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. 
Topic: Bitcoin Will Kill The Income Tax - page 45. (Read 29939 times)
Coinbase CEO Says Bitcoin Exchange Will Be 'Forced' to Fight IRS Order
Read more at http://motherboard.vice.com/read/coinbase-ceo-says-bitcoin-exchange-will-be-forced-to-fight-irs-order.
Quote from: http://motherboard.vice.com/read/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.
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.
Is Donald Trump a bitcoin supporter?
Maybe he can flip this.
He has favored tax cuts after all.
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.
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.
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. 
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
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.
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.
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
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.
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
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.
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.
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
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.
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 
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 
Coinbase CEO Says Bitcoin Exchange Will Be 'Forced' to Fight IRS Order
Read more at http://motherboard.vice.com/read/coinbase-ceo-says-bitcoin-exchange-will-be-forced-to-fight-irs-order.
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? Quote from: http://motherboard.vice.com/read/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.
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.
Given the coming economic and political insecurity in this country, maybe even rebellion, you can see why people are very bullish on cryptocurrencies 
Coinbase CEO Says Bitcoin Exchange Will Be 'Forced' to Fight IRS Order
Read more at http://motherboard.vice.com/read/coinbase-ceo-says-bitcoin-exchange-will-be-forced-to-fight-irs-order.
Quote from: http://motherboard.vice.com/read/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.
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.
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.
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
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 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
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,
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. Read The Full Article
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