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Topic: Bitcoin Will Kill The Income Tax - page 45. (Read 29945 times)

hero member
Activity: 1680
Merit: 655
January 18, 2017, 06:21:56 AM
if you live on a corrupt country much better to use bitcoin as you use fiat in all things you are doing in your life the government you have on your country would just get the tax and spend it for their personal use/trip so the tax they're getting to the people is useless so it is much better to use a currency that has no tax IMHO.
I don't think that is a good idea. As soon as that government realizes that their national income is down then they will start investigating on what is the source of the problem. Then they will later on find out it is because of people hiding their income via Bitcoin. As you can see if many people start hiding their money like that the government will notice it quickly.
legendary
Activity: 2562
Merit: 1441
January 18, 2017, 06:04:34 AM
Coinbase CEO Says Bitcoin Exchange Will Be 'Forced' to Fight IRS Order





In November of 2016, the Internal Revenue Service ordered bitcoin trading company Coinbase to hand over the identities of millions of customers who made transactions through the company over three years, to find out who hasn't been paying their taxes.

Now, Coinbase CEO Brian Armstrong has suggested in a Medium post that the company will go to court with the IRS, writing, "...it appears we will be forced to contest [the subpoena] in court to protect our customers' privacy, at great expense."

Online bitcoin exchanges are the key point of access for people buying or selling bitcoin. Coinbase, founded in 2012, is one of the oldest and largest.

The IRS ordered Coinbase to turn over the identities of all US customers who used the exchange between 2013 and 2015, in order to determine whether users have been paying taxes on their bitcoin.

Read More: How Coinbase Traders Are Fighting Back IRS Attempts to Reveal Their Identities

The summons has been highly controversial in cryptocurrency circles since it would reveal the identities of many people not under active investigation, and who haven't broken any laws. People do pay taxes on bitcoin (or they're supposed to), and according to the IRS, virtual currencies are treated like property for federal tax purposes.

"Asking for detailed transaction information on so many people, simply for using digital currency, is a violation of [customers'] privacy, and is not the best way for us to accomplish our mutual objective," Armstrong wrote.

Armstrong also suggested an alternate way forward for Coinbase and the IRS, which he writes is for all US bitcoin users to pay their taxes: Coinbase would send a yearly tax form that is commonly used by stock brokers to report financial gains or losses to customers and the IRS, he argued.


Read more at http://motherboard.vice.com/read/coinbase-ceo-says-bitcoin-exchange-will-be-forced-to-fight-irs-order.


Cool

Is Donald Trump a bitcoin supporter?

 Smiley

Maybe he can flip this.

He has favored tax cuts after all.
full member
Activity: 205
Merit: 100
January 18, 2017, 05:25:29 AM
if you live on a corrupt country much better to use bitcoin as you use fiat in all things you are doing in your life the government you have on your country would just get the tax and spend it for their personal use/trip so the tax they're getting to the people is useless so it is much better to use a currency that has no tax IMHO.
sr. member
Activity: 1316
Merit: 356
January 18, 2017, 05:01:12 AM
In the world of bitcoin, it is a crypto-currency that found only in the network. So that definitely it will kill the income taxes. There is no taxes in bitcoin even in transaction you had did, the government can't earn taxes with it thats reason why it kills the income tax and other countries to banned bitcoin.
full member
Activity: 238
Merit: 100
January 18, 2017, 04:58:15 AM
I think it would not kill the income tax because in my country right now, online wallet site in my country right now is registered with the government requirement for business operation, and therefore every transaction is taxable. Bitcoin has its own currency economic journey circulating the web, and it has nothing to affect with fiat currency income tax because digital currency differs from fiat.
Your country is great, certainly in your country all the things that have to do with finances strictly regulated. Means, bitcoin is legal in your country. This news is very good for us as bitcoin users.
hero member
Activity: 2618
Merit: 548
DGbet.fun - Crypto Sportsbook
January 18, 2017, 02:42:06 AM
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

Bitcoin had created to decentralized and different from any currency of a country.
Yes, sending bitcoin is not restricted by state border and people can avoid taxes by doing it when every remittance require high fees but not for bitcoin. People could invest in bitcoin and avoid taxes, that's why IRS forced coinbase to hand over the identities of customers who made transactions through the company over three years in US. They want their taxes for sure, soon another state will follow this step, hopefully not in mine.
i think it will be more easy for the states to recognize bitcoin as legal currency, and then put tax on it, hopeful that people will happily pay their tax on bitcoin, because mostly people are loyal to their country and they want their states prosperous therefore if government will recognize bitcoin as legal currency then surely people will happily pay their tax on the income that come from bitcoin.

