Topic: Bitcoin Will Kill The Income Tax - page 30. (Read 29945 times)
There's no way for that to legally happen. If someone wants to do something to get around their taxes they will eventually get caught. Taxes serve a purpose and despite the fact that we have overlooked a few criminal acts during our clients lives we would never Overlook tax evasion. If we do one of our clients was attempting to evade taxes we would personally wash them down to the courthouse and throw them through the front door.
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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In your opinion, is it a good idea to deliberately avoid taxes in your country? And thereby destroy it. In my opinion, this is extremely irresponsible and immoral.
Because of such pazitsy as your, bitcoin and other crypto-currencies are considered as a cover for criminals.
In addition, not everything is so simple. It is always easy to replace the income tax with the value-added tax.
Income tax is an idea from past.
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT
I couldn't disagree more with this view
If taxes should be levied on expenditures, people would be disincentivized from spending altogether. This is one of the most dangerous things that could happen in modern day economies which are built on and around spending. Right now, the reverse is true, people are actually made into spending by small interest rates, i.e. they spend more than they earn. This may not be a good thing (though opinions vary), but this gives boost to the economy
Income tax is an idea from past.
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT.
Amassing of wealth in form of property movable, immovable can be taxed at inheritance. So, if people will be deterred from amassing and passing to next generations.
This will create a perfect society.
well we cant change everything in just a split of seconds but if crypto succeed this concept of taxation will be change and I guess it willTax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT.
Amassing of wealth in form of property movable, immovable can be taxed at inheritance. So, if people will be deterred from amassing and passing to next generations.
This will create a perfect society.
be improved we just needed to wait for the system to be well adopted and accepted by most government.
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
I think there really is a distinct reality that this is a possibility as there is no current income tax regulation for cryptocurrencies or electrical money if you will. It bypasses a large amount of checks and balances that happens in regular currency and money as is so evident in salaries and many more. Bitcoin can bypass this by being technically money yet not yet money as this is still in the system and not yet encashed however given a chance the gocvernment is sure to jump on this.
Income tax is an idea from past.
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT.
Amassing of wealth in form of property movable, immovable can be taxed at inheritance. So, if people will be deterred from amassing and passing to next generations.
This will create a perfect society.
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT.
Amassing of wealth in form of property movable, immovable can be taxed at inheritance. So, if people will be deterred from amassing and passing to next generations.
This will create a perfect society.
thats why in my country the bitcoin is easy to become legal to escape the tax and goverment not introduce to other because imagine whole country use bitcoin then what happen to the country if theres no tax?
income tax has a good side too, it helps the poor children to have a good education for free here in my country, but sometimes those who are popular, those who are in the goevernment they are to leader to not paying the taxes, so for me it is good to kill tax but bitcoin earners must put some to the budget for the education of the children. 
I think this is good news. After all, at the moment the tax authorities collect very high interest from the wages of ordinary hard workers. People hope for a happy future in old age, for large pensions and benefits. But in fact they receive a mere penny. If bitcoin will help solve this problem, it will be very cool. But on the way, he will unequivocally meet with resistance from the authorities.
thats why in my country the bitcoin is easy to become legal to escape the tax and goverment not introduce to other because imagine whole country use bitcoin then what happen to the country if theres no tax?
The government will not let that happen imo, income tax is one of the major source of government's funds, government will be alarmed with what bitcoin can do and they will absolutely make some laws or regulations regarding taxation of cryptocurrencies, also bitcoin fees should be fixed by the devs asap or bitcoin will really have a serious problem.
Bitcoins may kill income tax ,as we all know that bitcoins are decentalised and also have an anonymous nature.
The transaction are anonymous no one can actually track the traders.
The government won't be able to look into our accounts like they do in banks and charge income taxes, this could also be a major reason why the countries are not accepting Bitcoins as a currency.
The transaction are anonymous no one can actually track the traders.
The government won't be able to look into our accounts like they do in banks and charge income taxes, this could also be a major reason why the countries are not accepting Bitcoins as a currency.
