Maybe this is a good article, but it does not really build an original statement that's that simple.
Bitcoin tax killing income which is one of two things, a minimalist form of government or a government that is more related to the government that oppresses private rights and oversees all life forms of its citizens. usually a country that adheres to it.
Topic: Bitcoin Will Kill The Income Tax - page 28. (Read 29933 times)
There is constantly a way to evade tax and Bitcoin is one of them, tax is not an concern in country, simply because people get small again from government so there is no need to have to do so, except if you want to go for political publish.
Bitcoins are accepted in our country, but with taxes or fees already for transaction purposes. Even if the government is not yet acknowledging bitcoin we are already paying fees. How much more if they would. Will bitcoin still be profitable.
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.
Money and tax collectors have always been playing cat and mouse. the tax collectors will get more clever - if they havent already and figure out ways of extracting tax when they need to. They are not going to give up just like that, dont worry.
Yes Bitcoin will kill the income tax. Governments/banks needs money from the people thats why they impose more taxes. its not a healthy income. Governments are corrupt. Bitcoin is the answer of all the problem that we are facing in our country (TAX). Soon governments will merge to blockchains to help their economy to grow more
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
Bitcoin had created to decentralized and different from any currency of a country.
Yes, sending bitcoin is not restricted by state border and people can avoid taxes by doing it when every remittance require high fees but not for bitcoin. People could invest in bitcoin and avoid taxes, that's why IRS forced coinbase to hand over the identities of customers who made transactions through the company over three years in US. They want their taxes for sure, soon another state will follow this step, hopefully not in mine.
As quoted if bitcoin is legalised people will pay tax giving value to it. At the same if its legalised it will come under a central authority which is not good for the growth of bitcoin. For this reason people could pay taxes even before legalised based upon the transactions made or based upon the profiting.
It will reduce tax but not kill it.
For example, they can force a company to always pay salary using the same account and at the end of year they send this information same as they do know, tax knows how much you earned as company send this info, so nothing would change in this case.
What will change it's for many business it will be easier for them to not declare some incomes ( as they actually do with cash but more easy).
For example, they can force a company to always pay salary using the same account and at the end of year they send this information same as they do know, tax knows how much you earned as company send this info, so nothing would change in this case.
What will change it's for many business it will be easier for them to not declare some incomes ( as they actually do with cash but more easy).
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.
That is, if you are going through the legal route. There are thousands of options out there to avoid taxes and it is up to you whether to use these methods or not. For example, you can order pre-paid Bitcoin debit cards from various service providers and withdraw fiat cash from the ATMs.
Yes I agree you don't need to be a saint and go through the legal route, all you need to avoid the platform that take your private details, like name, address or any legal documents. Say if you have your coins, on coinbase.com or electrum how in the world will your government find out you have coins, all you need to transfer it to someone abroad or here in the forum or local Bitcoin. Ways are many, if I wanted to pay taxes why would I use Bitcoins.
I don't this think will actually be the case in the majority of instances. The tax authorities have gotten very good at identifying all forms of schemes where people avoid tax and while you might be able to accumulate BTC you will most likely be nabbed once you go to spend it.
Try explain the new Lambo when you are on minimum wage?
Try explain the new Lambo when you are on minimum wage?
It seems to me that for a long time need to change the approach to taxation.Income tax should be repealed and leave only the turnover tax.If a person keeps the money in the account they are working on the development of the economy.When a person spends money he pays sales taxes.
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.
That is, if you are going through the legal route. There are thousands of options out there to avoid taxes and it is up to you whether to use these methods or not. For example, you can order pre-paid Bitcoin debit cards from various service providers and withdraw fiat cash from the ATMs.
I agree that there's a lot of options to do that, but the idea about that it will kill the income tax is not certain at all. That's why it should be categorize that fiat must be taxable and digital type of currency is not.
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
yeah! i absolutely agree in this topic! bitcoin will kill the income tax, so its good to be know the bitcoin by all of the people in our society . i think that because some country can't allowed bitcoin in their country because of its characteristics. bitcoin can't collect any interest or tax in you. its 100% guarantee. what you earned is what you get. it don't get any form of taxes. so the government does not allowed it because they know if the people knew about the characteristic of bitcoin it can be a issue or crisis in the government place. Read The Full Article
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
Bitcoin had created to decentralized and different from any currency of a country.
Yes, sending bitcoin is not restricted by state border and people can avoid taxes by doing it when every remittance require high fees but not for bitcoin. People could invest in bitcoin and avoid taxes, that's why IRS forced coinbase to hand over the identities of customers who made transactions through the company over three years in US. They want their taxes for sure, soon another state will follow this step, hopefully not in mine.
As quoted if bitcoin is legalised people will pay tax giving value to it. At the same if its legalised it will come under a central authority which is not good for the growth of bitcoin. For this reason people could pay taxes even before legalised based upon the transactions made or based upon the profiting.
Most likely the government will find a way to control cryptocurrencies transactions, that's what they start to do in China, that's going to happen all around the world soon. At the country where I live now (Vietnam) they are planning to make BTC an official payment method for governmental services - I'm sure that one of the ways they want to get taxes from citizens
Are you sure of that?
Since if you are and the government is really going to accept Bitcoin as a means of payment for public services, that basically means that you can pay taxes in Bitcoin directly. Taxes (as you yourself imply) by their very nature are the payment for such services (i.e. "the source of money to keep infrastructure growing"), and paying taxes in some token effectively makes this token into a legal tender since the definition of legal tender is exactly that, i.e. a means of payment for all public debts, taxes, and duties
The only way governments would be able to tax Bitcoin is if they do what you just said - require payment in Bitcoin directly. Otherwise good luck trying any other method. And someone just proposed they tax exchanges. In my view this is actually the best option that governments have at this point as they can track each person's trades and tax based on that. Everyone would need to upload their IDs and such and have one account only per person
This won't work out for obvious reasons
And it is not just about taxing Bitcoin specifically or Bitcoin exchanges in general. Ultimately, it is about taxing everything (mostly the profits of companies and corporations), and this is where tax havens and offshores massively kick in and effectively destroy all such efforts on the government part. In other words, the "methodology" of rendering government interference futile, null and void is already there, has been there for decades, and is pretty polished and robust as well as efficient and effective
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.
That is, if you are going through the legal route. There are thousands of options out there to avoid taxes and it is up to you whether to use these methods or not. For example, you can order pre-paid Bitcoin debit cards from various service providers and withdraw fiat cash from the ATMs.
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.
I think there are already imposed tax on every cash-in and cash-out transaction we made, in my country coins.ph my wallet provider paid tax for their services in our government.
Unfortunately, you need to pay additional taxes once you cash out your coins. Whatever tax paid by coins.ph is for the service of trading Bitcoins. But whatever profits you get out of the trade is not tax-free. Depending on the duration of the holdings, you may be needed to pay long term or short term capital gains tax.
There's still a long way to go as majority of people in this world don't even know what bitcoins is,but yes bitcoins can kill taxation.But there will rise some problems too like if income tax is completely killed the budget balance might get out of place which can lead to many problems.
I read the article overall the idea is pretty cool.
I read the article overall the idea is pretty cool.
I think there are already imposed tax on every cash-in and cash-out transaction we made, in my country coins.ph my wallet provider paid tax for their services in our government.
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