As quoted if bitcoin is legalised people will pay tax giving value to it. At the same if its legalised it will come under a central authority which is not good for the growth of bitcoin. For this reason people could pay taxes even before legalised based upon the transactions made or based upon the profiting.
legendary
Activity: 3248
Merit: 1070
January 18, 2017, 02:41:46 AM
Yes. If we only used bitcoin as our transaction and not change it to fiat then we don't need to pay income tax. Still there are many possibilities for government to track and put tax for a bitcoin user. If they find bitcoin is being converted into fiat and they will apply tax there. This will be the same case for bitcoin debit cards too.

even if you don't convert  the government can find a way to trace you back, for example if you buy something directly with bitcoin a trace is left for the address of your house

if you do this aborad it should be more difficult for them to track you back, but the problem for them is also to determine the value of the goods that you bought with bitcoin

surely a pain in the ass for them which will cost them more money than simply tracking fiat users, this will put a deterrent on finding people that want to evade
hero member
Activity: 924
Merit: 505
January 18, 2017, 02:41:34 AM
I think it would not kill the income tax because in my country right now, online wallet site in my country right now is registered with the government requirement for business operation, and therefore every transaction is taxable. Bitcoin has its own currency economic journey circulating the web, and it has nothing to affect with fiat currency income tax because digital currency differs from fiat.
sr. member
Activity: 378
Merit: 250
January 18, 2017, 02:15:03 AM
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

Bitcoin had created to decentralized and different from any currency of a country.
Yes, sending bitcoin is not restricted by state border and people can avoid taxes by doing it when every remittance require high fees but not for bitcoin. People could invest in bitcoin and avoid taxes, that's why IRS forced coinbase to hand over the identities of customers who made transactions through the company over three years in US. They want their taxes for sure, soon another state will follow this step, hopefully not in mine.
i think it will be more easy for the states to recognize bitcoin as legal currency, and then put tax on it, hopeful that people will happily pay their tax on bitcoin, because mostly people are loyal to their country and they want their states prosperous therefore if government will recognize bitcoin as legal currency then surely people will happily pay their tax on the income that come from bitcoin.
member
Activity: 68
Merit: 10
January 18, 2017, 12:35:10 AM
Yes. If we only used bitcoin as our transaction and not change it to fiat then we don't need to pay income tax. Still there are many possibilities for government to track and put tax for a bitcoin user. If they find bitcoin is being converted into fiat and they will apply tax there. This will be the same case for bitcoin debit cards too.
hero member
Activity: 798
Merit: 506
January 17, 2017, 10:31:23 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

Bitcoin had created to decentralized and different from any currency of a country.
Yes, sending bitcoin is not restricted by state border and people can avoid taxes by doing it when every remittance require high fees but not for bitcoin. People could invest in bitcoin and avoid taxes, that's why IRS forced coinbase to hand over the identities of customers who made transactions through the company over three years in US. They want their taxes for sure, soon another state will follow this step, hopefully not in mine.
legendary
Activity: 1946
Merit: 1100
Leading Crypto Sports Betting & Casino Platform
January 17, 2017, 10:24:29 PM
Of course it will kill the income tax especially in the US where taxes are crazy and illegal.  It could make the end of the US government and the beginning of high unemployment which will be bad for everybody. There will be a lot of chaos I think.
Wtf Huh What are you talking about ? The USA know how to use their tax to build and improve the country. Only third world countries do not know how to use it. They uae tax to build social building, operate insurance system and everything is good for the country
hero member
Activity: 3052
Merit: 685
January 17, 2017, 10:19:27 PM
Coinbase CEO Says Bitcoin Exchange Will Be 'Forced' to Fight IRS Order





In November of 2016, the Internal Revenue Service ordered bitcoin trading company Coinbase to hand over the identities of millions of customers who made transactions through the company over three years, to find out who hasn't been paying their taxes.

Now, Coinbase CEO Brian Armstrong has suggested in a Medium post that the company will go to court with the IRS, writing, "...it appears we will be forced to contest [the subpoena] in court to protect our customers' privacy, at great expense."

Online bitcoin exchanges are the key point of access for people buying or selling bitcoin. Coinbase, founded in 2012, is one of the oldest and largest.

The IRS ordered Coinbase to turn over the identities of all US customers who used the exchange between 2013 and 2015, in order to determine whether users have been paying taxes on their bitcoin.

Read More: How Coinbase Traders Are Fighting Back IRS Attempts to Reveal Their Identities

The summons has been highly controversial in cryptocurrency circles since it would reveal the identities of many people not under active investigation, and who haven't broken any laws. People do pay taxes on bitcoin (or they're supposed to), and according to the IRS, virtual currencies are treated like property for federal tax purposes.

"Asking for detailed transaction information on so many people, simply for using digital currency, is a violation of [customers'] privacy, and is not the best way for us to accomplish our mutual objective," Armstrong wrote.

Armstrong also suggested an alternate way forward for Coinbase and the IRS, which he writes is for all US bitcoin users to pay their taxes: Coinbase would send a yearly tax form that is commonly used by stock brokers to report financial gains or losses to customers and the IRS, he argued.


