Bitcoin Will Kill The Income Tax - page 36.

e-coinomist

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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.

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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.

Everyone using fiat (i.e. virtually just everyone) already pays inflation tax

And at the lowest end of the range across different countries it already amounts to a few percentages every year. That basically means that you pay that percentage on any amount of fiat that your fingers ever touch (metaphorically speaking, of course) calculated per yearly basis. And that seems to be the real price that governments should be worth if we throw away huge military expenses and similar things as well as total corruption. Do ordinary people want to wage wars? They don't since it is governments and leaders (kings and emperors in the past) that are actually looking for wars

Reid

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Quote from: savioroshan on March 06, 2017, 04:43:34 AM

At present scenario, its not going to kill income tax. But it will definitely kill sales tax in my opinion. Because government always deducts income tax before paying the salary and at present I think everybody gets paid in their fiat currencies. Since most of the people uses bitcoin for buying goods, it will affect the sales tax .

Largely if only a lot of employers will use it.
But this could become a crime that might end up in jail time.
It will be the CEO first if he is the one who will be implementing payment through bitcoin to his employees.
Maybe looking for someone to work online for the company will be the deal. This will not be questioned especially when there is no facility that you are using.

savioroshan

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At present scenario, its not going to kill income tax. But it will definitely kill sales tax in my opinion. Because government always deducts income tax before paying the salary and at present I think everybody gets paid in their fiat currencies. Since most of the people uses bitcoin for buying goods, it will affect the sales tax .

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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.

It could be only considered as tax killer if all people on the world is already using bitcoin and as you said tax should be paid for the progress of a certain country and all the expenses for development are came from tax which is really play an important role.

Carlsen

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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.

Doms

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Quote from: betlord90 on March 06, 2017, 02:57:47 AM

Income Tax has become part of our life. It has become a routine to pay tax every month. Everytime we buy something or eat in restos and fast food chains or etc. there's always a tax to pay.I think its really impossible to kill income tax. Where will the government get money to spend on local expenses if Income tax will be eliminated or killed. At the first place we know that the country will really be affected if it happens.

As they say, death and taxes are inevitable. The sad thing about income tax (for those who are employed) is that it is already deducted from your income before you receive it. And as far as I am concerned, I can't really feel that it's worth it paying all those taxes with the government having very little to show for it. I am estimating that I work for the government for about three months because that is the equivalent that I pay on a yearly basis. All these talk about not having to pay taxes with bitcoin would be shot down by the government the moment you even mention it.

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"This content is available to members only. Become A Member" I don`t wish to become member just to read your article. I was interested to learn how can bitcoin kill the income tax, even I`m sceptical about it I wanted to give it a try. Killing tax is almost impossible in my opinion, governments will always find some way to tax us cause that is huge income for them each year.
I wished to read article cause of that, to see what idea do they have. Only way to skip paying taxes is to live illegal way of life, and again that is tricky cause you can always be arrested and they will punish you for not paying taxes, like they punished Al Capone for that.

betlord90

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Income Tax has become part of our life. It has become a routine to pay tax every month. Everytime we buy something or eat in restos and fast food chains or etc. there's always a tax to pay.I think its really impossible to kill income tax. Where will the government get money to spend on local expenses if Income tax will be eliminated or killed. At the first place we know that the country will really be affected if it happens.

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Quote from: Indrawan77 on March 06, 2017, 12:23:11 AM

Quote from: Natalim on March 06, 2017, 12:09:26 AM

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 has a threat to kill income tax if it will not be regulated by the government, the progress of bitcoin now means there are plenty of people who are adopting to it and as a result the demand increases. If in that point that we will have the freedom to spend our money without government regulation, we can easily do away on paying taxes and we can easily launder our money online.

That reality has alarm the government and with that, they will certainly regulate bitcoin as they cannot afford to ban it as well since it's increasing the tax collections once regulated.

Yes it is a good thing for us, but not for the country, that is the reason why the government keep on finding way to regulate bitcoin, because if everyone doing transaction using bitcoin then the country will lose a lot of money from income tax and actually that is bad for the country

It would really a bad thing for the economy for a certain country when tax would be affected because of bitcoin.This is actually the disavantage of using bitcoin transactions since we all know theres no tax involved because of the peer to peer system.

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Quote from: youdacapt on March 05, 2017, 01:36:54 PM

Income tax is not controlled by government policy, but applied for a bitcoin exchange market in their country, they are subject to income tax for each transaction and management of buildings and permits company. We actually taxed through transactions on exchange market (VAT) on all of our transactions. personal income tax will be imposed if there are companies that pay you with bitcoin in the future

You've been misinformed

Income tax as the phrase itself suggests is a tax which is levied on your income, though the use of the word income here is ambiguous itself. It should rather be called a profit tax since your income just shows how much you earned but it doesn't reveal how much you spent to earn it. In certain situations it doesn't matter, in others does. But in any case this tax has nothing to do with transactions, you obviously refer in your post to other, so-called indirect taxes. Income tax is a direct one which is "levied on the income or profits of the person who pays it, rather than on goods or services"

Indrawan77

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Quote from: Natalim on March 06, 2017, 12:09:26 AM

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 has a threat to kill income tax if it will not be regulated by the government, the progress of bitcoin now means there are plenty of people who are adopting to it and as a result the demand increases. If in that point that we will have the freedom to spend our money without government regulation, we can easily do away on paying taxes and we can easily launder our money online.

