Bitcoin Will Kill The Income Tax - page 41.

Amph

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Quote from: deisik on February 05, 2017, 12:56:30 PM

Quote from: fullypak on February 05, 2017, 12:41:54 PM

Quote from: acroman08 on February 05, 2017, 11:02:12 AM

Quote from: bestluck on February 05, 2017, 10:52:27 AM

Quote from: t2yax on February 05, 2017, 10:26:12 AM

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

I think these governments will not be able to impose tax because of having control on it as they are not able to get control on bitcoin but if they will charge the exchanges then they will be the way to impose tax on it.

I guess imposing a tax on every exchange transaction of bitcoin will be the
loophole for the government to put a tax on a decentralized currency.

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

olushakes

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Bitcoin killing income tax is the last thing that will happen under the watch of government in short, it wont happen. Thats is a major source of revenue to government and that is important if its still going to function continuously. Its either government finds a way to get its own cut from bitcoin transactions and if that seems impossible, ban everything all together.

Senor.Bla

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Quote from: deisik on February 05, 2017, 12:25:24 PM

Quote from: Senor.Bla on February 05, 2017, 10:09:42 AM

Quote from: positivezero on February 05, 2017, 09:56:51 AM

Quote from: Mr.ExtraOrdinary on January 22, 2017, 08:07:49 AM

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.

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 Grin

, 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 wait

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

Maybe you have a hard time understanding this, but positivezero is talking about the abolishment of all income taxes, just because of Bitcoin. This will never happen and this also has nothing to do with the legal status or taxability of Bitcoin.

deisik

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English ⬄ Russian Translation Services

Quote from: fullypak on February 05, 2017, 12:41:54 PM

Quote from: acroman08 on February 05, 2017, 11:02:12 AM

Quote from: bestluck on February 05, 2017, 10:52:27 AM

Quote from: t2yax on February 05, 2017, 10:26:12 AM

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

I think these governments will not be able to impose tax because of having control on it as they are not able to get control on bitcoin but if they will charge the exchanges then they will be the way to impose tax on it.

I guess imposing a tax on every exchange transaction of bitcoin will be the
loophole for the government to put a tax on a decentralized currency.

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

fullypak

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Quote from: acroman08 on February 05, 2017, 11:02:12 AM

Quote from: bestluck on February 05, 2017, 10:52:27 AM

Quote from: t2yax on February 05, 2017, 10:26:12 AM

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

I think these governments will not be able to impose tax because of having control on it as they are not able to get control on bitcoin but if they will charge the exchanges then they will be the way to impose tax on it.

I guess imposing a tax on every exchange transaction of bitcoin will be the
loophole for the government to put a tax on a decentralized currency.

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.

deisik

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English ⬄ Russian Translation Services

Quote from: Senor.Bla on February 05, 2017, 10:09:42 AM

Quote from: positivezero on February 05, 2017, 09:56:51 AM

Quote from: Mr.ExtraOrdinary on January 22, 2017, 08:07:49 AM

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.

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 Grin

, 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 wait

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

acroman08

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Quote from: bestluck on February 05, 2017, 10:52:27 AM

Quote from: t2yax on February 05, 2017, 10:26:12 AM

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

I think these governments will not be able to impose tax because of having control on it as they are not able to get control on bitcoin but if they will charge the exchanges then they will be the way to impose tax on it.

I guess imposing a tax on every exchange transaction of bitcoin will be the
loophole for the government to put a tax on a decentralized currency.

bestluck

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Activity: 658

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Quote from: t2yax on February 05, 2017, 10:26:12 AM

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

I think these governments will not be able to impose tax because of having control on it as they are not able to get control on bitcoin due to its feature of decentralized currency but if they will charge the exchanges for collecting that tax from them then that will be the way to impose tax on it. The tax on these exchanges will be according to the exchanges occurred by these exchanges or the total deposit to them via the bank transfer.

BeGoods

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think, countries are earning revenue from taxes. and when the whole population of the country using bitcoin, where bitcoin is anonymous and decentralized, of course it will not get revenue from taxes

savioroshan

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Quote from: jamyr on February 05, 2017, 10:14:41 AM

Quote from: Senor.Bla on February 05, 2017, 10:09:42 AM

Quote from: positivezero on February 05, 2017, 09:56:51 AM

Quote from: Mr.ExtraOrdinary on January 22, 2017, 08:07:49 AM

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.

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 Grin

, 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 wait

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.

Why are most of guys here talk about evading tax-responsibilities? We need to help our government no matter where we live. Evading tax is like stealing money from more people. Shame on people evading taxes.

Yes you are right. In my opinion its our responsibility to pay the income tax. just imagine if nobody is paying income tax then the government wont have money for giving salaries for the people or without money government itself wont sustain. The economic conditions of the country will get worse. Its everyone's responsibility to look after their own motherland. Nobody will come for deputation to take care ofthe motherland. Motherland is our identity. Taxes are kept for the development of the country.

szpalata

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Quote from: t2yax on February 05, 2017, 10:26:12 AM

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

I beg to differ, Bitcoin can actually kill income tax because the populace within a particular jurisdiction can avoid it completely; there are no names attached to transactions and if companies decide to pay workers via the blockchain I don't think it can be traced unless maybe there are improvements on privacy issues associated with bitcoins which I doubt will materialize because if decentralization.

JC btc

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Quote from: t2yax on February 05, 2017, 10:26:12 AM

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

There is nothing wrong with imposing tax in bitcoin, if they did imposed that means that bitcoin is now legal and will be part of our life and will exist for the rest of your life. So, for me it is okay as a bitcoin user it is okay for me to pay taxes rather than not allowing to have bitcoin transaction here in our country.

t2yax

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I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

jamyr

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<------

Quote from: Senor.Bla on February 05, 2017, 10:09:42 AM

Quote from: positivezero on February 05, 2017, 09:56:51 AM

Quote from: Mr.ExtraOrdinary on January 22, 2017, 08:07:49 AM

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.

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 Grin

, 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 wait

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.

Why are most of guys here talk about evading tax-responsibilities? We need to help our government no matter where we live. Evading tax is like stealing money from more people. Shame on people evading taxes.

Senor.Bla

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Quote from: positivezero on February 05, 2017, 09:56:51 AM

Quote from: Mr.ExtraOrdinary on January 22, 2017, 08:07:49 AM

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.

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 Grin

, 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 wait

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.

KennyR

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Several countries have tax free financial ecosystem, with those countries taxation is not a big issue. Recently Israel have partially regulated bitcoin mentioning it to be the taxable asset. Though they cannot find the user related to transaction, they'll initiate strict regulations to get the accurate information regarding the identity. So taxation can be made based on need, but when taxes were levied on bitcoin sure it'll loss lots of users.

positivezero

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Quote from: Mr.ExtraOrdinary on January 22, 2017, 08:07:49 AM

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.

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 Grin

, 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 wait

saqibmunir

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Quote from: savioroshan on January 23, 2017, 09:45:42 AM

yeah definitely will kill the income tax. Because none of the goverment can regulate it because of its anonyous nature. Actually its going to be a threat to all governments in the world where taxes are there. Since s are anonymous it will be difficult to get the income tax from the people. If government doesnt get income tax, how will goverment function properly. How salaries will be paid for government officials. How government is going to survive.So definitely all governments will ban or regulate the usage of s in future. Definittely they will find a way to regulate it. Otherwise it will affect the economy of the country.

yeah you are right but i think organisers of bitcoin will change there policies and makes a way out for this also as it proceed because taxation is the very important department for every country and every country needs tax it to run the country ........ so i think oorganizer may think about it.......

LLec

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The way it is looking now with these tax havens being controlled now by their countries governments that is looking highly unlikely now.
You do know that in Switzerland they are making it law to allow them to tax those who hold bank accounts who were tax-free for the longest time. It has already happened a year now to those from Canada who held any money in these such accounts.
http://business.financialpost.com/personal-finance/taxes/for-canadians-with-a-secret-swiss-bank-account-time-is-running-out
And I recently heard they are doing this for all other countries too. Including residents who reside in Dubai of UAE and other billionaires who have accounts held with them.

wxa7115

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Bitcoin is GOD

Quote from: Zadicar on January 22, 2017, 01:24:45 AM

Quote from: wxa7115 on January 22, 2017, 01:18:45 AM

Quote from: just_Alice on January 20, 2017, 12:53:50 PM

Quote from: Hydrogen on January 18, 2017, 07:41:18 AM

I wish people wouldn't support taxation of marijuana so strongly.

Do they realize their legalized weed would be much cheaper if it wasn't heavily taxed?

Bitcoin is the same.

I think you misunderstood the topic. It's not about taxation killing Bitcoin but rather the other way around. With Bitcoin it's easy to evade taxation, but since most people don't use it yet it shouldn't be a big problem for the governments, for a while at least.

Believe me governments take notice of developments like this, it is no wonder why governments are all over tax havens and pressure them to give up banking secrecy or to raise their taxes or change their laws so you have nowhere to run, bitcoin has opened a new way to do it and it is not something they can destroy very easily.

For us money earners we could really saw that tax do really affects us too much but thinking it on a good way it does really help for a nation to grow even more specially when your government using it on a proper way and not on the corrupt ones.Bitcoin could really kill income tax but it would really give effect to the economy of a certain country.

But unless you live in a first world country you can be sure politicians are stealing a significant amount of your taxes and that is when a dilemma occurs, do I pay my taxes even if I know they are going to steal it? Or do I refuse to pay them knowing this will affect the whole country?

Topic: Bitcoin Will Kill The Income Tax - page 41. (Read 29939 times)