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Topic: Bitcoin Will Kill The Income Tax - page 27. (Read 29933 times)

legendary
Activity: 3346
Merit: 1352
Leading Crypto Sports Betting & Casino Platform
October 05, 2017, 09:06:36 PM
There is often a way to evade tax and Bitcoin is one of them, tax is not an concern in country, because people get little back from government so there is no need to do so, unless of course you want to go for political put up.

Taxes need to be paid, even if you are getting nothing in return. It is mandatory to pay the taxes. If you don't do that, then you will end up in jail. But there are legal loopholes out there, using which you can reduce the amount of taxes being paid. Or if you can afford, you can re-locate to another country, where the tax rates are quite low.
sr. member
Activity: 1400
Merit: 269
October 05, 2017, 08:59:46 PM
Nope, government centralized currency is actually needed for our daily lives in fact crypto currency will not replace their currency but rather coexist with it or if they decide to create their own token is really up to them cause the blockchain technology is really amazing because of it's impenetrable security unlike the buggy and vulnerable banking system lik mpst people use. Without income tax there will be no government facilities provided for the poor such as hospitals, schools and project or programs thst will progress a country.
full member
Activity: 504
Merit: 102
October 05, 2017, 08:52:34 PM
Government is, fundamentally, a monopoly on violence. Sort of like the freemen on the land, this assumes you can be tricky enough that the government will just sigh and give up. While they may not have access to your money, they will continue to have access to your self. And that self is going to be sitting in a cell for tax evasion if you think bitcoin is magically untaxable. Government will have way to get tx from you


In some instances bitcoin kill the income tax for the country. They will lose the substantial revenue for those people who will not pay the tax they have. But in some aspect the government should have a laws to be implement.
member
Activity: 98
Merit: 10
October 05, 2017, 07:40:43 PM
Government is, fundamentally, a monopoly on violence. Sort of like the freemen on the land, this assumes you can be tricky enough that the government will just sigh and give up. While they may not have access to your money, they will continue to have access to your self. And that self is going to be sitting in a cell for tax evasion if you think bitcoin is magically untaxable. Government will have way to get tx from you
newbie
Activity: 18
Merit: 0
October 05, 2017, 07:13:54 PM
There is often a way to evade tax and Bitcoin is one of them, tax is not an concern in country, because people get little back from government so there is no need to do so, unless of course you want to go for political put up.
sr. member
Activity: 1498
Merit: 271
DGbet.fun - Crypto Sportsbook
October 05, 2017, 04:14:18 PM
if you mean "kill" by largely allowing people to avoid paying taxes, you are sadly mistaken. first off, the bitcoin blockchain is clearly visible to everyone, including law enforcement. they will not stand idlly by and watch billions of untaxed dollars transact without getting their cut. it would be pretty easy to simply outlaw the remission of bitcoin; that would solve the problem pretty much over night, LOL. essentially, the government has too much control of the financial affairs of citizens to allow bitcoin to deny them tax basis. they will regulate it to dust before this happens Wink

I agree, Bitcoin blockchain being transparent is the best platform to implement taxes.  Plus government just need these exchanges and trading platform cooperation to take taxes from our profit.  Bitcoin Blochain will nit kill the income tax,  It will strenthen the taxation because people will see how much the Government is getting from these Bitcoin transactions and it is very visible to the eye of the people.  Corruption is threatened  with this blockchain transparency. Grin Grin Grin.
member
Activity: 112
Merit: 10
October 05, 2017, 03:56:25 PM
I heard that goverments already have tools that make tracking Bitcoin transactions easier than ever before. I don't know if it's true. I can understand that Bitcoin transactions aren't safe if you don't take proper steps. Even if they could trace every transaction, what will happen if mixing services become more and more popular? If more people use them, it will be harder to track every single transaction made on Bitcoin network.
legendary
Activity: 1148
Merit: 1048
October 05, 2017, 03:56:07 PM
if you mean "kill" by largely allowing people to avoid paying taxes, you are sadly mistaken. first off, the bitcoin blockchain is clearly visible to everyone, including law enforcement. they will not stand idlly by and watch billions of untaxed dollars transact without getting their cut. it would be pretty easy to simply outlaw the remission of bitcoin; that would solve the problem pretty much over night, LOL. essentially, the government has too much control of the financial affairs of citizens to allow bitcoin to deny them tax basis. they will regulate it to dust before this happens Wink
hero member
Activity: 2184
Merit: 531
October 05, 2017, 03:46:25 PM
OK I think that taxation is good and is necessary!
Without taxes how would a health service, law enforcement,
Social welfare system survive?

This is one of the reasons why bitcoin will never be legalised,
Unless there is regulation and related taxation it is not
Beneficial to society in general

The question is: are those things good, do we need them. We could say that health services are needed, but we are forced to pay our medical bills anyway!
When I go to the dentist I always pay because otherwise I'd have to wait in line for weeks to get an appointment. Same with most other things. You need an x-ray done? You pay! You need a home visit? You pay! The only thing my taxes cover are emergencies, like car accidents and stuff, but I could choose to pay for that myself! No need for taxes to riop me off. And I'm against the welfare system.
hero member
Activity: 2352
Merit: 905
Metawin.com - Truly the best casino ever
October 05, 2017, 03:42:45 PM
OK I think that taxation is good and is necessary!
Without taxes how would a health service, law enforcement,
Social welfare system survive?

This is one of the reasons why bitcoin will never be legalised,
Unless there is regulation and related taxation it is not
Beneficial to society in general
Of course it's necessary and without that goverment won't be able to develope but taxes has to be normal also, not very high. Still don't have any idea why these people thinks bitcoin is tax free. No man, where I live it doesn't matter what kind of currency you use, you have to pay some percent of your profit. If it's bitcoin, it will be converted in national currency. I know banks here pay to goverment for bitcoin services. It will be like that in every country.
legendary
Activity: 2380
Merit: 1343
October 05, 2017, 03:28:47 PM
OK I think that taxation is good and is necessary!
Without taxes how would a health service, law enforcement,
Social welfare system survive?

This is one of the reasons why bitcoin will never be legalised,
Unless there is regulation and related taxation it is not
Beneficial to society in general
newbie
Activity: 7
Merit: 0
October 05, 2017, 03:24:38 PM
With BTC as legal tender, you'll need no income tax. There was no income tax on US citizen, before the FED act.
full member
Activity: 266
Merit: 107
October 05, 2017, 03:06:33 PM
If bitcoin is accepted world wide to buy all the things like US dollar, then only income tax can be avoided.But, it is not the case.Every time, for buying anything, we have to convert bitcoins into fiat and so we have to pay tax for the fiat converted.To my knowledge, we could recharge our mobile and hardly buy products found in some offers online produced by individual persons. It would take a long time for us to avoid income tax on our bitcoin earnings.

Lol, if bitcoin can be accepted in the whole world then i guess a simple peron who has bitcoin can live through his life without using fiat. Eg(shopping,coffee,hotel etc) since btc is widely accepted he can pay all those through btc now the question would be is he evading tax pays?
It depends on the person using the Bitcoin, because it is the man's temptation to avoid and tamper his income's transparency. That is what the government is avoiding because if our world is a Bitcoin friendly worlds than I am sure that all countries will have a lesser national budget. Having a lesser national budget will equal to less development.
I figure bitcoin won't execute pay charge since exchanges is going on online , And the legislature will most likely make a move keeping in mind the end goal to keep the slaughtering of salary assess. Perhaps it is relying upon the nation.
newbie
Activity: 41
Merit: 0
October 05, 2017, 03:03:38 PM
In the UK cashing out cryptocurrency of any kind into FIAT is considered a taxable profit / investment - especially if there's a gain on that profit (i.e. you were paid in bitcoin for a service or product).