Here at Philippines 🇵🇭 there's no excuse on income taxes our government
As long there is money involved no one is excused
I don't think bitcoin earner in the Philippines are paying tax to their government so I dont think its right to say that " if there is money involved no one is excuse" there are a lot of people who are having business without paying tax in Philippines because they don't have legal permits like for example online seller and all.As long there is money involved no one is excused
As of today i think this assumption is totally impossible from happening. This could only happen if both the employer and employee will agree that bitcoin will be the means of their compensation which will then effectively reduce income tax gathered by government. But this kind of situation will not happen right now since only a few or close to no one would accept bitcoin as salary because of its price volatility.
thanks for the article, very good, in my opinion this can only happen if everyone is working in bitcoin, and no more doing transaction in bank. but this is impossible because before this happens, surely the government has moved to anticipate this until it happens, because if this happens then a country that has no income from taxes, then the country will be chaos
There can be several scenarios. The government can tax the Bitcoins, when they are being converted to fiat. Also, the government can tax the exchanges as well as the users. The authorities can also implement a GST/VAT targeting services such as Bitpay and Coinbase.
In short, the government may lose income tax, but it will gain in terms of GST/VAT.
We are living in our states and we need to save money for it so that in case of any bad time, there won't be financial crisis. However, no government can place direct tax on bitcoins. Our bitcoins are not deducted but our salaries do.
Here at Philippines 🇵🇭 there's no excuse on income taxes our government
As long there is money involved no one is excused
I don't think bitcoin earner in the Philippines are paying tax to their government so I dont think its right to say that " if there is money involved no one is excuse" there are a lot of people who are having business without paying tax in Philippines because they don't have legal permits like for example online seller and all.As long there is money involved no one is excused
I dont know how many people did declared they had bitcoins, but im pretty sure the most of them are hiden their portfolio, i do know a lot p2p traders wich i do believe just mooves some volume of money wich they had already leaving their profit into bitcoin already, soo they are avoiding the taxes already. I do believe one day countries will legalize bitcoin and without any tax over it, soo we will be able to cashout our coins without have to pay the big tax over the profit, thats just 35% from the profit actually.
yeah absolutely bitcoin will eliminate the earnings tax. Because none of the goverment can regulate it simply because of its anonyous nature. Truly its heading to be a threat to all governments in the planet exactly where taxes are there. Since bitcoins are nameless it will be tough to get the income tax from the men and women. If government doesnt get earnings tax, how will goverment function effectively. How salaries will be paid out for authorities officers. How authorities is likely to endure.So absolutely all governments will ban or control the usage of bitcoins in potential. Definittely they will locate a way to regulate it. Normally it will have an effect on the economic system of the place.
Bitcoin will not kill taxes as this will be unprofitable for the government. If the government sees that the payment of taxes will be sharply reduced, they will simply prohibit the crypto currency.
Sorry in advance, what do you come from? Because in my country bitcoin does not yet have a strong legal foundation and my government has not legalized cryptocyrrency, so when I earn income from bitcoin I am not cut by income tax
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
Well, I don't think, that will be the case all the times. Actually, there are only few people in every country who use bitcoin. Another thing, it doesn't give a great impact in terms of taxation. There are only few establishments and business that accept bitcoin, and that doesn't share a huge part for the income tax. In my opinion, that shouldn't be a big deal for the government unless ALL people uses bitcoin in their daily transactions. And the worst thing that might happen is that when the government will start banning the use of bitcoin IF PEOPLE WILL NOT PAY TAX FROM USING IT. Read The Full Article
The government may be too late with their countermeasures
Like it happened in Zimbabwe when people finally abandoned the hyperinflating Zimbabwean dollar in favor of the American dollar. And the government had been forced to eventually abandon their national currency as well since no one was giving a fuck about it anymore. Indeed, this is unlikely to happen in any major countries or unions like the US, EU or China, but this is what already happens in Venezuela. In other words, there may come a time when banning Bitcoin will be of no effect whatsoever since the government itself may be no longer relevant alongside the fiat currency it happens to issue
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