Topic: Bitcoin Will Kill The Income Tax - page 25. (Read 29933 times)
I think that this will not happen because the government will be the first one to stop this if they see that it will afffect the income tax. All goverment projects come from our income tax and this is very important.
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.
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.
Are you sure with bitcoins we all peoples get rid from these income tax ? First of all bitcoin should famous same as money which maybe possible only in future. Second governments have all rights they can give commands to bank to cut some satoshi as income tax after ever transaction. So there can be two fee, one the bitcoin tx fee (deducted by the miners) and secondly the tax which government can take on transction with bitcoins.
I think it is happening and it is quite possible that it will be use or may be used in the past as to eliminate income tax but i think news sounds more like a publicity stunt and it seems like they are trying so hard to keep their users and don't lose their share of the bitcoin exchange market they currently have established. i think more of it there are some drawbacks of bitcoin and it is one them and need to be solved. Bitcoin will truly affect the taxation issues, but right now users were converting to flat through bank accounts and using it. This possibly help government to some extent to levy taxation based upon the banking transactions.
I agree with you, bitcoin will surely affect the income tax, if you earn money in bitcoin the government will not notice it because of the privacy given by the bitcoin. But most of the bitcoin users still paid income tax because they are employed so i believed it will not totally kill the income tax unless bitcoin will be legalized worldwide.
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.
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Well yeah but I don't think if Bitcoin would totally kill income tax because everytime we withdraw our funds especially here in my country it will be automatically deducted by tax since exchanges here are regulated by central bank. We are free of tax when it is only a peer to peer transactions. What actually kills our wallets is the super high transaction fee because as price goes high fees also is rising. I am not worried about taxes on our local exchange but only transaction fees. I know that we are not putting eggs in one basket so I think fees are more alarming than taxes. But unlike fiat everytime we pay bills and buy goods tax is applied. Our Bitcoins stored in our wallets are sometimes converted to fiat for personal and emergency use so we cannot espcape taxes in general. Read The Full Article
I think it is less accurate to say that killing tax revenue is more accurately said to reduce it because taxes can access through bank accounts or recorded assets but when people using bitcoin can no longer be accessed by any institution in the world because it is a decentralized and independent currency. but in this world everyone will continue to use the banking for other activities so that it can still be tracked by taxes.
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.
When cryptocurrency was become popular people use to involve in bitcoin. And become interested to use into it because the freedom to use without knowing of the government. Especially when every transactions that has no tax to be collected by the government. However, this is possible to kill the income tax started when massive adoptions increasing.
I think bitcoin will not kill the tax income, goverent still can get tax of bitcoin from merchants who accept bitcoin as payment methode. The IRS was regulate the taxation on bitcoin.
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.
It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon
Do you think that the governments will allow that to happen? If Bitcoin becomes the primary currency, then the value of the other currencies (i.e government issued fiat currencies) will go down. The government will lose its control over the economy. None of the nations are going to allow that.
Some nations might not have a choice and there will be nothing many governments can do about it unless you're a totalitarian nation and try to ban its use outright but it will still thrive underground. It will be interesting to see if a troubled nation adopts either bitcoin or a crypto as their main currency when their own fiat goes tits up. Places like the UK have already embraced it and know crypto is here to stay and have issued guidelines on how it should be taxed so I'm not sure how they could turn around 180 and then decide to ban it (and on what grounds) when it starts to get popular or threaten fiat. I don't think it will ever happen with financially stronger nations anyway but it would be awesome if it did over time become the defacto currency, but most of the mainstream will still fear it for it ever to replace fiat completely.
I think both the currency will be moving same time in future and it is upto the users to use which one just like paypal or anyother cash wallet service is using it. So their wont be any problem for fiat currency and cryptocurrency.
It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon
Do you think that the governments will allow that to happen? If Bitcoin becomes the primary currency, then the value of the other currencies (i.e government issued fiat currencies) will go down. The government will lose its control over the economy. None of the nations are going to allow that.