The thing is, as governments and regulatory bodies around the world become clearer on the path of cryptocurrency - they will adopt processes in order to explore the blockchain(s), the fact that cryptocurrency is openly available to everyone means anyone can monitor the balance of specific addresses, transactions and one thing that could become apparent is the closer links between how we exchange crypto for FIAT currency.

As all these things become a more standard way of completing transactions, regulation will catch up as it always has done for many of centuries before, and will continue to into the future.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
October 05, 2017, 02:32:57 PM
In terms of micro economics taxation is an evil, as pushes the equilibrium away from supply = demand. However, it is a necessary evil. A complete removal of taxation would not be to the benefit of anyone else than the extremely wealthy, if them. There are so many projects that are not profitable enought for a private company to go through with that needs to be done. Let's just take hospitals as an example. If they are completely privatized profitability would be the main objective. This would mean that a lot of people would die simply because they aren't lucrative enough customers. In the short term a removal of taxes might offer some more spending cash, but in the long term it dissolves what keeps a country together. So I surely do hope they find new, clever ways to enforce taxation.

I somewhat agree and somewhat disagree with you and your point

And I certainly understand what you refer to. Basically, you say that without taxes there won't be enough money to create the public infrastructure that people of all incomes can use (like hospitals, roads, and a lot of other things). But if we talk about fiat, the government already receives an inflation tax on every penny it happens to print. And it is not a one-shot event, i.e. every penny gets taxed all year round as inflation plows its way. Further, the government is likely the most inefficient structure out there in respect to using the taxes collected. Corruption is haunting every government since ancient times till now. So what makes you think that taxes as they exist today is a necessary evil? It is like saying that the government itself is a necessary evil. It is certainly evil but is it really necessary today?
full member
Activity: 172
Merit: 100
October 05, 2017, 02:12:32 PM
In my country most people have a lot of problems from income tax because mostly people are poor they have no strong financial support but they have to pay a large amount of income tax to government. So if the crypto currency will continue their success period in future just like past then off course people will get a big benefits from crypto currency and will kill the income tax.
full member
Activity: 434
Merit: 105
October 05, 2017, 09:43:50 AM
Unfortunately, in my country you still have to pay taxes when you are cashing out your coins and also you cannot cash them all out you can only do in in a limit this way you have to pay a lot of taxes if you want to cash everything out.
Yeah, I guess we're in the same country. We can't really avoid cashing out our coins coz we need fiat to buy stuffs. There are only few stores who accepts bitcoin as mode of payment and there are no malls that accept bitcoin. That is why we can't really avoid paying taxes if we convert our coins into fiat.
full member
Activity: 266
Merit: 100
October 05, 2017, 09:28:32 AM
Yes it is true, bitcoin will kill income tax for those who actually work in bitcoin and pay for transactions using bitcoin. but If he works in bitcoin and as a permanent worker in the company then he still pays income tax from salary results in the company.
newbie
Activity: 1
Merit: 0
October 05, 2017, 09:21:41 AM
As individuals we can all celebrate the death of income tax for a short while and spend the extra money on foot massages,.. BUT the idea of tax itself at its core is not an entirely bad one. We all to some extent make use of the public domain, shared infrastructure which has to be paid for. So at some point, the crypto economy has to address this need, hopefully in a much more efficient and less corrupt way than is currently the case. Ideally everyone is on the blockchain and part of the protocol is that all transactions carry a small fee that is collected by a global tax fund and goes towards building and maintaining public infrastructure. Perhaps some transactions can be exempt of the fee in the same way that we have today, for charities, educational institutions, etc.
member
Activity: 84
Merit: 10
October 05, 2017, 09:19:28 AM
This will reduce but not harm it
for example, they can force companies to always pay for their own accounts, so nothing will change in this case.
What will change it for many businesses, it will be easier for them not to announce some income (as they actually do with cash but easier).
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