Topic: Bitcoin Will Kill The Income Tax - page 40. (Read 29945 times)
In my countrry for now they careless about income tax because the government is not even doing much for the people. so what do they expect to tax? but the way things are going they would likely look into it because I was told the last month trade volume of Bitcoin across exchanges in my country is more than $1 million and if the trend continued they would likely follow the money
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 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.
If your investment stay at bitcoin it can be anonymouse at many website below a limit. For example this limit is 2000 dollars daily withdrawal at Poloniex. If you want to withdraw more than 2000 dollars you have to confirm your account. When your investment is high is not easy to stay anonymouse alltimes.
I think the government can do cooperation with third parties such as exchanges to give taxes to each user, by applying data verification, the government can give to an individual tax 
I love how people here go ahead and say that bitcoin will kill the income tax, cause that is so untrue it is disgusting. Governments will just require people to pay the income tax either way, be it when you're using bitcoin or not.
Governments love money and will track it down until the end.
Governments love money and will track it down until the end.
When governments understand that bitcoin can decrease the tax income, they will change the laws before this decrease or just after the start of the decrease. They will try to control bitcoin when the amount of bitcoin in circulation rise. Even now they are following cryptocurrencies.
That is why,some are banning bitcoin but they can not totally banned the bitcoin
Its happening already that, but not really killing income tax but lessen it. That is why, some government are trying to tax online income like in the case of freelancers and other online money making activities and that includes payment in bitcoin.
well; We can say that but still people are prefer and using the fiat currency and also use the bank system, and majority of the people are here who don't know about bitcoin. Even many countries are not allow the bitcoin in government level. So may be in future, when bitcoin would be used in all over the world than might be possible bitcoin kill the income tax.
When governments understand that bitcoin can decrease the tax income, they will change the laws before this decrease or just after the start of the decrease. They will try to control bitcoin when the amount of bitcoin in circulation rise. Even now they are following cryptocurrencies.
If your investment stay at bitcoin it can be anonymouse at many website below a limit. For example this limit is 2000 dollars daily withdrawal at Poloniex. If you want to withdraw more than 2000 dollars you have to confirm your account. When your investment is high is not easy to stay anonymouse alltimes.
That is just Poloniex. The thing is that the governments will want to tax Bitcoin too, and they can do nothing about it because they have no idea what addresses you own, so they won't know how much money you earned, so therefore they cannot tax you. And this is not an issue now, but Bitcoin will grow and that will become a problem for them.
If your investment stay at bitcoin it can be anonymouse at many website below a limit. For example this limit is 2000 dollars daily withdrawal at Poloniex. If you want to withdraw more than 2000 dollars you have to confirm your account. When your investment is high is not easy to stay anonymouse alltimes.
You can hide your BTC income only if it never leaves bitcoin ecosystem. That means that there would have to be someone accepting bitcoin in every possible kind of service. Otherwise you must convert BTC to FIAT and this can be easily regulated. Even nowdays you have to verify your account on most exchanges.
Also as others said, it's not OK to evade taxes. The state doesn't keep the money, it pays public services from it - roads, infrastructure, healthcare, education...
If the governments will legalize bitcoin and they started to take tax on its usage then it will be much hard for anyone to hide their bitcoins as on one place the exchanges collect identity and on the other hand service providers will know that to whom they are paying as the government will ask them for report if they will operate their licensed company. Also as others said, it's not OK to evade taxes. The state doesn't keep the money, it pays public services from it - roads, infrastructure, healthcare, education...
well bitcoin not only kills the income tax but kills a lot of stuffs and processes atfirst it was good but currenct mining fees is really creatinghuge problem but no matter how hard the time is we can still manage wipe this mud aside and clean our path. it will take sometime but soon we can have faster transactions with lower fees
yes we are also hoping so that very soon every thing will be ok, because people still want to use bitcoin, because bitcoin is the need of the day, specially for online purpose. in modern time the use of online currency is increasing from time to time therefor they want bitcoin to use it more comfortably. 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
And how does that make your point more valid?
Many governments across the world are heavily engaged in the lives of ordinary people, and they are often looked at as the guardians for the blind masses that need a shepherd ("all authority comes from God"). If they accept Bitcoin (through taxes or otherwise), that would mean endorsing its use by population. Who will be held responsible if folks start pouring their hard-earned money into Bitcoin and Bitcoin collapses soon thereafter? That seems to be the reason why governments are trying to distance from cryptocurrencoes, even if it means that some relatively small group of people is not going to pay any taxes on their earnings
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?
well bitcoin not only kills the income tax but kills a lot of stuffs and processes atfirst it was good but currenct mining fees is really creatinghuge problem but no matter how hard the time is we can still manage wipe this mud aside and clean our path. it will take sometime but soon we can have faster transactions with lower fees
It is not true that bitcoin will kill income tax because the government can implement a tax when you cash in through the exchange and you only need to pay for the assets you have in liquid form and as long as your assets are in bitcoin you never need to pay any tax and that is how things are going to be and that is how the governments will be implementing regulations around that to get tax when ever you are cashing out. 
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
And how does that make your point more valid?
Many governments across the world are heavily engaged in the lives of ordinary people, and they are often looked at as the guardians for the blind masses that need a shepherd ("all authority comes from God"). If they accept Bitcoin (through taxes or otherwise), that would mean endorsing its use by population. Who will be held responsible if folks start pouring their hard-earned money into Bitcoin and Bitcoin collapses soon thereafter? That seems to be the reason why governments are trying to distance from cryptocurrencoes, even if it means that some relatively small group of people is not going to pay any taxes on their earnings
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?
You can hide your BTC income only if it never leaves bitcoin ecosystem. That means that there would have to be someone accepting bitcoin in every possible kind of service. Otherwise you must convert BTC to FIAT and this can be easily regulated. Even nowdays you have to verify your account on most exchanges.
Also as others said, it's not OK to evade taxes. The state doesn't keep the money, it pays public services from it - roads, infrastructure, healthcare, education...
Also as others said, it's not OK to evade taxes. The state doesn't keep the money, it pays public services from it - roads, infrastructure, healthcare, education...
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
And how does that make your point more valid?
Many governments across the world are heavily engaged in the lives of ordinary people, and they are often looked at as the guardians for the blind masses that need a shepherd ("all authority comes from God"). If they accept Bitcoin (through taxes or otherwise), that would mean endorsing its use by population. Who will be held responsible if folks start pouring their hard-earned money into Bitcoin and Bitcoin collapses soon thereafter? That seems to be the reason why governments are trying to distance from cryptocurrencoes, even if it means that some relatively small group of people is not going to pay any taxes on their earnings
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
And how does that make your point more valid?
Many governments across the world are heavily engaged in the lives of ordinary people, and they are often looked at as the guardians for the blind masses that need a shepherd ("all authority comes from God"). If they accept Bitcoin (through taxes or otherwise), that would mean endorsing its use by population. Who will be held responsible if folks start pouring their hard-earned money into Bitcoin and Bitcoin collapses soon thereafter? That seems to be the reason why governments are trying to distance from cryptocurrencoes, even if it means that some relatively small group of people is not going to pay any taxes on their earnings
It's not possible to put a tax on bitcoin transaction. If the government decides to put a tax on Bitcoin transaction, it will be a big headache for govt. They will get a lot of problems, and they will struggle a lot to control this Bitcoin trasnsaction. If they decided to collect the tax, then bitcoin banks must open. Then only the govt can able to track the record. I think this much risk govt will not take. But if bitcoin transaction will increase in all sectors yes BTC will kill income tax
They don't have to tax Bitcoin transactions specifically
All they need to do is to make legal an income earned through Bitcoin operations (that basically means legalizing Bitcoin as I said earlier). But if they legalize this income, in most jurisdictions that would effectively imply that you have to pay an income tax on capita gains obtained by buying and selling coins. And to make you pay this tax (i.e. catch you if you are going for tax evasion), they just need to control fiat in and outs that can be used to go into Bitcoin and exit from it
it's more easy than it seems, they just need to tax the exchange directly, then the exchange will apply a higher fee on your deposit or simply when you convert in fiat
this would be the best solution for them to avoid tax evasion, instead of chasing the bitcoin addresses, which is impossible
How are you going to tax services that exist only in cyberspace or can easily move to more tax-friendly (or tax-hostile) countries?
well bitcoin not only kills the income tax but kills a lot of stuffs and processes atfirst it was good but currenct mining fees is really creatinghuge problem but no matter how hard the time is we can still manage wipe this mud aside and clean our path. it will take sometime but soon we can have faster transactions with lower fees
I dont think thats the point of BTC, it not possible to avoid tax legally and btc is not for illegal transactions, so the answer is no it wont kill income tax
Jump to: