Bitcoin Will Kill The Income Tax - page 35.

andremd3

newbie

Activity: 50

Merit: 0

Quote from: trippki on August 09, 2017, 06:45:36 AM

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

I agree that taxes might dry up - I don't however see this as one of the biggest problems of our lifetime (unless you work for the tax office). I think this new form of private money will require Governments to draw up a new social contract, as the current one is failing people all over the world.
As well as ICO's, we could have IEO's (initial education offerings) or IHO (Initial health offerings).... The old system is dying. May it RIP.

Lmao... great we can have a system even more favorable to the rich...cant wait!

kokojie

legendary

Activity: 1806

Merit: 1003

No, it's not possible. Did fiat cash kill the income tax? No.

For most people, they will still be working for big corps, and they won't be dodging tax. There are tax dodgers right now taking cash payments as salary, but they are not the mainstream, it has no effect on killing the income tax.

Lizzie_Girl

full member

Activity: 332

Merit: 103

In my country this would be a good thing if everyone ised Bitcoin. Because our government wastes money and stupid things all the time and corruption.

Quote from: deisik on August 09, 2017, 11:04:44 AM

Quote from: franco123 on August 09, 2017, 06:31:39 AM

Hold your horses there, it may lessen the income tax but the government can alwayd find a way to tax your Bitcoin earnings. In my opinion, we are still lucky that the governmet is not yet fully knowledgeable about the Bitcoin and it's ability to provide a quite a big amount of money without being taxed. But sooner or later they will find out. And I am 100% sure that they will do something about it in order to get a portion of the Bitcoin earning from their people. And this is when the income tax will be revisited and adjustded up to the scope if income from Bitcoin.

This leaves a lot of room to debate

First, if you don't convert your bitcoins to fiat (dollars, euro, whatever), how is the government going to find out that you have bitcoins? Okay, they may finally make it somehow (i.e. learn about how much everyone has), then you just switch to using, say, Litecoin, and then the government is instantly back to square one. Second, if they are going to levy a capital gains tax, why should Bitcoin specifically be taxed differently (say, like luxury items in some countries)? And last (but not least), people involved with cryptocurrencies don't really care so much about fiat as many erroneously assume. And most of these holders will be happy to remain where they are, i.e. not going for fiat beyond what they might need for mere subsistence (then see the first point)

But what if the tax man asks about your new sports car you just bought with BTC ? Or can't they do anything ?

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: franco123 on August 09, 2017, 06:31:39 AM

Hold your horses there, it may lessen the income tax but the government can alwayd find a way to tax your Bitcoin earnings. In my opinion, we are still lucky that the governmet is not yet fully knowledgeable about the Bitcoin and it's ability to provide a quite a big amount of money without being taxed. But sooner or later they will find out. And I am 100% sure that they will do something about it in order to get a portion of the Bitcoin earning from their people. And this is when the income tax will be revisited and adjustded up to the scope if income from Bitcoin.

This leaves a lot of room to debate

First, if you don't convert your bitcoins to fiat (dollars, euro, whatever), how is the government going to find out that you have bitcoins? Okay, they may finally make it somehow (i.e. learn about how much everyone has), then you just switch to using, say, Litecoin, and then the government is instantly back to square one. Second, if they are going to levy a capital gains tax, why should Bitcoin specifically be taxed differently (say, like luxury items in some countries)? And last (but not least), people involved with cryptocurrencies don't really care so much about fiat as many erroneously assume. And most of these holders will be happy to remain where they are, i.e. not going for fiat beyond what they might need for mere subsistence (then see the first point)

Fatunad

sr. member

Activity: 2226

Merit: 347

Quote from: Russlenat on August 09, 2017, 09:57:56 AM

That's why government should regulate bitcoin in all exchange and trading site in order to have tax! this is good because we can help boost our economy.

No they wont,if a certain country would know about bitcoin possibilities on hiding their money then we cant really be sure if people would really be sensible to pay up their taxes exactly. We do know people do have different minds when it comes to money.Lets say they can impose taxes on bitcoin services on their control but it wouldnt surely boost up economy on such thing. This is why government wont really bother to accept this thing.

