Bitcoin Will Kill The Income Tax - page 32.

pitiflin

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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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Income tax is one of the best sources of revenue for any government ,so if most people start using crytpo currency what the government might do is that they will try to ban exchanges and crypto sites and make sure they are regulated and the exchanges instead might,might have to pay taxes on the transactions. I am not sure what exactly governments can do but they will do something or the other ,which will be in their powers.

Shreek

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i do not know ,, is this a problem or not ,,, that's because a country does not legalize bitcoin, ,, if the state legalizes bitcoin, it will certainly be the biggest income country ,,, i hope all countries can legalize bitcoin as a tool legitimate transaction ..

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I dont think this will happen. There is no way government will rely on bitcoin for salary of government employees. Government employees are one of the main contributor of taxes so this is one reason bitcoin will not kill tax. Another is that businesses cannot rely on bitcoin just to avoid taxing because they issue receipts to their customers, so unless customers skip receipt and pay bitcoin to services of products, bitcoin will not hurt tax.

carlisle1

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Quote from: CryptosapienZA on September 29, 2017, 05:59:14 AM

Taxation is theft. Personally I think income tax deserves to be killed. I can't wait for that to happen. I really wish and hope it happens in my lifetime. I am sick and tired of politicians using our taxes to go to war while poor people go hungry.

its not the only way where taxes went its used for infrastructures and highways improvement, its not only for buying weapons for wars but also to provide
services from your countries without taxes I guess there's nothing we can see inside an existing countries.

CryptosapienZA

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Taxation is theft. Personally I think income tax deserves to be killed. I can't wait for that to happen. I really wish and hope it happens in my lifetime. I am sick and tired of politicians using our taxes to go to war while poor people go hungry.

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Quote from: adzino on September 29, 2017, 03:08:13 AM

Quote from: daenarys_stormborn on September 28, 2017, 10:59:15 AM

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

Even if everyone starts using bitcoin, in order to impose income tax they will have to regulate bitcoin which then causes bitcoin to loose its key feature - decentralization. The government will also find it difficult to track each and every users, so they will have to find alternative ways to get around and cover/replace income tax with something more suitable.

The decentralized factor will not be affected as we, individual who earn money are required to pay the tax due.
When they regulate bitcoin it's not the technology that is regulated but only those exchanges and maybe people who are earning bitcoins through mining and it's not hard for us to comply if we want to still see the progress of bitcoin continues.

adzino

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Quote from: daenarys_stormborn on September 28, 2017, 10:59:15 AM

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

Even if everyone starts using bitcoin, in order to impose income tax they will have to regulate bitcoin which then causes bitcoin to loose its key feature - decentralization. The government will also find it difficult to track each and every users, so they will have to find alternative ways to get around and cover/replace income tax with something more suitable.

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No income tax will make governments kill bitcoin

RamBahadur.Gurung

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Quote from: daenarys_stormborn on September 28, 2017, 10:59:15 AM

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.

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Quote from: salihno71 on September 28, 2017, 10:55:40 AM

I'm sure government will find the way to get it's share. Similar threat comes from automation. It is expected that several milion jobs will be lost in the following years only due to the fact that more and more jobs are automated and people lose jobs. Eventually this will influence the cash flow, because if someone doesn't earn, he can't spend.

But things will level out eventually

Since jobs lost in one sector due to technological advances necessarily lead to the creation of even more jobs in many other sectors and creation of even entirely new sectors. The automobile industry is a glaring example of just that. It basically destroyed horse breeding and the coachmen industry but instead gave rise to a whole bunch of entirely new industries (say, maintenance and repair jobs or the entirely new industry of filling stations). In other words, automation may indeed destroy a few million jobs but it will also create a few dozen millions of new jobs elsewhere

nicosey

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No, they will focus more on taxing the on/off ramp. The infrastructure is already there.

daenarys_stormborn

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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

salihno71

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I'm sure government will find the way to get it's share. Similar threat comes from automation. It is expected that several milion jobs will be lost in the following years only due to the fact that more and more jobs are automated and people lose jobs. Eventually this will influence the cash flow, because if someone doesn't earn, he can't spend.

irmasany

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now many countries have implemented different rules regarding bitcoin. so I guess if the country that has been legalized will still be monitored and will deal with the tax. there may be a tax waiting. but I dont really know about this.

