Bitcoin Will Kill The Income Tax - page 47.

The_Dark_Knight

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Quote from: Gotottack on December 20, 2016, 08:39:24 PM

Quote from: The_Dark_Knight on December 20, 2016, 07:21:15 PM

Quote from: Japinat on December 20, 2016, 01:54:18 AM

Quote from: The_Dark_Knight on December 19, 2016, 08:22:38 PM

Quote from: Harlot on December 17, 2016, 12:51:46 PM

I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.

Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.

The government has all the resources to determine who are not a tax payers but they just don't act on it when corruption are involve. It normally happens in a poor countries where public officials are corrupt and they just accept bribe from corrupt businessman as well.

It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.

Corruption may be an issue, but the biggest businesses take advantage of the laws on different countries to not pay taxes, so it is not only a problem of corruption, big business have big money they can use to circumvent the laws.

Income tax is not supposed to be evaded even if you are using bitcoins! Income tax is tax on your income. Hence if you do earn from bitcoin, no matter where you are you should be paying income tax. The concept is quite easy. You earn, you pay for income tax. Even if your source of revenue is from illegal activities you have to pay for income tax. The government will realize you are not paying income tax the moment you overspend outside of your means. For example, a big corporation acquired a multimillion dollar servers without even declaring a single cent to the government. That would be investigated outright.

In fact it matters where you are, in many jurisdictions you don't need to pay income tax that comes from foreign sources, basically you don't pay income tax on income that comes from other countries, so you are mistaken about that.

Foref1982

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I don't think that Bitcoin will kill your income tax. The reason why I think it won't kill it because we won't ever be fully within Bitcoin network in our daily lives. For instance, the issue of salaries. Bitcoin's too unstable for most people to get their whole salaries in. I regularly invest into Bitcoin, but that's just a small part from my salary. I wouldn't invest all my salary into it lol...

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Quote from: PacePay on December 21, 2016, 08:25:25 AM

Quote from: Fatanut on December 21, 2016, 08:06:03 AM

Quote from: virtualkeybuyer on December 21, 2016, 06:36:01 AM

It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

Apparently, that's not going to happen. The government will not start legalizing bitcoins. Simply talking about bitcoins would expose it to the public and that's something that the government don't want to happen. When that happens, people would know the truth that you can avoid paying all these expenses issued by the government. Most people don't want to pay income tax since it takes a huge percent of your income and there's 12% VAT in literally everything that we buy.

I think people would start accepting bitcoins because a lot of people are looking for it and not because the government said so.

Yeah nowadays people are searching for the ways where they have not to pay the taxes etc especially in the third world countries where the government do not spend these income on their public but on their ministers and for their luxurious life. But if the governments got a time to research about bitcoin and if they found a way for working with bitcoin then they will readily adopt bitcoin.

Most people who live on 3rd world countries would really find a way to evade tax because the already know that their government is corrupt and doesn't imply or use the tax on the right way and I do agree on what to have said they will just use it for themselves and also if they found out about bitcoin they will surely ignore or block it because of the threat regarding tax evasion.

olubams

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Quote from: virtualkeybuyer on December 21, 2016, 06:36:01 AM

It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

Thats my same position. So far we need government to legalize Bitcoin they will never do anything that will jeopardize their own selfish interest or that will write down their popularity and influence and thats what will happen if Bitcoin should kill income tax which is one of the main source of government revenue. Unless they are able to get ways to tax that Bitcoin, then I see them banning that form of currency in no time...

Senor.Bla

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Quote from: Blitzboy on December 21, 2016, 09:36:12 AM

Quote from: Mr. Big on December 21, 2016, 06:06:25 AM

Quote from: Junko on December 21, 2016, 04:21:16 AM

In the end, governments will always get their taxes one way or another, by hook or by crook. That is for certain. Unless the country is like one of the rich Gulf States with oil and doesn't need to collect taxes to pay for its infrastructure, public works, police, education, healthcare, national security, etc.

We may not notice it but government in where we are living ( where taxes are in anything ) it is being implemented and being put in each product that we used... Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...

No one can deny the fact that taxes are included in everything, but for bitcoin, it's something different. Bitcoin isn't under control of any government agencies or any companies or even anyone, so there is no point in paying tax for bitcoin. Have you ever wonder where those "bitcoin's taxes" goes or what happens to them. So I don't think that bitcoin has tax or that it should be taxable.

Bitcoin is not partially made of taxes, just like any other form of money is also not. You would not say 1 USD is 98 cents + 2 cents taxes.
But you pay (or at least should pay) taxes for everything you buy. The same goes for money i earn (this is btw what we are talking about Income Tax).
So if i buy a car or make some money with my job, then i (unless the seller and my employer do it for me) have to give a portion of the money to the government. It does not matter what i buy or in which currency i pay/get paid. I have to convert it to the currency my government accepts and pay it. And so if i want to buy some Bitcoin and my government has decided to tax this, then i have to pay the taxes. Nobody wants to do it, but this is the way it is.

Blitzboy

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Quote from: Mr. Big on December 21, 2016, 06:06:25 AM

Quote from: Junko on December 21, 2016, 04:21:16 AM

In the end, governments will always get their taxes one way or another, by hook or by crook. That is for certain. Unless the country is like one of the rich Gulf States with oil and doesn't need to collect taxes to pay for its infrastructure, public works, police, education, healthcare, national security, etc.

We may not notice it but government in where we are living ( where taxes are in anything ) it is being implemented and being put in each product that we used... Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...

No one can deny the fact that taxes are included in everything, but for bitcoin, it's something different. Bitcoin isn't under control of any government agencies or any companies or even anyone, so there is no point in paying tax for bitcoin. Have you ever wonder where those "bitcoin's taxes" goes or what happens to them. So I don't think that bitcoin has tax or that it should be taxable.

hgmichna

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First, governments will increase their tax base, beginning 2017-01-01, by obtaining account information from most financial institutions, which includes bitcoin exchanges. They are required to report account data to the home tax authority of each account holder.

Details on Reddit

vltnqefi

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Well, agree, free currency doesn't need tax

PacePay

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Quote from: Fatanut on December 21, 2016, 08:06:03 AM

Quote from: virtualkeybuyer on December 21, 2016, 06:36:01 AM

It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

Apparently, that's not going to happen. The government will not start legalizing bitcoins. Simply talking about bitcoins would expose it to the public and that's something that the government don't want to happen. When that happens, people would know the truth that you can avoid paying all these expenses issued by the government. Most people don't want to pay income tax since it takes a huge percent of your income and there's 12% VAT in literally everything that we buy.

I think people would start accepting bitcoins because a lot of people are looking for it and not because the government said so.

Yeah nowadays people are searching for the ways where they have not to pay the taxes etc especially in the third world countries where the government do not spend these income on their public but on their ministers and for their luxurious life. But if the governments got a time to research about bitcoin and if they found a way for working with bitcoin then they will readily adopt bitcoin.

Capradina

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Quote from: Sithara007 on December 21, 2016, 07:23:16 AM

Quote from: Mr. Big on December 21, 2016, 06:06:25 AM

Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...

I could agree with the second part, but the first part is not 100% true. Some of the exchanges do pay taxes, but they pay taxes to the country where they are based in. They are not paying taxes to those nations where their users are based.

That is certainly true. If we see from the data that exists in the bitcoin, that most or all of the people who use the bitcoin not taxed continental Indonesia. And it has never happened to bitcoin accepted and considered a digital currency that could be used legally. For every thing that is taxable is something legal and recognized in that country or all countries working together in countries that accept bitcoin. But in the context that we exchanged the bitcoin into fiat and sent into the bank. then it becomes one of tax time, since the money is in the bank certainly exposed pieces per month

Fatanut

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Quote from: virtualkeybuyer on December 21, 2016, 06:36:01 AM

It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

Apparently, that's not going to happen. The government will not start legalizing bitcoins. Simply talking about bitcoins would expose it to the public and that's something that the government don't want to happen. When that happens, people would know the truth that you can avoid paying all these expenses issued by the government. Most people don't want to pay income tax since it takes a huge percent of your income and there's 12% VAT in literally everything that we buy.

I think people would start accepting bitcoins because a lot of people are looking for it and not because the government said so.

Sithara007

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Quote from: Mr. Big on December 21, 2016, 06:06:25 AM

Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...

I could agree with the second part, but the first part is not 100% true. Some of the exchanges do pay taxes, but they pay taxes to the country where they are based in. They are not paying taxes to those nations where their users are based.

virtualkeybuyer

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It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

Senor.Bla

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Quote from: 20kevin20 on December 21, 2016, 06:03:43 AM

Quote from: Lubang Bawah on December 21, 2016, 04:49:58 AM

This need honesty, if we obey the tax certainly does not matter although there is bitcoin. When people try to hide their money from taxes, certainly they feel uncomfortable. With honesty our life will be quiet.

Why would you give that money to the governments when you can use it for something better? You are paying taxes that governments are using for wars or to just put it in their pockets. We've been lied for such a long time and Bitcoin is finally letting us evade these taxes..

Two things. Whether you like taxes or not, if you do not pay them then you break law. Using Bitcoin is not a free pass on taxes. You might be harder to catch but it is still illegal.
The other thing is most of us have no idea where taxes will be used. So, yes i am sure a lot of money will go into funding bad thing and could be used better. But also a lot of the money will be used for good things. Just because taxes are not spend wisely does not mean that the concept is bad. This is like someone who wants the end of democracy because he does not like the current politics.

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Quote from: Junko on December 21, 2016, 04:21:16 AM

In the end, governments will always get their taxes one way or another, by hook or by crook. That is for certain. Unless the country is like one of the rich Gulf States with oil and doesn't need to collect taxes to pay for its infrastructure, public works, police, education, healthcare, national security, etc.

We may not notice it but government in where we are living ( where taxes are in anything ) it is being implemented and being put in each product that we used... Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...

dawnpot

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Yes, it's correct, eventually everyone would prefer shielding their income through bitcoin and eventually the income tax system will collapse.

20kevin20

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Quote from: Lubang Bawah on December 21, 2016, 04:49:58 AM

This need honesty, if we obey the tax certainly does not matter although there is bitcoin. When people try to hide their money from taxes, certainly they feel uncomfortable. With honesty our life will be quiet.

Why would you give that money to the governments when you can use it for something better? You are paying taxes that governments are using for wars or to just put it in their pockets. We've been lied for such a long time and Bitcoin is finally letting us evade these taxes..

NEWGOODOUBLE

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Quote from: rajasumi2 on December 20, 2016, 11:25:40 PM

It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.

I think there is no fool who want to show their total revenue from cryptocurrency to the government, because in fact the government will not know for sure the income you get from bitcoin, so why are people being stupid by show it?

raaajlucky

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Quote from: diegz on December 21, 2016, 12:03:08 AM

Quote from: rajasumi2 on December 20, 2016, 11:25:40 PM

It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.

If people around the country is really up to bitcoin and using it as it is and merchants are doing the same, income taxes will go low, but since most of the services and goods in a country is still payable with fiat, the chance that it will kill the taxes will be low, besides, government might start arresting people who are using bitcoin for not paying their tax if they notice that bitcoin is affecting the economy already.

Now people are using bitcoin just for online gambling purpose and in some small scale business means online jobs, people are accepting bitcoin as their payment. Except this, i think there is no other place bitcoin is not acceptable. So once the government accept Bitcoin as legal currency, then the real problem will start.

Lubang Bawah

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This need honesty, if we obey the tax certainly does not matter although there is bitcoin. When people try to hide their money from taxes, certainly they feel uncomfortable. With honesty our life will be quiet.

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