Topic: Bitcoin Will Kill The Income Tax - page 21. (Read 29945 times)
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.
I think still tax rules applies in certain countries, more specifically in USA, although there is no clear guidelines. In case of any kind of source/captial gains which you could get after converting to fiat money.
Bitcoin is been treated as property not as currency as of now in USA for Tax purposes. I believe other countries also going to follow the same model until they come up with full regulations.
Bitcoin is been treated as property not as currency as of now in USA for Tax purposes. I believe other countries also going to follow the same model until they come up with full regulations.
To be honest this is a reality we all know that we may hide our assets or income using crypto and that is the reason why some countries are banning Bitcoin or Crypto currency. We all hope that Bitcoin and Altcoin price would go up, and we all know that bitcoin becomes attractive because of decentralization but in reality we need the government to help us in developing our own country. We may not agree with the politician specially the corrupts one but without the government there would be chaos. Without taxes no one would develop our countries, as simple as lighting on the streets are funded by our taxes. I hope all of us will be honest with our taxes, you may fraudulently avoid taxes but sooner or later karma will get you.
I don't see a way on how to hide your assets in bitcoin. Unless you are brave
enough to risk your assets to converting it to bitcoin. And besides once you have the coin
converted back to fiat it will be subject to taxes by most countries.
With the earnings that we can get in Bitcoin and other crypto since it is higher in any other regular jobs, I can say that IF only IF our government in any other country will manipulate this business our taxes will definitely kill our earnings. But this will not happen due to the fact that it will take a lot of time for them to interfere in this society (I put society since there's a lot of users 
)
) 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
To be honest this is a reality we all know that we may hide our assets or income using crypto and that is the reason why some countries are banning Bitcoin or Crypto currency. We all hope that Bitcoin and Altcoin price would go up, and we all know that bitcoin becomes attractive because of decentralization but in reality we need the government to help us in developing our own country. We may not agree with the politician specially the corrupts one but without the government there would be chaos. Without taxes no one would develop our countries, as simple as lighting on the streets are funded by our taxes. I hope all of us will be honest with our taxes, you may fraudulently avoid taxes but sooner or later karma will get you.
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.
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. 
That is one thing i like in Bitcoin, tax free it is really a good opportunity for an extra income besides having a daily job. This is also the reason why lots of Bitcoin users are doing full time Bitcoin because they control their time and of course they are getting the result of their hard work.
Libertarian lol, Bitcoin is not, and never was a Libertarian coin. It is a currency to replace 3rd party trust.
yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically
If you convert a large amount of fiat to Bitcoin all of a sudden, then the chances are that the tax authorities may trace that transaction. And in many of the nations, Bitcoin is very much associated with tax evasion and hiding of wealth.
yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically
If you convert a large amount of fiat to Bitcoin all of a sudden, then the chances are that the tax authorities may trace that transaction. And in many of the nations, Bitcoin is very much associated with tax evasion and hiding of wealth.
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
Why only income tax I think every tax will evade. All what we will pay is the miner fees. Common guys grow up this would really never happen. No tax means no govt. And no govt. Means a civic war. This type of society is absolutely non existent and just imaginary. Read The Full Article
yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically
i think its more "will income tax, or the lack of ability to collect it, kill bitcoin?"
and im thinking yes.
there is no need to try to attack bitcoin via its protocol (restricting web access; monitoring traffic). we need fiat to exist in this world at the moment if a government simply outlaws the conversion of bitcoin to fiat, thats pretty much it. people would be much less likely to accept bitcoin, knowing they would have to break the law AGAIN when they convert to fiat to pay a bill, or live. this doesnt even consider if the government understands how to read the chain ; if they do, catching one person is catching all the people they have transacted with, in an ever broadening web.
so there WILL be a way to collect tax from bitcoin, or bitcoin simply wont be
yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
Yes, the bitcoin source is not forever, it has a certain amount. For those who are still students or students, I do not think it is a reliable source of income. The amount of bitcoin you get is not stable and sometimes it takes a long time to wait. 
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
It would require a lot of effort for bitcoin to get rid of tax.. Read The Full Article
Bitcoin may not have the right amount of pull to get tax out of the Government. It would require an enormous pump and have that pump on going so more people can make money without worrying about taxes.
Bitcoin is capable of completely changing the world economy. But they hold him back. The government is afraid of the distribution of bitcoin, because it will lose control over the incomes of citizens
Bitcoin may not have the right amount of pull to get tax out of the Government. It would require an enormous pump and have that pump on going so more people can make money without worrying about taxes.
I could see the minority of people earning tax free income through bitcoin, but still paying income taxes through their jobs. As it becomes more prevalent, central governments will see trends of decreasing income and will begin to introduce additional tax policies which may not be income tax based, but will make the difference of lost income tax revenue and then some.
Two sure things in life are death and taxes... income tax might be avoided by some, but taxes will ALWAYS go up.
Two sure things in life are death and taxes... income tax might be avoided by some, but taxes will ALWAYS go up.
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