this will happen. Even though bitcoin promotes animosity, there are still ways that you can get tax from its earners. If the government imposes tax on every cashout outlets in the country, even if the earner does not declare its income, the outlets will still get the tax beforehand.
Yes, that is right. Even the government decided to treat cryptocurrencies like bitcoin as property. So bitcoin holder (in USA) will now have to deal with complicated and sometimes daunting reporting requarement. I also think that the tax is too high. But that regulation only in USA, the another country have different regulation about bitcoin. And also the regulation can be change anytime, I hope all government not applying high tax on bitcoin. Although people can avoid tax on bitcoin with litle more effort. I believe what you say is very true. Taxation is made by the government on their fiat currency and only tracked through user's information. So when that user's information is hidden... no more user to tax. It will be interesting to see how the regulation and enforcement plays out in the coming years.
That's why some countries are legalizing this for them to generate income from the tax collected to everyone who are holding crypto currencies.This is could be a big challenge for the government because of it having anonymous identity of holders.
Im not sure this will happen. Even though bitcoin promotes animosity, there are still ways that you can get tax from its earners. If the government imposes tax on every cashout outlets in the country, even if the earner does not declare its income, the outlets will still get the tax beforehand.
This is an inevitable thing that is why government of different countries are trying so hard to prevent the use of bitcoin and other crypto currencies .
Yes it will totally kill the income tax .when people will totally depend on bitcoin which is a digital cryptocurrency that is they dont need any 3rd party .so why will they depend on banks ,as there will be no banks at all after quite some time .
I hope there will be no banks in future, but now a days we have to face bank transaction fees and exchange fees, which is equal to tax, so right know we are paying tax i the form of transaction fees, withdrawal fees, and exchange fees. I hope soon these fees will minimized so that we can say that we have some benefits by not paying income tax. Bitcoin can help us minimize our expenses for online transaction but we can never get free of charge or fees since the miners are working to earn.
As now the profits from bitcoins are not too small, the taxes or the transaction fees can be overlooked and it is not yet considered but once when all the 21 million bitcoins are mined, then the profits in bitcoins will too certainly decrease which will then force us to look at the transaction fees and the taxes.
Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it.Time will come that bitcoin profits will be taxable but right now we just have to enjoy that we are not being taxed by the government. But if they are showing no interest with bitcoin, there will be no income tax to all of us who are earning bitcoin.
Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it.
I believe what you say is very true. Taxation is made by the government on their fiat currency and only tracked through user's information. So when that user's information is hidden... no more user to tax. It will be interesting to see how the regulation and enforcement plays out in the coming years.
Really don't know about that considering the decentralization of bitcoin
Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it. Jump to: