ıt ıs very possible but everything have to change for example we can buy food with btc. We will can escape income tax it is very good for us. we spend this money for family or good jobs.
Presently a days bitcoins are utilizing as a part of practically every edge of the world and the bitcoins has no pay impose that is the reason a day will be arrived when the general population will be free from the salary assesses and will have a pressure free life and this life will be a direct result of the bitcoins that is the reason the bitcoins is otherwise called the enemy of pay charge so in the event that you likewise need to carry on with a strain free life than you ought to likewise join the universe of bitcoins. 
Topic: Bitcoin Will Kill The Income Tax - page 20. (Read 29945 times)
indeed in some way it will get rid of cash flow tax and it will turn out to be a issue when far more or far more men and women get into this enterprise but i think in foreseeable future bitcoin organisers and developers alter their procedures and make a way for that to conquer this difficulty........
I think this depends on the awareness of a person, if he is a tax-paying person then he will pay taxes despite getting profit from bitcoin that has not received the government.
Let it kill the damn income tax, most of the taxes are nonsense anyway, people working for their money have to give it to damn government, let bitcoin be a payment method and let the taxes go away.
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
Cryptocurrency is something that can potentially kill income tax in a way that it is not taxable and as it is electric and digital there might not be enough regulations on it. ALso, it is needed to note that cryptocurrency is currently an exception to everything as it is new
Also we have a limited amount of trades there and also taxes are applied there for selling our bitcoins for fiat. This tax is applied by the government for each online transactions we do. For now the only tax we need is for buying or selling bitcoins.
actually bitcoin does not go there. because bitcoin is the only virtiual currency in the digital currency ...
so in my opinion bitcoin does not kill income tax ...
so in my opinion bitcoin does not kill income tax ...
This will only be the case if people actively work for bitcoin and pay with bitcoin, so there is no need to enter the banking system at all. We need to close the circle and stay 100% within bitcoin for true freedom to happen. Also, we must guarantee that people can keep running their nodes on their basements, if we depend on corporations to run nodes then we are screwed (big blocks problem)
The main question here is, can most people afford to run nodes in their basements if the previous incentive for doing so (mining rewards) has been removed? I shall add the tax thing to my reasons that newcomers should consider earning bitcoin and spending bitcoin instead of futzing around with exchanges. Let someone else worry about cashing in and cashing out; you just focus on using bitcoin to make the purchases that you would have made anyway.
Here in my country? Definitely yes! That is why they consider here that the bitcoin is a black propaganda and scam which I don't agree. People saying that were greedy! They want to earn more money from our taxes under companies and those companies taxed us very huge amount which is unjustice! Even government employees were bothered of this huge taxes to think that the people who manipulates these taxes were same of our uniforms. For government reforms that has very famous graft and corruptions, they will oppose nor ban the bitcoin in the country as they can not put taxation on it. And to think that this is where they can get all the things that they need and their leisures. I am just hoping that those greedy officials should learn how to eat on their own sweat not on the sweat of others.
If bitcoin community and governments reach an agreement, governments can control bitcoin incomes and transactions with a blockchain implementation. But nobody wants this normally because people are so sick of the high taxes.
Here in my country? Definitely yes! That is why they consider here that the bitcoin is a black propaganda and scam which I don't agree. People saying that were greedy! They want to earn more money from our taxes under companies and those companies taxed us very huge amount which is unjustice! Even government employees were bothered of this huge taxes to think that the people who manipulates these taxes were same of our uniforms. For government reforms that has very famous graft and corruptions, they will oppose nor ban the bitcoin in the country as they can not put taxation on it. And to think that this is where they can get all the things that they need and their leisures. I am just hoping that those greedy officials should learn how to eat on their own sweat not on the sweat of others.
People are taking more and more interest in crypto currency it is because they have no tax in crypto currency because a lot of countries are taking a large income tax due to which more familiar have a great difficulties in paying because of their weak financial problems.
As they are saying, the life force in every years fund of ones country is because they are drinking on the tax, in transactions its impossible to looth tax into BTC but we can have a deal or example an employer is a shift engineer and he is earning 5000 dollars per month, he will just receive 4000 dollars plus because he has a deal in the company that tax and some other payments will be deducted on his salary and the company will pay him 4000 dollars plus in BTC. There are so many ways to use crypto including the payment of tax so dont worry.
