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)
This is possible because of the potential huge number of users, some will prefer to earn with bitcoin. Decentralization will be a main factor why peiple will choose to join forums here. The people will enjoy their salaries fully with no taxes involved. In the future, the goveenment will soon smell that Bitcoin had already snatched part of the governments revenue and might soon shut bitcoin from whatever country they belong to. 
Topic: Bitcoin Will Kill The Income Tax - page 23. (Read 29945 times)
Goverments WIlL find a way to be able to get their taxes, don't forget... there are a lot of different taxes, not only on the cash money people own, but also on houses, use of roads, cars, etc..
So.. getting rid of taxes never happened before and won't happen in the future..
The thought of not having to pay taxed no longer would be nice offcource, but it will stay a dream
So.. getting rid of taxes never happened before and won't happen in the future..
The thought of not having to pay taxed no longer would be nice offcource, but it will stay a dream
After the crypto currency has declared itself to the states with great force and they realized that it already can not be ignored, as before, most states began to study its nature and possible methods of influencing it. According to the results of such a survey, no state could prohibit the circulation of the crypto currency in its country and it is only natural that they decided on a certain regulation of the crypto currency. One of the methods of regulation is the establishment of profit tax on operations with crypto currency. This is quite natural and is the right of every state. Most citizens will pay such a tax under the threat of sanctions. A certain part of the users of the crypto currency, it is possible, will evade the payment of tax. However, this will not affect the very essence of this process, and therefore the crypto currency, even in principle, can not kill the tax.
Because of decentralization, taxes in every transaction in the blockchain has no space in bitcoin. That's the good thing about in bitcoin, I guess this things will still remain. Because we all knew once it become centralized, there going to have a restriction for sure.
russian regulators already found way to identify, tax, and license crypto Miners, how long it would take to find a way to tax on every bitcoin transaction? https://www.bitcoinmarketinsider.com/russian-regulators-found-way-to-identify-tax-and-license-crypto-miners/
I've never heard anything like that
The title of the article is misleading. What the Russian authorities are actually going to do is to heavily regulate Bitcoin mining since issuing private money (the so-called money surrogates in the Russian Central Bank's parlance) is strictly prohibited by the Russian law under the threat of severe criminal punishment. Obviously, Bitcoin (and its mining) is different (given that everyone is welcomed to mine it on their own), so they intend to create a "registry" of Bitcoin miners (and likely that of miners of other cryptocurrencies as well). But this is nowhere close to "finding a way to identify cryptocurrency miners". I guess no miner in his right mind is going to enroll in this registry
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 investors always know that investing in cryptocurrency will never be taxed, so gradually, taxation becomes voluntary because they can slip the tax. So whether I want or do not want to, I think taxation is necessary for state agencies to operate just as if you had to pay a fee for every transaction.
On the other hand the bolded part, ripe for disruption. Taxations are developing into one direction only. Historical example: The taxation of champagne in Austria ordered in 1902, by the Austrian Emperor to fund the naval forces. They are located on the mainlands! We are in 2017 today. Guess what, this tax prevailed. That fleet got grounded in the meantime.
Taxation should not be a one way road, and prevail forever without the underlying reason to exist no more.
No living beeing can excape death, nor taxes. The state will always know where someone keeps a living, location of your home, and using which funds, by blockchain analysis. The avoidance accusation is overstated. The opposite is true, taxes darely need to be disrupted.
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 investors always know that investing in cryptocurrency will never be taxed, so gradually, taxation becomes voluntary because they can slip the tax. So whether I want or do not want to, I think taxation is necessary for state agencies to operate just as if you had to pay a fee for every transaction.
russian regulators already found way to identify, tax, and license crypto Miners, how long it would take to find a way to tax on every bitcoin transaction? https://www.bitcoinmarketinsider.com/russian-regulators-found-way-to-identify-tax-and-license-crypto-miners/
Yes I really see that bitcoin wii kill the income tax. Because bitcoin not taxable. But it is not a affect their tax income. Because all the things we do and all the things we buy is punishable by tax. Honestly speaking non taxable income is the reason why was the government did not like a bitcoin. All they want is the activity that they earn tax to use ther over prices projects. They say that tax is the uses to us to. But in the real world our tax or vat are use for their high salaries. While their living in high social life because of our tax,we work hard to pay our tax.
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.
Sooner or later bitcoin will be taxed by the government. If we can see it, little by little they are imposing regulations so that bitcoin cannot be used as a medium of corruption and its users to be free from scammers.
Though right now, bitcoin to bitcoin transaction has no tax, but soon, maybe bitcoin to fiat transaction might be taxed by the government. Who knows, they are studying what bitcoin is and they want to do it slowly.
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. 
Perhaps Government right now, are looking counter measures to lessen the impact of threat. China already banned ICO industry, Who will be the next?
Hehehe ... Chinese finds their way to get some ICOs. Use VPN or similar Tor schemes.
Please take a look at U.K. based exchange called Mercatox. They have ICO procedure where some coins are sold this way.
Please check Alexa traffic for this UK based exchange. A nice part of this traffic comes from China.
Amen.
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.
At present, limited people in our area are user's of bitcoin, but using bitcoin is a big threat to a country, Because it is decentralized and they hardly find solution to stop this business due to its users adaptation and good source of income to the mass. Perhaps Government right now, are looking counter measures to lessen the impact of threat. China already banned ICO industry, Who will be the next?
When we exchange bitcoin to moneythe remitance or the exchanger have taxes whenever we will exchange it.. the so I think it will not cut the taxes BUT if bitcoin will be the mode of payment directly It will possibly take advantage of that.. that is why manybof governments are not accepting bitcoin because of its technology...
But I think it will not gonna happen because 20% of the people are only literate and knows bitcoin
But I think it will not gonna happen because 20% of the people are only literate and knows bitcoin
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
There's only few number of people who uses bitcoins compare to the global population. The issue you mentioned will not be reflected in the present society. Income from bitcoins is not taxable and it's a high amount. That could be the reason why other counties ban bitcoins. They are paranoid that if more of their citizens invest in bitcoins and earned a lot, there tax revenues will diminish.
Bitcoin will not kill the Income Tax. A very less people only using Bitcoin and what ever we earn we are spending it some how. Only bitcoin income only not taxable. If the whole world use Bitcoin then government will take a serious steps on Bitcoin Income to be taxable that time may me it is possible but there is long way a head for this to happen.
Bitcoin is already killing income tax. Governments need to find another way to solve how to colelct taxes as the use of cryptocurrency grows.
Bitcoin will get rid of the earnings tax? Effectively, for me it is attainable but I believe bitcoin nevertheless has a long way to go. Apart from, bitcoin is still not suitable worldwide. And also, the federal government can't keep on all their project if there will be no earnings tax! We require to just take that into thought.
In some factor , but I don't think the government will surely find ways how they will tax the bitcoin. they will surely invest into the technological infrastructure just to monitor and regulate the bitcoin business.
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