Topic: Bitcoin Will Kill The Income Tax - page 33. (Read 29935 times)
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.
Do not forget guys that government institutions will never use non-fiat money so cryptocurrency will have only little effect on economics.
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 dont think so. Gov have many way to make you pay tax even you use bitcoin or 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
Read The Full Article
I agree that this growing use of crypto will actually diminish the tax revenue to a significant level. Transactions using Bitcoin for example does not have to go through any central agency anymore, thereby removing the possibility of being tracked for tax purposes. But if you say that taxation will have to be repositioned as voluntary, it will effectively kill the government. It is not good. Only 1 of 100 might do the voluntary payment.
It will diminish the tax, but when you used bitcoin but when you convert it to fiat, then tax again is applied. It is good that with this new cryptocurrency, it brought many changes the way we transact online with convenience and ease.
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 agree that this growing use of crypto will actually diminish the tax revenue to a significant level. Transactions using Bitcoin for example does not have to go through any central agency anymore, thereby removing the possibility of being tracked for tax purposes. But if you say that taxation will have to be repositioned as voluntary, it will effectively kill the government. It is not good. Only 1 of 100 might do the voluntary payment.
It will diminish the tax, but when you used bitcoin but when you convert it to fiat, then tax again is applied. It is good that with this new cryptocurrency, it brought many changes the way we transact online with convenience and ease.
Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.
Yes and I think they will never let it because tax is always part of our lives small amount you can buy in the grocery have tax how about for some that earn a lot in crypto currency so they will make a move about it government wont let it to dont have tax anymore.
I think that this will never happen because the first organization that will prevent this from happening is the government itself, I think that they will find a way to control bitcoin because of their greediness over money.
This could be true in the future. If governments doesn't act quickly on this, big business might adopt bitcoin transactions and make their huge money transactions invisible. Even OFW's could send their remittances through bitcoin and then taxes can be skipped. We all know that these businessmen will find ways just to evade tax, even illegally, how much more if they know that evading tax through bitcoin is legal. There should be some concept on how to prevent this in the future.
This is very impossible and won't happen. Tax is the main source of funds of a country and income tax has a huge percentage of it. Governments will only get bitcoin legallized and gain tax from it if it becomes the main means of payment.
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 agree that this growing use of crypto will actually diminish the tax revenue to a significant level. Transactions using Bitcoin for example does not have to go through any central agency anymore, thereby removing the possibility of being tracked for tax purposes. But if you say that taxation will have to be repositioned as voluntary, it will effectively kill the government. It is not good. Only 1 of 100 might do the voluntary payment.
so true. The world of cryptocurency will turn off the income tax if we actually use bitcoin directly without first exchange bitcoin with other currencies.
Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.
Except for few Gulf countries, all country governament will run based on this income tax amount. If they not collect income tax then it is not at all possible to run the country. It will effect on the country economy. That is why the govt is not making this Bitcoin transaction legal in their countries. If they get any income, all countries will accept this Bitcoin. Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.
Except for few Gulf countries, all country governament will run based on this income tax amount. If they not collect income tax then it is not at all possible to run the country. It will effect on the country economy. That is why the govt is not making this Bitcoin transaction legal in their countries. If they get any income, all countries will accept this Bitcoin.
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.
Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.
Yes and I think they will never let it because tax is always part of our lives small amount you can buy in the grocery have tax how about for some that earn a lot in crypto currency so they will make a move about it government wont let it to dont have tax anymore. 
yes but will not be long in let by the tax because more and more people getting rich because bitcoin and bitcoin will be the target of the tax officer
I think that bitcoin will not have a negative impact on the taxation system. It will never become the main means of payment. Therefore, there is no threat that bitcoin will have a negative and significant impact on the economy
If gov use bitcoin for their financial. First every shop, company must register their btc address for income. Maybe they will fake customer to check to make sure they pay tax
Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.
Except for few Gulf countries, all country governament will run based on this income tax amount. If they not collect income tax then it is not at all possible to run the country. It will effect on the country economy. That is why the govt is not making this Bitcoin transaction legal in their countries. If they get any income, all countries will accept this BitcoinWe can't say that with certainty
There are quite a few taxes in any given country apart from the income tax. And many governments are earning enough money via state-controlled companies and businesses. And we shouldn't forget about the omnipresent inflation tax that every government out there takes advantage of since all fiat currencies are depreciating over time. If you ask me, the government should be as effective as to run entirely on this tax alone since every unit of money gets taxed without exception, and that totals to a huge amount of purchasing power being taken by the government from the ordinary people
It will be remove if we use bitcoins as payment and don't convert the bitcoins to fiat to avoid tax. The only problem is if the government implement putting tax on bitcoin transactions, so there will be transaction fee and tax that could make us upset to the government again. The government really finds way to keep collecting money to us because they are scared to lose their fiat to a digital decentralized coin.
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