The present issues we need to take a decision. The use of bitcoin can not generate taxes for the government. There ought to be a direction at the earliest opportunity to organize this.
What issue are you talking about here,you need to pay your taxes when you cash out bitcoin,the people who are holding money in bitcoin through mining does not need to bother paying the tax until he converts them into fiat and so there is no action to be taken,people who convert their coins to fiat are paying their taxes ,if not they will get into trouble with the law. 
ıt ıs very possible but everything have to change for example we can buy food with btc. We will can escape income tax it is very good for us. we spend this money for family or good jobs.
And what will happen once you start spending more cash then you can explain?
If its a few thousand here and there thats not really a problem, but if you buy a new car or a house? Good luck explaining how you got the money if you never paid taxes on your bitcoins.
i think some how it will do so but as bitcoin continue and as individuals turned use to of it it will modify its term and problems and it will conclude a suitable way of taxation for the certain place of the consumer.....
ıt ıs very possible but everything have to change for example we can buy food with btc. We will can escape income tax it is very good for us. we spend this money for family or good jobs.
The present issues we need to take a decision. The use of bitcoin can not generate taxes for the government. There ought to be a direction at the earliest opportunity to organize this.
It might cause damage to the tax income someday. But right now, it won't hurt that much because mostly taxes for the gov't came from businesses and of course every single thing that we buy in the market have VAT so even if we use btc in transacting we are still paying taxes. Like that burger you jist bought that costs five bucks or a pack of cigarettes and even that bottled water from the convenience store.
We do not yet pay taxes for bitcoins directly but indirectly we do pay taxes for bitcoins. You truly mentioned a correct statement that we always need to pay the VAT for any commodity we purchase and the VAT here is nothing but TAX. We can't use bitcoins directly as a currency and always we need to change them to fiat and then use it.For converting it to fiat, we always need some tax at least to deposit or withdraw the amount from our bank account. That tax indirectly goes to the government without actually knowing what it is for. I think, in future as bitcoins will be made legal, they will be applied with heavy taxes as the profits in bitcoins are great.
No, bitcoin will not kill the profit tax established by the states. Despite the fact that such a tax is quite difficult to control, most of the citizens will pay it voluntarily and thereby provide protection of the state's crypto-currency. We have no other way. If the state sees a threat to its existence, it will go to repression, and such a scenario is dead-end for both the crypto currency and for the state itself.
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
This might be one of the reasons why some governments banned bitcoin now. But then again I won't fear that the government in my country will have issues with crypto currency because few people here are using it so bitcoin won't affect the taxation here. I have more freedom here when I am using bitcoins and hopefully the government here won't ever mind.
there are two ways I can see bitcoin being taxed. Both require you to withdraw it first.
1.) as a general income: If you take in your bitcoin dividends as regular payments akin to income, you tax that to your income bracket at the end of the year depending on the total amount.
2.) capital gains: if you were to sell all of your bitcoin all at once into USD for example, that would be taxed automatically at a higher rate %15-35 if less than a year since your last buy or re buy of the same commodity, or a lower percentage for a long term usually %15-20.
You can apply this to your current holdings anytime you withdraw a significant amount. In fact use your exchange purchases for such proof when dealing with your loving tax agency.
1.) as a general income: If you take in your bitcoin dividends as regular payments akin to income, you tax that to your income bracket at the end of the year depending on the total amount.
2.) capital gains: if you were to sell all of your bitcoin all at once into USD for example, that would be taxed automatically at a higher rate %15-35 if less than a year since your last buy or re buy of the same commodity, or a lower percentage for a long term usually %15-20.
You can apply this to your current holdings anytime you withdraw a significant amount. In fact use your exchange purchases for such proof when dealing with your loving tax agency.
To be fair enough, taxation is not that bad for bitcoin. And it is possible to apply some laws here because as we know, local exhangers needs KYC, so governments can apply those rules on you by obligating the exchangers. We must accept this incoming kinds of adoption because bitcoin right now improving and growing for a decade. And also, don't assume that bitcoin is a pest for them [government] because as the futures comes, bitcoin will be widely used in coming eras. Generally governments can't just ignore ths trend, because the will be left with the developments and improvement.
Jump to: