Bitcoin Will Kill The Income Tax - page 22.

migolmigol

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Quote from: thejaytiesto on December 06, 2016, 06:21:34 PM

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)

I agree. Bitcoin, even if its been existing for several years now, has a lot to prove as the government still sees it as a mean of transacting illegal drugs. So now, in our country, tax is not yet imposed for Bitcoin. But in the future if Bitcoins continues to provide income to the users, they might even impose a tax solely for it.

NelfiNovita

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Quote from: larryfromjapan on December 06, 2016, 06:40:32 PM

personally I cnat with for that to happen. Thats the only way we will get a balanced budget.

of course because the income from bitcoin is not taxable, therefore this will have a big impact on income tax, if more and more bitcoin users will be very influential on income tax.

for the foreseeable future the rules may change.

madwica

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the only thing can effect income tax of the government if more people got unemployed and focus on bitcoin, but most of the people are treat bitcoin as other source of income that is why it will not give big effect on the income tax. and i think bitcoin will not be subjected to tax because it is decentralized currency which government can not do some laws on it that is why for me much better that bitcoin will be not legally adopted in my country and continue to increase the income of the people who are earning in bitcoin.

tmaleha

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For time being it is not possible, to kill the Income Tax Bitcoin has to be used for salary payment through bitcoin and which is not possible. If Bitcoin will officially accepted by all country government we can expect this can be took place.

AT Present It is not possible.

Didle1938

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For what is taking place now to our technology the community in the entire globe are most typically employed the banking program and some in some other countries they utilised fiat. Exactly where these two are centralized and we know that. So I guess if occasions occur that bitcoin will become the currency of all international locations the taxes or income tax will entirely vanish.

wantjokull

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

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

But don't you think that it's great to have it taxed for betterness of economic system. The economy of nation as well as circulating economy of crypto world itself. The taxing won't be bad if it's levied by the government. Im actually hoping that most of the government applies the tax on bitcoin and we get it as more trusted crypto and use it in real life.

That's bitcoin won't kill tax if applied.

alani123

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I think the case for income tax in the following years would be that it'd get some increased ease of use but definitely not be killed. It's an integral part of state structures and bitcoin isn't necessarily an enemy of states. Thing is, bitcoin can peacefully co-exist with FIAT money, with each system drawing from the benefits of each other.

Fappanu

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

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 this is true, because a lot of people are quitting their jobs to earn bitcoin. Bitcoin can provide you a lot of income that your job can't provide you even if you work your ass out for 8 hours a day and six days a week. Bitcoin income is not subject for income tax, so that's why I think bitcoin can kill income tax. Let's just hope that the government will not find out.

deppil

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Quote from: Finestream on October 18, 2017, 06:16:40 PM

Quote from: rodskee on October 18, 2017, 05:41:25 PM

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Working in regular day job is good but we will be force to pay taxes because the company we are working are the witholding agent so they can easily deduct taxes from our salary. However, if we want to increase our income bitcoin is the best answer because you can work online and earn bitcoin without any tax deduction, we do not have the responsibility to remit taxes since there is no law that requires us to do so.

yeah it happens to me too, i work in a company and when I get a salary every month, my salary is always cut by the company to automatically pay income tax, thats right if you want to avoid taxes then you can try to work and earn money in bitcoin, nobody will ask you any taxes, maybe even anyone including tax officials like IRS will not know you're a bitcoin user,,

criz2fer

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Quote from: Harlot on October 18, 2017, 10:44:38 PM

Quote from: Hamstead on October 18, 2017, 10:21:49 PM

Quote from: Gabb on October 18, 2017, 06:25:26 PM

I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

You right, the numbers of bitcoin holders are not enough to wipe out taxes imposed by the governments. But it could certainly affect it's collections as number of bitcoin holders are increasing, it will automatically decrease unless the government will imposed mandatory to pay taxes. And it could be possible to happen if bitcoin and other cryptocurrencies will become legalized.

You are right but Bitcoin is gaining popularity everyday and some day in the future it will have a massive effect on the income tax if people with businesses and even inidividuals abuse the untraceability of Bitcoin. The only solution I see is the government taking action by regulation such as identifying yourself as the owner of your Bitcoin address so that the government can monitor the transactions you are having.

I think it would take a few more years to tax bitcoin because how can the government identify all the addresses used by one person? I think it was enough to tax the business present in the country for the supply of their finances. If the bitcoin will be taxed, i think it should not because we are paying fees for every transaction we are making which depends on the platform that we use.

ab007

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Yes its an age of crypto currency as every one is possibly to have peer to peer transaction so there will be no such sort possibly income tax or stuff like that and the online trading will be flourished and every one will making their bitcoins greater in number.

Harlot

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Quote from: Hamstead on October 18, 2017, 10:21:49 PM

Quote from: Gabb on October 18, 2017, 06:25:26 PM

I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

You right, the numbers of bitcoin holders are not enough to wipe out taxes imposed by the governments. But it could certainly affect it's collections as number of bitcoin holders are increasing, it will automatically decrease unless the government will imposed mandatory to pay taxes. And it could be possible to happen if bitcoin and other cryptocurrencies will become legalized.

You are right but Bitcoin is gaining popularity everyday and some day in the future it will have a massive effect on the income tax if people with businesses and even inidividuals abuse the untraceability of Bitcoin. The only solution I see is the government taking action by regulation such as identifying yourself as the owner of your Bitcoin address so that the government can monitor the transactions you are having.

Hamstead

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Quote from: Gabb on October 18, 2017, 06:25:26 PM

I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

You right, the numbers of bitcoin holders are not enough to wipe out taxes imposed by the governments. But it could certainly affect it's collections as number of bitcoin holders are increasing, it will automatically decrease unless the government will imposed mandatory to pay taxes. And it could be possible to happen if bitcoin and other cryptocurrencies will become legalized.

phpartisanmaster

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Quote from: rodskee on October 18, 2017, 05:41:25 PM

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Bitcoin will be having a hard time accepting that bitcoins does not have a tax and it will be a huge advantage to an employee because it was really hard to work in the corporate world and earning just a minimum wage.

BeGoods

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Quote from: Finestream on October 18, 2017, 06:16:40 PM

Quote from: rodskee on October 18, 2017, 05:41:25 PM

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Working in regular day job is good but we will be force to pay taxes because the company we are working are the witholding agent so they can easily deduct taxes from our salary. However, if we want to increase our income bitcoin is the best answer because you can work online and earn bitcoin without any tax deduction, we do not have the responsibility to remit taxes since there is no law that requires us to do so.

Besides that many people also hide their money and assets in bitcoin. certainly their goal to avoid taxes from the government because the government will audit all your valuable assets and assets and then provide taxes. so do not be surprised if the government is afraid the development of bitcoin because there are many people hiding their assets in bitcoin due to tax avoidance and of course it will hurt the government

Gabb

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I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

Finestream

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Quote from: rodskee on October 18, 2017, 05:41:25 PM

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Working in regular day job is good but we will be force to pay taxes because the company we are working are the witholding agent so they can easily deduct taxes from our salary. However, if we want to increase our income bitcoin is the best answer because you can work online and earn bitcoin without any tax deduction, we do not have the responsibility to remit taxes since there is no law that requires us to do so.

rodskee

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Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Bitcoinjheta

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Quote from: Cherylstar86 on October 18, 2017, 05:16:23 PM

Quote from: Japinat on October 16, 2017, 02:12:48 AM

Quote from: NorvsGanda on October 15, 2017, 09:24:47 PM

Yeah I already see that coming. If bitcoin has already popular or common to the industry, I mean every person are doing bitcoin then it means that their income has no tax. They can earn so much money without thinking that they have tax to pay. That is also the reason why some government is threatened in bitcoin.

This would be a big challenge for the government now, they control they create the law and therefore they have the power to regulate or make a law that will favor to them. However, as the decentralized tokens are now more popular, this will minimize the collection of income tax by the government as anyone can under declare or hide their real income, let's just wait and see what they can do.

Sounds interesting and worry free at the same time. I think it will only happen if government allows bitcoin to operate in the economy but the chance in my country is too low. I don't even think that bitcoin won't work at it for I know it has something bigger view than what I expect. In doing so,I become more mature in using bitcoin. My idea avout taxes in the society seems clearer and clearer to me now. I guess bitcoin will kill the income tax and I guess everybody will be happy with that especially those who have children. It such a greta idea. And,if that happens,it's an honor from bitcoin.

I agree with it, to specified only in bitcoin will kill the income tax but there is the contribution happen behind those burdens of government, the people who earn through bitcoin are spending it a goods and every things for the financial aspect so economy will gain also even though the bitcoin kill the income tax.

Cherylstar86

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Quote from: Japinat on October 16, 2017, 02:12:48 AM

Quote from: NorvsGanda on October 15, 2017, 09:24:47 PM

Yeah I already see that coming. If bitcoin has already popular or common to the industry, I mean every person are doing bitcoin then it means that their income has no tax. They can earn so much money without thinking that they have tax to pay. That is also the reason why some government is threatened in bitcoin.

This would be a big challenge for the government now, they control they create the law and therefore they have the power to regulate or make a law that will favor to them. However, as the decentralized tokens are now more popular, this will minimize the collection of income tax by the government as anyone can under declare or hide their real income, let's just wait and see what they can do.

Sounds interesting and worry free at the same time. I think it will only happen if government allows bitcoin to operate in the economy but the chance in my country is too low. I don't even think that bitcoin won't work at it for I know it has something bigger view than what I expect. In doing so,I become more mature in using bitcoin. My idea avout taxes in the society seems clearer and clearer to me now. I guess bitcoin will kill the income tax and I guess everybody will be happy with that especially those who have children. It such a greta idea. And,if that happens,it's an honor from bitcoin.

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