That reality has alarm the government and with that, they will certainly regulate bitcoin as they cannot afford to ban it as well since it's increasing the tax collections once regulated.

Yes it is a good thing for us, but not for the country, that is the reason why the government keep on finding way to regulate bitcoin, because if everyone doing transaction using bitcoin then the country will lose a lot of money from income tax and actually that is bad for the country

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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 has a threat to kill income tax if it will not be regulated by the government, the progress of bitcoin now means there are plenty of people who are adopting to it and as a result the demand increases. If in that point that we will have the freedom to spend our money without government regulation, we can easily do away on paying taxes and we can easily launder our money online.

That reality has alarm the government and with that, they will certainly regulate bitcoin as they cannot afford to ban it as well since it's increasing the tax collections once regulated.

mace15

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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.

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Quote from: PanZerrr on March 05, 2017, 03:17:23 PM

Quote from: BingoDog on March 05, 2017, 01:31:10 PM

Quote from: Bitcoinsummoner on March 05, 2017, 01:23:14 PM

Quote from: salmanahmedone on March 05, 2017, 01:11:08 PM

Quote from: ophyrim on March 05, 2017, 10:01:21 AM

Quote from: ReLieD on February 11, 2017, 11:01:15 AM

No. It won't kill income tax. The taxes we have to pay for purchases is a lot.
Even if I have to give 0.01$ to my friend , including the fees and all I will have to pay around 0.15$.
That's a lot of fees/tax. But in the near future if this problem is solved , then it might kill income tax.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control.

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment.. or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

Yes,in the future governments could consider tax for bitcoins because by now they realize that could be good source of income for their budgets and they don't want to lose that. Hope this will not happen but this also depends how much the bitcoin will be involved in economy and financial system of each country.

I also hope that this will not happen. But it is impossible completely to guess the government's actions in this field. It seems to me that if this happens, the popularity and anonymity Bitcoins are lost

I think for bitcoin is still on decentralization and anonymous then in the future even if the government will not be able to provide a tax on bitcoin. as long as you do not join the government as bitcoin bank. You do not have to pay taxes

PanZerrr

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Quote from: BingoDog on March 05, 2017, 01:31:10 PM

Quote from: Bitcoinsummoner on March 05, 2017, 01:23:14 PM

Quote from: salmanahmedone on March 05, 2017, 01:11:08 PM

Quote from: ophyrim on March 05, 2017, 10:01:21 AM

Quote from: ReLieD on February 11, 2017, 11:01:15 AM

No. It won't kill income tax. The taxes we have to pay for purchases is a lot.
Even if I have to give 0.01$ to my friend , including the fees and all I will have to pay around 0.15$.
That's a lot of fees/tax. But in the near future if this problem is solved , then it might kill income tax.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control.

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment.. or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

Yes,in the future governments could consider tax for bitcoins because by now they realize that could be good source of income for their budgets and they don't want to lose that. Hope this will not happen but this also depends how much the bitcoin will be involved in economy and financial system of each country.

I also hope that this will not happen. But it is impossible completely to guess the government's actions in this field. It seems to me that if this happens, the popularity and anonymity Bitcoins are lost

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Income tax is not controlled by government policy, but applied for a bitcoin exchange market in their country, they are subject to income tax for each transaction and management of buildings and permits company. We actually taxed through transactions on exchange market (VAT) on all of our transactions. personal income tax will be imposed if there are companies that pay you with bitcoin in the future.

BingoDog

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Quote from: Bitcoinsummoner on March 05, 2017, 01:23:14 PM

Quote from: salmanahmedone on March 05, 2017, 01:11:08 PM

Quote from: ophyrim on March 05, 2017, 10:01:21 AM

Quote from: ReLieD on February 11, 2017, 11:01:15 AM

No. It won't kill income tax. The taxes we have to pay for purchases is a lot.
Even if I have to give 0.01$ to my friend , including the fees and all I will have to pay around 0.15$.
That's a lot of fees/tax. But in the near future if this problem is solved , then it might kill income tax.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control.

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment.. or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

Yes,in the future governments could consider tax for bitcoins because by now they realize that could be good source of income for their budgets and they don't want to lose that. Hope this will not happen but this also depends how much the bitcoin will be involved in economy and financial system of each country.

Bitcoinsummoner

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Quote from: salmanahmedone on March 05, 2017, 01:11:08 PM

Quote from: ophyrim on March 05, 2017, 10:01:21 AM

Quote from: ReLieD on February 11, 2017, 11:01:15 AM

No. It won't kill income tax. The taxes we have to pay for purchases is a lot.
Even if I have to give 0.01$ to my friend , including the fees and all I will have to pay around 0.15$.
That's a lot of fees/tax. But in the near future if this problem is solved , then it might kill income tax.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control.

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment.. or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

salmanahmedone

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Quote from: ophyrim on March 05, 2017, 10:01:21 AM

Quote from: ReLieD on February 11, 2017, 11:01:15 AM

No. It won't kill income tax. The taxes we have to pay for purchases is a lot.
Even if I have to give 0.01$ to my friend , including the fees and all I will have to pay around 0.15$.
That's a lot of fees/tax. But in the near future if this problem is solved , then it might kill income tax.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control.

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

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