Read more at http://motherboard.vice.com/read/coinbase-ceo-says-bitcoin-exchange-will-be-forced-to-fight-irs-order.


Cool
They really want to control us, good job for Coinbase for protecting the privacy of their clients. We are here for for privacy but if the government will enforce their laws to get our information then it will just defeat the purpose. They could make different method to let the traders who are making an income to pay the appropriate taxes but not all the users who are transacting online. Even banks has a bank secrecy law, what happen to IRS?
copper member
Activity: 2940
Merit: 4101
Top Crypto Casino
January 17, 2017, 10:02:01 PM
Given the coming economic and political insecurity in this country, maybe even rebellion, you can see why people are very bullish on cryptocurrencies  Cheesy Cheesy Cheesy
legendary
Activity: 3906
Merit: 1373
January 17, 2017, 09:21:40 PM
Coinbase CEO Says Bitcoin Exchange Will Be 'Forced' to Fight IRS Order





In November of 2016, the Internal Revenue Service ordered bitcoin trading company Coinbase to hand over the identities of millions of customers who made transactions through the company over three years, to find out who hasn't been paying their taxes.

Now, Coinbase CEO Brian Armstrong has suggested in a Medium post that the company will go to court with the IRS, writing, "...it appears we will be forced to contest [the subpoena] in court to protect our customers' privacy, at great expense."

Online bitcoin exchanges are the key point of access for people buying or selling bitcoin. Coinbase, founded in 2012, is one of the oldest and largest.

The IRS ordered Coinbase to turn over the identities of all US customers who used the exchange between 2013 and 2015, in order to determine whether users have been paying taxes on their bitcoin.

Read More: How Coinbase Traders Are Fighting Back IRS Attempts to Reveal Their Identities

The summons has been highly controversial in cryptocurrency circles since it would reveal the identities of many people not under active investigation, and who haven't broken any laws. People do pay taxes on bitcoin (or they're supposed to), and according to the IRS, virtual currencies are treated like property for federal tax purposes.

"Asking for detailed transaction information on so many people, simply for using digital currency, is a violation of [customers'] privacy, and is not the best way for us to accomplish our mutual objective," Armstrong wrote.

Armstrong also suggested an alternate way forward for Coinbase and the IRS, which he writes is for all US bitcoin users to pay their taxes: Coinbase would send a yearly tax form that is commonly used by stock brokers to report financial gains or losses to customers and the IRS, he argued.


Read more at http://motherboard.vice.com/read/coinbase-ceo-says-bitcoin-exchange-will-be-forced-to-fight-irs-order.


Cool
hero member
Activity: 994
Merit: 544
January 17, 2017, 09:04:58 PM
It will surely kill income tax if bitcoin adoption will spread throughout the globe and that's why most government would really not let this thing to happen that's why they will ban bitcoin on their place.people love bitcoin because they have the full control of their money.

Bitcoin cannot kill income tax. The government is now looking through exchangers and some countries are already placing tax in the form of additional fees during the exchange of bitcoin to fiat currency in the exchangers. In India they are considering to call bitcoin as a property that way they can place property tax to bitcoin holders. The government has its own ways how to collect taxes from bitcoin revenues, dont underestimate the government they are also upgrading their system to meet the flow of digital currency.
hero member
Activity: 1680
Merit: 655
January 17, 2017, 08:10:03 PM
Of course it will kill the income tax especially in the US where taxes are crazy and illegal.  It could make the end of the US government and the beginning of high unemployment which will be bad for everybody. There will be a lot of chaos I think.
if most companies adopt bitcoin for their transactions, and it will make the government can not track the company's financial turnaround, so the government can not give how much tax must be paid
Taxes are not crazy and illegal they are essential for running a country. A government without a source of income will not have anything to build projects for their country. Also it will not result into a high unemployment because the companies who are evading taxes have no problems in paying their employees' salaries.
hero member
Activity: 1190
Merit: 500
January 17, 2017, 05:02:52 PM
Of course it will kill the income tax especially in the US where taxes are crazy and illegal.  It could make the end of the US government and the beginning of high unemployment which will be bad for everybody. There will be a lot of chaos I think.
if most companies adopt bitcoin for their transactions, and it will make the government can not track the company's financial turnaround, so the government can not give how much tax must be paid
hero member
Activity: 1106
Merit: 521
January 17, 2017, 04:48:29 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

I just cant see this being allowed to happen, the governments will come up with some way of continuing to bleed us all dry,  Shocked
hero member
Activity: 2814
Merit: 734
Bitcoin is GOD
January 17, 2017, 04:17:14 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
Not likely, since you can track bitcoins transaction very easily and the governments are taking measures to make sure their citizens don't avoid taxes using bitcoin, at best bitcoin will be a way for some tech savvy individuals to not pay their taxes.
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