Russlenat

hero member

Activity: 2716

Merit: 904

That's why government should regulate bitcoin in all exchange and trading site in order to have tax! this is good because we can help boost our economy.

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: Maheshkumar_Hrangkhawl on August 09, 2017, 08:05:12 AM

I really doubt whether Bitcoin will kill the income tax. I am a Bitcoin user myself, and if I get good profits from Bitcoin, then I would be more than happy to pay the 33% income tax (the top slab in my country). That said, I would be even happier, if I could pay the long term capital gains tax instead of the income tax.

This is a long time ago topic and the link doesn't even working or maybe they have deleted the article. Anyway, tax is being implemented in order to circulate the money in a certain country, but this doesn't apply to any digital or cryptocurrencies.

Maheshkumar_Hrangkhawl

sr. member

Activity: 600

Merit: 256

I really doubt whether Bitcoin will kill the income tax. I am a Bitcoin user myself, and if I get good profits from Bitcoin, then I would be more than happy to pay the 33% income tax (the top slab in my country). That said, I would be even happier, if I could pay the long term capital gains tax instead of the income tax.

farhaan

sr. member

Activity: 392

Merit: 250

Bitcoin would kill the income tax.It is for this reason that governments feared about allowing bitcoins in their countries.Bitcoin earnings as long as it is kept in bitcoin itself will not be taxed.But most of people when converting their bitcoins in to fiat use their accounts in banks to cash out,governments could easily know the earnings of appropriate person and could levy taxes on it.Taxing is good for country's development but it should not exceed a limit.

sandrun

full member

Activity: 126

Merit: 100

The bitcoin income tax may never be heard again. But some wallets use fees to pay their taxes to the government. Often we get a deposit or transaction fee deduction for bitcoin. May be used bitcoin wallet to pay taxes. I think it's true bitcoin will eliminate income tax but can not eliminate on for bitcoin wallet ..

trippki

newbie

Activity: 100

Merit: 0

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

I agree that taxes might dry up - I don't however see this as one of the biggest problems of our lifetime (unless you work for the tax office). I think this new form of private money will require Governments to draw up a new social contract, as the current one is failing people all over the world.
As well as ICO's, we could have IEO's (initial education offerings) or IHO (Initial health offerings).... The old system is dying. May it RIP.

franco123

full member

Activity: 252

Merit: 100

Hold your horses there, it may lessen the income tax but the government can alwayd find a way to tax your Bitcoin earnings. In my opinion, we are still lucky that the governmet is not yet fully knowledgeable about the Bitcoin and it's ability to provide a quite a big amount of money without being taxed. But sooner or later they will find out. And I am 100% sure that they will do something about it in order to get a portion of the Bitcoin earning from their people. And this is when the income tax will be revisited and adjustded up to the scope if income from Bitcoin.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: Japinat on March 09, 2017, 11:22:02 PM

Bitcoin will not kill income tax but it can lessen taxes of a person who knows how to launder his transaction, besides bitcoin is not taxable since it's not a real currency but only a tool to give us a convenience for online transaction. The government know this and they have been making measures about it

I essentially agree with this approach

Though not without reservations and a few minor corrections and additions, of course. First, the fact that Bitcoin is not a real currency (even this is debatable per se) doesn't magically make it tax free. Your real estate property (if you have some) is not a currency either but it is still directly taxable (try not to pay a property tax and you will feel the pain). Further, even if Bitcoin itself is not taxable, that doesn't mean either that the profits earned off it aren't taxable. In most jurisdictions, any profit earned through operations with legal assets ("buy low, sell high") are fully taxable on their own, so you can't possibly claim that Bitcoin isn't taxable just because there is no law that explicitly and specifically establishes a Bitcoin tax

Japinat

hero member

Activity: 3052

Merit: 685

Quote from: bravehearth0319 on March 09, 2017, 09:25:35 PM

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.

Read The Full Article

We all know that bitcoin is a digital virtual currency, the system is peer to peer. In other words taxation has no space in it, because bitcoin was not a centralize type. That's why the community loved bitcoin so much. Grin

We love it because we are risk takers and we live privacy with our transactions online, with banks that would not be possible since we are being monitored.
The community love this but majority of the people will surely not, they trust the government so much especially those who have big money which is security is their main concern and by putting their money in the bank it will ensure safety.