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Quote from: tengek37 on September 28, 2017, 10:31:42 AM

Talk of taxes and bitcoin is still not found the exact intersection. Because bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

There's no way bitcoin will have a tax, transaction fees were already enough deduction for our btc transactions. Having tax needs a more studies on how will it be implemented and it will take time to do so.

tengek37

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Talk of taxes and bitcoin is still not found the exact intersection. Because bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

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Quote from: IamAltcoinfan on September 12, 2017, 02:21:14 AM

But for me its not as a ordinary user because i always take my profit and convert into fiat using Exchange where complete KYC is given so at the end of year i have to pay tax for that . May be big Wales using and Not paying tax by doing huge transaction but normal person alewys end upto paying tax.

When bitcoins will be directly used by people as a payment method for different services they avail in daily life, even then we cannot escape this trap od taxes as the product we buy or the service we avail already includes the tax in it. When we convert bitcoins to fiat, obviously we need to pay tax.

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Quote from: Japinat on September 12, 2017, 01:10:51 AM

Quote from: dieselmeister on September 11, 2017, 11:41:48 PM

I dont think so. Gov have many way to make you pay tax even you use bitcoin or not.

Indeed, in fact they are planning to tax us for using bitcoin and I would say it's just right since tax is the where the money coming from to improve our government. We can hide our income with bitcoin, that is the greatest advantage but it's a general rule that you will have to pay taxes when you make income. They have a lot of tools and if we will not comply on the law, they might ban bitcoin for sure.

I agree with both of you. Most people have replied that it will kill income tax but I think the government can take many actions to tax BTC, even when it is not converted in to FIAT. They haven’t done anything yet because the possible tax evasion is not significant for them but the moment BTC adoption and usage passes a certain point, they will take massive action to tax people.

Something similar happened with unregulated gambling sites. Ten years ago, the vast majority of countries didn’t have a regulation on gambling sites. Today there are quite a few that have passed laws to tax people, and they have succeeded.

They might enforce exchanges to get a license and pass data to the government if they want to operate in a certain country, as it happened with gambling sites. You will still be able to evade tax if you receive BTC in a paper wallet you have created but don’t underestimate the ability governments have in order to implement taxation.

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Quote from: ivrynx on September 11, 2017, 12:16:02 PM

It may take a long time, but hopefully bitcoin will kill income tax, we are already paying a lot of taxes, the government is giving a lot of tax exemptions for businesses but not for the earner, i just this would happen, or just even lessen the tax percentage, we all need a break from taxes, and now that bitcoin is here, bitcoin is giving us hope, for all of us to ahieve what we wanted. Right now, it is hard for you to do what you want, since we are always thinking of security and the wage we are earning, it will also destroy corruption in the government since those who are in politics, who are corrupt and greedy, would certainly step down since, they will have no other soufce of income, aside from their salary, and we all know, that income tax gives more revenue to the government, than the tax impose on businesses.

Hopefully bitcoin will kill income tax because there is no limitation on bitcoin so that no one can interfere in its prices or in its trade it will give high benefit to the high taxpayers so that by using bitcoin they can get rid of it. Bitcoins are not ruled by anyone and that’s what make them tax free.

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Quote from: ivrynx on September 11, 2017, 12:16:02 PM

It may take a long time, but hopefully bitcoin will kill income tax, we are already paying a lot of taxes, the government is giving a lot of tax exemptions for businesses but not for the earner, i just this would happen, or just even lessen the tax percentage, we all need a break from taxes, and now that bitcoin is here, bitcoin is giving us hope, for all of us to ahieve what we wanted. Right now, it is hard for you to do what you want, since we are always thinking of security and the wage we are earning, it will also destroy corruption in the government since those who are in politics, who are corrupt and greedy, would certainly step down since, they will have no other soufce of income, aside from their salary, and we all know, that income tax gives more revenue to the government, than the tax impose on businesses.

Damn its you again, retard gringo! Can somebody do me a favor and report this user because he sounded like a spammer bot created in Python and C++. Honestly, i want to kill you more than i want bitcoin to kill the taxes. jajaja! Nah, i'm just teasin you gringo.

You know people, nobody can stop el gobierno from getting money from their people. We all must live with it, that's how the system worked many centuries ago and that is how its gonna work for the next cien años. Bitcoin will not kill the tax but it will definitely make a good excuse for you not to pay el gobierno.

Por cierto, mi retardar ivrynx you must work on your thoughts before posting in this forum... you bring headache to the readers.

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