Some nations might not have a choice and there will be nothing many governments can do about it unless you're a totalitarian nation and try to ban its use outright but it will still thrive underground. It will be interesting to see if a troubled nation adopts either bitcoin or a crypto as their main currency when their own fiat goes tits up. Places like the UK have already embraced it and know crypto is here to stay and have issued guidelines on how it should be taxed so I'm not sure how they could turn around 180 and then decide to ban it (and on what grounds) when it starts to get popular or threaten fiat. I don't think it will ever happen with financially stronger nations anyway but it would be awesome if it did over time become the defacto currency, but most of the mainstream will still fear it for it ever to replace fiat completely.
Its a good topic to discuss. Currently Its difficult to see bitcoin will kill income tax, the use of bitcoin as a currency is still limited as compaired to other currencies. For many governments bitcoin transactions are suspicious transactions, because they have no control on it. If you are not paying any taxes on it will increase suspicion of govt. and govt. will try to find new ways to catch you. If you are using bitcoins for trades then its ok but whenever you will go to encash it govt. will ask you for the source as well as Taxes. Now a days governments are more interested in imposing Indirect Taxes rather than concentrating on Direct Taxes.
For what is occurring now to our technology the neighborhood in the entire globe are most frequently used the banking method and some in some other nations they utilized fiat. The place people two are centralized and we know that. So I guess if occasions come that bitcoin will become the forex of all nations around the world the taxes or earnings tax will absolutely vanish.
It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon
Do you think that the governments will allow that to happen? If Bitcoin becomes the primary currency, then the value of the other currencies (i.e government issued fiat currencies) will go down. The government will lose its control over the economy. None of the nations are going to allow that.
Are you sure with bitcoins we all peoples get rid from these income tax ? First of all bitcoin should famous same as money which maybe possible only in future. Second governments have all rights they can give commands to bank to cut some satoshi as income tax after ever transaction. So there can be two fee, one the bitcoin tx fee (deducted by the miners) and secondly the tax which government can take on transction with bitcoins.
It would be nice. But now it is impossible. Someday perhaps bitcoin will become the main "currency" and it will gradually become true, but I still think that it's not soon
For what is taking place now to our technology the local community in the entire globe are most typically used the banking system and some in some other nations they utilized fiat. The place people two are centralized and we know that. So I guess if occasions appear that bitcoin will turn into the currency of all nations around the world the taxes or revenue tax will completely disappear.
Since you are a new member of this forum I will spare you with just a lesson about taxes and why you are wrong. Even if what you are expecting that Bitcoin will be a dominant currency in the world it by no means will eliminate the income tax as Bitcoin earnings itself is still taxable in income tax and if you earn your Bitcoin through trading it will be taxable with a capital gains tax. Any person who thought you that Bitcoin earnings are not taxable are people who are just avoiding in paying their taxesThis is not necessarily so
I don't mean of course that your Bitcoin earnings can't and won't be considered as capital gains since they surely will. But this is not to say that capital gains are always taxable or all capital gains are taxable. There are a few countries where any capital gains are not taxable. These are mostly offshore countries like the Cayman Islands but still. Also, there are quite a few countries where some gains are not taxable. Foe example, in Switzerland there is no capital gains tax on trades of securities. In this way, you could well expect that some countries would exempt Bitcoin from capital gains tax altogether (even if there is none yet). This is likely the lesson that you may want to take home too
I don't think so. You don't have to pay the Bitcoin income tax only when Bitcoin is not legalized in your country but you'll have to when it's legalized. For example in my country a lot of lawsuit happened and it related to Bitcoin income tax but nobody had to go to jail because Bitcoin is not legalized in my country but if Bitcoin was legalized before they would have to go to jail because of tax evasion and in 2019 the government in my country will completely legalize Bitcoin in here.
Who cares?! We already pay enough bullshit taxes. It's time that we choose what to do with our money instead of the stupid government that spends your money on bullshit!
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