Bitcoin will not kill income tax but it can lessen taxes of a person who knows how to launder his transaction, besides bitcoin is not taxable since it's not a real currency but only a tool to give us a convenience for online transaction. The government know this and they have been making measures about it.

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

Quote from: bravehearth0319 on March 09, 2017, 09:25:35 PM

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.

Read The Full Article

We all know that bitcoin is a digital virtual currency, the system is peer to peer. In other words taxation has no space in it, because bitcoin was not a centralize type. That's why the community loved bitcoin so much. Grin

That's the reason why large number of people started using bitcoin. It's just to avoid taxation, but if governments make boards to regulate taxes for bitcoin sure it will gets implemented. Recently Japan created regulations to support bitcoin as a payment source which sounds good. In the same manner it also makes taxation acts when adoption is found much higher. So killing taxation with bitcoin is not possible for a long.

bravehearth0319

hero member

Activity: 1022

Merit: 500

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.

Read The Full Article

We all know that bitcoin is a digital virtual currency, the system is peer to peer. In other words taxation has no space in it, because bitcoin was not a centralize type. That's why the community loved bitcoin so much. Grin

mmo_online_1981

sr. member

Activity: 798

Merit: 250

I think BTC can not kill Income Tax, I think have other way to caculater tax

e-coinomist

legendary

Activity: 2380

Merit: 1085

Money often costs too much.

Quote from: deisik on March 06, 2017, 05:52:43 AM

That has always been the case since the rise of humanity

And taxes as such are irrelevant to the issue that you are raising. The bottom which you refer to is determined by the level of income required for mere subsistence (and likely reproduction, i.e. raising children). But some people choose not to reproduce at all (and some can't even mate at that) while others don't need that much for a living (in comparison with the competition), so we have always been in a situation you are describing. Taxes are mostly inconsequential to this process

Oh pleeeease! Have some mercy! Aren't we all "Geeks" swallowed inside some haphazard of geekerization, uncapable of passing down our ingeniousity to the next generations?

Xester

hero member

Activity: 994

Merit: 544

Quote from: mace15 on March 05, 2017, 10:38:55 PM

Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.

Bitcoin cannot kill the income tax. Income tax has existed a very long time ago to feed the societal needs of welfare services through the form of a government. Bitcoin on the other hand though it is decentralized cannot kill the income tax as it has no power over the government. In Switzerland the government is accepting bitcoins to serve as payment to government services and possibly that includes income tax.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: e-coinomist on March 06, 2017, 05:45:07 AM

Quote from: Carlsen on March 06, 2017, 04:17:16 AM

First of all taxes are necessary
There are so many things he consider to be just given, but they all come from somewhere and have to be payed as well.
And most of that money comes from taxes.
Then, if it would really happen that taxes are avoided through bitcoin in a bigger number, that would be quickly the end of the line for bitcoin.
The governments would suddenly find a way to cooperate and stop the possibility to exchange bitcoin into fiat and back anywhere.
No, I do not see bitcoin to become a tax killer.

There are some niches where dodging taxes might work out at a first glance, seemingly a bright idea, for example remote work in the IT industry. But employees will soon have to recognize that labour relations always are unballanced and employer will "price it in" inciting a rat's race to the bottom and even below the former bottom. The bottom will drop out. Labour mobility increases indefinitely and there will always exist 1 human beeing on mars, saturn or earth that seems willing to undercut your offer.

People need time to understand like that Uber driver who's run into personal bancrupty

That has always been the case since the rise of humanity

And taxes as such are irrelevant to the issue that you are raising. The bottom which you refer to is determined by the level of income required for mere subsistence (and likely reproduction, i.e. raising children). But some people choose not to reproduce at all (and some can't even mate at that) while others don't need that much for a living (in comparison with the competition), so we have always been in a situation you are describing. Taxes are mostly inconsequential to this process

Topic: Bitcoin Will Kill The Income Tax - page 35. (Read 29945 times)