Topic: Bitcoin Will Kill The Income Tax - page 24. (Read 29945 times)
If the government can not get income tax then I think they will change and adapt and otherwise they will try to punish your wealth, there are some governments who have studied the possibility to do that
I don't think so. Since Bitcoin is not a mainstream currency so that government don't include it as a local currency that is why Bitcoin is now out of tax. When the government will accept it as a legal and listed currency then Bitcoin will pay an amount of tax for the government. but if the government will not enlist it as a legal money then it will not be included in the taxation system. in that case, there will be a possibility of facing difficulties in the tax system.
bitcoin is still not taxable in my country, since bitcoin is not recognized by the government, it's possible that the government has legalized bitcoin to attract taxes from cryptoes.
The government will not let that happen. Especially when they knew that there are lots of bitcoin users that are existing. If they cannot manipulate bitcoin's inside core. They will definitely have to resolve it on the outside. But right now bitcoin is still anonymous and the government cannot identify yet the users of bitcoin so there's no need to worry. As long as there are people who do not use bitcoin, income tax will not die.
No, we are paying tax with our bitcoin. Unless you want to keep your bitcoin forever in your desktop wallet.
Government might not touch your bitcoin, but, they could touch the exchanges you are using. They may impose higher tax on those exchanges and ask many papers for its legality. in return, the exchanges might charge it to you when you are transacting with them.
If governments gonna tax centralized exchanges, people will move to decentralized "exchanges". 
Not "using Bitcoin" is wrong.
The income tax is wrong punishing people for hard work and innovations.
PIT and CIT should not exist. VAT as well, should be replaced by sales volume tax. That's all.
The reasons taxes exist is greedy politicians that tax you heavily on everything....
.... and then announcing that they gonna "give you" some in this or other form.
... and people love it, voting as we see ...
Not "using Bitcoin" is wrong.
The income tax is wrong punishing people for hard work and innovations.
PIT and CIT should not exist. VAT as well, should be replaced by sales volume tax. That's all.
The reasons taxes exist is greedy politicians that tax you heavily on everything....
.... and then announcing that they gonna "give you" some in this or other form.
... and people love it, voting as we see ...
The government will not let that happen. Especially when they knew that there are lots of bitcoin users that are existing. If they cannot manipulate bitcoin's inside core. They will definitely have to resolve it on the outside. But right now bitcoin is still anonymous and the government cannot identify yet the users of bitcoin so there's no need to worry. As long as there are people who do not use bitcoin, income tax will not die.
No, we are paying tax with our bitcoin. Unless you want to keep your bitcoin forever in your desktop wallet.
Government might not touch your bitcoin, but, they could touch the exchanges you are using. They may impose higher tax on those exchanges and ask many papers for its legality. in return, the exchanges might charge it to you when you are transacting with them.
Well it will definitely change the income tax the way we know it now. New approach will be needed also from the governments side if they want to keep getting the funds.
No there is not.
Because you will gain your coins from somebody for doing something.
The employer will still have to declare how much is paying you, if he is caught he risks a lot more, what is his incentive to do so?
If you own your own business you will still have to come out and say I've done this and that and have a profit of x $.
You can lie about this even now,but the risks are the same.
Furthermore with cash you could do tax evasion far easier, with coins you must be careful how many you move around as they might lead the IRS directly to your stash.
The government will not let that happen. Especially when they knew that there are lots of bitcoin users that are existing. If they cannot manipulate bitcoin's inside core. They will definitely have to resolve it on the outside. But right now bitcoin is still anonymous and the government cannot identify yet the users of bitcoin so there's no need to worry. As long as there are people who do not use bitcoin, income tax will not die.
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
You have a point that killing income taxes is a good idea but Bitcoin and the Government are not the same and different people are involve to it. And if tax will gone the country has no fund to do projects. Read The Full Article
Bitcoin will not kill the income tax. According to me, absolutely in the near future the government will resolve the ways of collecting taxes from Bitcoin.
Well it will definitely change the income tax the way we know it now. New approach will be needed also from the governments side if they want to keep getting the funds.
I agree and think this is one reason, perhaps the main one, why governments are wary of bitcoin. However, I think decentralized currencies are inevitable and cannot be stopped. Governments will have to find newer, more creative ways to gain revenue.
Of course, it killed the Income Tax.Take care of one thing, When you take the Bitcoin transaction, you have to pay a fee,It only gets Bitcoin authorities.It does not get anything from the government and income tax of that country.So I think Bitcoin completely killed Income Tax.
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.
I think this is the biggest problem governments have with bitcoin that potentially people can avoid taxation. However most people will buy bitcoin with money that they have already paid tax on. So until more and more people are paid solely and spending bitcoin it should not be a problem.
It may kill the income tax but the tax will only be shifted somewhere else. For sure in this global/crypto economy, they will know less about one's income.
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
The tax is calculated from the amount of property not where it may be, so if we have lots of bitcoin will still be taxed if bitcoin is reported to the country, if not reported, let alone the house bitcoin can not pay taxes Read The Full Article
imagine everyone save their money on bitcoin , goverment will didn't get income from tax at all , will government let that happen ? I think so , another civil war lol , unless government want to coorperate with bitcoin
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
I Agree with you, because as of the moment, bitcoin doesn't have any tax law. You will just have money without government interference.I think this is a good thing for people who want to earn more but its but for their country. Because without tax, we will no way of building Bridges and Highways.
There are some ways to collect taxes (directly at exchange) maybe it would be a unique percentage for all exchange. But with cryptocurrency this a very tough job. I think that world will be changed after crypto and for me it is a nice change.
I think government will have their own way to collect tax from bitcoin so we dont need to care about this Jump to: