Topic: Bitcoin Will Kill The Income Tax - page 39. (Read 29945 times)
I guess the reason why I other countries do not allow bitcoin and even ban it because they will have less income in tax, because bitcoin do not have tax, like having million transactions, government cannot get anything from that million transactions made, they cannot control the finance of the entire country which each country must and need to have a control unto because there might be an abuse of using the money if not controlled. We really need to enlighten the government with the advantages of having this bitcoin to our country despite of the less income tax that they will receive.
In my country there is more than 500 different kind of taxes here. I am sure the government does not care about 1 more type of tax which can be very profitable. They have to right to do that. They have the power to accommodate the code. That is why we call them the government.
Tax is the lifeblood of the government, every time there is a big opportunity to collect tax they make great effort to study it and do what is right based on their goal. In our country, the Tax Authorities has a target of collection and there performance are measured depending on their total collection. Now, if bitcoin will continue to be popular and more money will be going in and out, they would study it and for sure they can always come up with ways on how to tax users.
I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
Yeah i agree to you. As they said, there are 2 types that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true
, we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to waitWell as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.
You are right. I attended a seminar about income tax or sort of tax here in my coutry well as they said government have a power to tax all of the things and you cant stop it . Well that bi think if they know our system them they will do that
In my country there is more than 500 different kind of taxes here. I am sure the government does not care about 1 more type of tax which can be very profitable. They have to right to do that. They have the power to accommodate the code. That is why we call them the government.
I can say nice vision but may realise after long,long time,If we will have wise honest elits,honest people,if we will respect each other,if we will respect and take care of our planet than maybe that problem will not exist
Now reach people are paying high money to pay as much low taxes possible,ordinary people are paying higher and higher.It will stay for long,big brother naver get sleep
Now reach people are paying high money to pay as much low taxes possible,ordinary people are paying higher and higher.It will stay for long,big brother naver get sleep
The possibility of BTCitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over BTCitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the coming future.
but i think bitcoin is only killing the income tax because it is not a regularize currency, when government will consider bitcoin as legal currency then will certainly put tax on it and will really collect a good income tax from the income of bitcoin. for record, sell crypto and not declare the profits to the IRS is a criminal or any the less criminal act and so reprehensible. Just to say that bitcoin, as precious metals, is a good way to not be harrassed by the State.
taxs evasion is a national sport. do not get caught it is imperative. lol
It is not a national sport. Tax Evasion is an illegal thing that people do to avoid paying their taxes. For starters taxes are created to mitigate the evil arising from being rich which means they are actually avoiding what is right to keep them in balance. There is a bigger picture than you as an individual avoid taxes. Think about half of your population avoids taxes what will happen to your national budget?taxs evasion is a national sport. do not get caught it is imperative. lol
NOT EVERYONE USE BITCOIN AND EVERYONE ACCEPT BITCOIN, government institution world never accepts bitcoin and would never give bitcoin as salary and not all store and institutions accept bitcoin so bitcoin will have only little effect on country's economics. as bitcoin is not actually a money but its just a medium of value exchange.
personally I cnat with for that to happen. Thats the only way we will get a balanced budget.
I think taxes are necessary, but I do think taxes in the modern day are way too high, and it's weird that in a 'democracy' taxes are so high.
No one voted for taxes this high and yet we have taxes this high.
I mean, we get taxes of up to 52% or so in income tax, and on top of that on everything we buy there's 21% VAT, so you pay money when you recieve money and you pay money when you spend money.
And then on top of that there's extra taxes on alcohol, fuel, and cars, and some other things.
The taxes are just too damn high. And on top of all that, they cut public services budgets as well, so what do they even do with all that money anyway?
Most of the tax money goes to the useless militaries and paying off debt to banks. As if the banks don't have enough money already.
I don't think so... Governments are vigilant with all this industry, so I don't believe this will go on much further. They will certainly find a way of taxing Bitcoin and all the other cryptos
I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
Yeah i agree to you. As they said, there are 2 types that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true
, we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to waitWell as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.
I would agree to you about that, since bitcoin is an open source then the governments would know about it. Being a part of the government, we must need to follow their rules. The government has the power to impose a rule to banned bitcoin, but we have also the have the power and freedom to talk and defend about it.
I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
Yeah i agree to you. As they said, there are 2 types that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true
, we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to waitWell as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.
I would agree to you about that, since bitcoin is an open source then the governments would know about it. Being a part of the government, we must need to follow their rules. The government has the power to impose a rule to banned bitcoin, but we have also the have the power and freedom to talk and defend about it.
This will not happen. No government will say "oh look there is this thing called Bitcoin, we should forget about all the millions income taxes bring us and let it be a thing of the past". So there will always be an income tax. Generating income and not paying that is and will be in the future illegal. If you think Bitcoin might help you to not pay it, then this is your opinion, but it is still not allowed and pleas tell nobody anything else
You are not correct on this
A few governments are essentially doing something to that tune. You obviously miss one important thing, i.e. that it cuts both ways. More precise, if a government openly declares Bitcoin as a taxable asset, it inadvertently but unequivocally admits that Bitcoin is perfectly legit since you can't possibly tax something which is illegal. And the governments in question are not going to do this (at least, not until there is wide-scale adoption among masses), and thereby Bitcoin might remain factually tax-exempt in these countries
Certainly the governments cannot have their cake and eat it! If they are bent on seeing Bitcoin as illegal, why would they be bothered to gain from it? They are interested in protecting their fiat currencies against Bitcoin, knowing fully well that Bitcoin stands better chance, so it is actually their funeral.
By the way, income tax isn't the only form of taxation governments imposes taxes on people, actually we are paying one form of tax or the other as we go about our daily lives, like consumption taxes, property taxes. The governments in fact, are their own problems, because putting the cart before the horse gets anybody nowhere!
These are the taxes which are still called taxes
But there are other taxes which are not even officially acclaimed as taxes. Before all, I refer to the so-called inflation tax which is levied on anyone who receives their wages in fiat. Since these make up a majority of population, this tax is imposed on almost everyone, and it seems that it is overall as unavoidable as any other tax out there. This should always be remembered by those who advocate in favor of taxes. The government is already heavily taxing the population through inflation, and it can be loosely considered as a form of income tax too. Ironically, Bitcoin allows you to avoid being taxed by inflation
I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
Yeah i agree to you. As they said, there are 2 types that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true
, we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to waitYou are not correct on this
A few governments are essentially doing something to that tune. You obviously miss one important thing, i.e. that it cuts both ways. More precise, if a government openly declares Bitcoin as a taxable asset, it inadvertently but unequivocally admits that Bitcoin is perfectly legit since you can't possibly tax something which is illegal. And the governments in question are not going to do this (at least, not until there is wide-scale adoption among masses), and thereby Bitcoin might remain factually tax-exempt in these countries
By the way, income tax isn't the only form of taxation governments imposes taxes on people, actually we are paying one form of tax or the other as we go about our daily lives, like consumption taxes, property taxes. The governments in fact, are their own problems, because putting the cart before the horse gets anybody nowhere!
If you don't know something, it doesn't mean that it doesn't exist. I can give you a link to an official letter of the tax agency of my country where they unambiguously declare that they have nothing to do with Bitcoin altogether since it is neither legally accepted nor regulated (though they don't say that it is illegal, either). What else do you need as a proof? What weak theories are you bumbling about if this is reality which I basically live in? Effectively, the government openly states that it is not to be held responsible if people lose their money with Bitcoin...
And why are you now desperately trying to talk this question away given that it was you who raised it in the first place, wtf?
I did not raise any questions, so i have nothing to talk away. Unless you can prove that nobody (whether it is a nurse, a clerk, a businessman or any employee of some kind) in your or any other country has to pay income taxes, i have nothing to add. And why are you now desperately trying to talk this question away given that it was you who raised it in the first place, wtf?
What are really talking about? It is not me who should first prove that Bitcoin is going to kill any (income) taxes. If someone has to prove anything here it is you who should first show how that could ever happen at all in the first place. Or do you actually come to think if I'm not going to prove that bullshit, your point will become any more valid? Nevertheless, here is the list of countries which have no income tax. Obviously, Bitcoin has nothing to do with that...
And then you talk about "weak theories"
I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.
Yeah i agree to you. As they said, there are 2 types that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true
, we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to waitWell as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.
You are right. I attended a seminar about income tax or sort of tax here in my coutry well as they said government have a power to tax all of the things and you cant stop it . Well that bi think if they know our system them they will do that
The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.
Actually, what comes into my mind is it won't kill the income tax "if" all countries has local exchanges, people has no choice, to survive they will cash out to their local currency and with that said, the bitcoin they earn could even help the economy, and to those who are not exchanging to local exchanges, they are only small compared to the number of people who are using exchanges to cash out their bitcoin to fiat.
Nope, they won't stuck it or just pile it in their stash. I am sure they are earning from it, and probably trading it on larger exchange sites. They won't survive if they would just keep the bitcoin, they need to utilize it to earn too. But, as I've said, they are local exchanges, where will they find money to be used for their daily living and for the expenses on their manpower, of course they will transfer their dollar earning to local currency thru banks, that alone is helpful.
But that's true, income tax will be hard to find when no one is declaring it correctly and as many said, bitcoin is not regulated, so imposing the right income tax would be impossible for bitcoin earners, but that's not the only tax the government is collecting from us.
The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.
Actually, what comes into my mind is it won't kill the income tax "if" all countries has local exchanges, people has no choice, to survive they will cash out to their local currency and with that said, the bitcoin they earn could even help the economy, and to those who are not exchanging to local exchanges, they are only small compared to the number of people who are using exchanges to cash out their bitcoin to fiat.
The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.
and governrment will not allowed that, it will also affect the country itself what would happen if theirs no collected taxes how the government will run and those projects i know most of us really wants to be free regarding to our own earnings but we also needed to think about our community we need to be part of everything.
The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.
Actually, what comes into my mind is it won't kill the income tax "if" all countries has local exchanges, people has no choice, to survive they will cash out to their local currency and with that said, the bitcoin they earn could even help the economy, and to those who are not exchanging to local exchanges, they are only small compared to the number of people who are using exchanges to cash out their bitcoin to fiat.
The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.
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