Bitcoin Will Kill The Income Tax - page 29.

Razick

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Quote from: deisik on October 05, 2017, 02:57:42 AM

Quote from: IceOleg on October 05, 2017, 02:35:34 AM

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.

cipher-x_09

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Not yet I guess if this come to happen we can say it's the start of the downfall of the economy of our country.But it's still a long way though even people prefer that much lesser but I think most people would much the simple and safe way,why? people would rather prefer their known way of method.

deisik

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Quote from: IceOleg on October 05, 2017, 02:35:34 AM

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

Pleione527

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This one reason why government wants to have control over bitcoin because they cannot impost tax for it. Bitcoin does not have any transaction trail which will became difficult for government to trace even the ownership is private this primarily will resulted to non impost of income tax and can really kills taxes of a country.

millgates

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Quote from: pushups44 on October 05, 2017, 02:02:00 AM

Governments will always find a way to generate revenue. If people stop paying income taxes due to technology facilitating tax avoidance, they may start imposing hefty taxes on the sale of cryptocurrencies and other assets to make up for income tax loss.

Yes, government can get the tax of bitcoin by instruct the merchants and businesess to apply the taxation in every costumers buys using bitcoin. Even IRS has arranged in detail about taxation in bitcoin, the bitcoin users must pay the tax using dollar not bitcoin so they have to make calculation first.

Marileno

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It may well hinder the funds that government will collect and therefore negatively impact the services we receive from said government. The problem is that the powers that be are not just going to sit around and do nothing. Bitcoin will be attacked and legislated against once it becomes big enough for governments to be concerned about.

malikusama

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

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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Taxation on bitcoins was the major issue governments have faced during the past couple years, but governments have managed to somehow slightly tackle this problem by regulating it.
To not use fiat or banking system and completely be with bitcoins is somehow seems unreal because still now bitcoin is not accepted as payment method in majority of the stores, retailers , market and restaurants etc.

IceOleg

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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.

And we should always remember - taxes are good! No one wants to pay them, but it's the source of money to kepp infrostructure growing!

dipok07

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Bitcoin transactions have not been recognized in many countries anymore. Since the transaction is always online, it does not have to go to the bank. That is why the government does not pay taxes. This may cause some damage to the country.

Japinat

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Quote from: Theb on October 05, 2017, 01:46:23 AM

Quote from: shawn995 on October 05, 2017, 01:39:20 AM

there should be some tax on crypto currency because when there is tax on crypto currency then most countries will start to involve bitcoin in their national currency due to which rate of bitcoin is increased quickly and also the security will also increased which can give more better future to bitcoin.

Bitcoin and any other cryptocurrency is still taxable whether or not it is considered as a currency on your country or not. The problem here is people that evade their taxes or who does not record their Bitcoin earnings as taxable and I don't know where they get the idea that cryptocurrency is not taxable. If the government sees people that evade taxes woth their Bitcoin they might take legal action with it.

The general law is you pay taxes when you are making an income but when there is no clear ruling about bitcoin in your country then I guess you are allowed not to pay taxes. Eventually when the government is ready to make a law about bitcoin and on how to manage the taxing requirements then that is the time that you have to comply, for now just enjoy the lack of law with bitcoin and keep all your income.

pushups44

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Governments will always find a way to generate revenue. If people stop paying income taxes due to technology facilitating tax avoidance, they may start imposing hefty taxes on the sale of cryptocurrencies and other assets to make up for income tax loss.

Theb

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Quote from: shawn995 on October 05, 2017, 01:39:20 AM

there should be some tax on crypto currency because when there is tax on crypto currency then most countries will start to involve bitcoin in their national currency due to which rate of bitcoin is increased quickly and also the security will also increased which can give more better future to bitcoin.

Bitcoin and any other cryptocurrency is still taxable whether or not it is considered as a currency on your country or not. The problem here is people that evade their taxes or who does not record their Bitcoin earnings as taxable and I don't know where they get the idea that cryptocurrency is not taxable. If the government sees people that evade taxes woth their Bitcoin they might take legal action with it.

Loopper

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Quote from: Flomo on October 05, 2017, 01:33:20 AM

I strongly agree with the tax on cryptocurrency, but of course it all requires a strong legal foundation, the tax will provide security invest with cryptocurrency because the state has protected it on the basis of law.

That's how I like bitcoin because bitcoin does not have a state tax that must be paid to the country, I like bitcoin because it is free and broad

shawn995

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there should be some tax on crypto currency because when there is tax on crypto currency then most countries will start to involve bitcoin in their national currency due to which rate of bitcoin is increased quickly and also the security will also increased which can give more better future to bitcoin.

Flomo

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I strongly agree with the tax on cryptocurrency, but of course it all requires a strong legal foundation, the tax will provide security invest with cryptocurrency because the state has protected it on the basis of law.

Finestream

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Quote from: josucoin on October 04, 2017, 09:05:05 PM

I believe that at the moment this is very difficult, but in the future the income tax has some change because of the BTC. Now, how and when exactly this can happen is difficult to know.

The government will not allow to lessen their tax collection, it's their lifeblood so they will do necessary things to address this possible problem.
Bitcoin is just a system that we can use to pay but the it will always end up with exchange sites then to our bank accounts, with that flow they know what to do in order to enforce collection to us, because if they cannot there is no reason of supporting bitcoin and they can easily declare a ban on bitcoin.

josucoin

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I believe that at the moment this is very difficult, but in the future the income tax has some change because of the BTC. Now, how and when exactly this can happen is difficult to know.

Karimeen

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Normal case it will not be possible to kill the income tax because at present the bitcoin operator can do his transactions freely but whenever one who is generating cash to one country that income can be taxed. Now only 10 ti 15 % of the people knows about bitcoin and its operational advantages in my country. Bitcoin can not invest for an asset.In that case I have to transfer bitcoin to local currency then only it can invested and that time it will be taxable.

Cindy1983

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This is what happening in my country nowaday

). There are a lot of people whom earn about 10k$ - 20k$ per month with Bitcoin but they don't have to pay any pennies for tax for government because Bitcoin is not legalized in my country so it's not considered as good or money so they don't have to pay tax for income from it. But the government in my country realized the profit of Bitcoin so they are trying to legalize Bitcoin in next 2 years

drm

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Be prepared to see every country/government try and do anything they can to stop this from happening.

Topic: Bitcoin Will Kill The Income Tax - page 29. (Read 29933 times)