Bitcoin Will Kill The Income Tax - page 49.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: bajing on December 18, 2016, 02:51:07 AM

I guess for now maybe bitcoin might be used as a means to avoid taxes but with the passage of time the government will start collecting taxes from trading bitcoin because bitcoin is continues growing will make the government think they can get revenue from the existence of bitcoin.

Bitcoin is just one of the many options that people can use in order to avoid your wealth being noticed, and thus not pay tax over that wealth.

The only possibility of governments knowing what your Bitcoin hodlings are, is when you declare everything in a honest manner.

If you don't declare any of your hodlings in Bitcoin or profits, then they won't find out. But keep in mind that if they somehow do find out, you'll be paying back everything at once.

Senor.Bla

sr. member

Activity: 280

Merit: 253

Quote from: Positid on December 18, 2016, 06:58:15 AM

Quote from: Senor.Bla on December 18, 2016, 06:11:57 AM

Quote from: conected on December 18, 2016, 02:55:45 AM

Quote from: bajing on December 18, 2016, 02:51:07 AM

I guess for now maybe bitcoin might be used as a means to avoid taxes but with the passage of time the government will start collecting taxes from trading bitcoin because bitcoin is continues growing will make the government think they can get revenue from the existence of bitcoin.

I agree. They will soon develop the system which forces people to pay tax if they want to use Bitcoin. I think right now maybe they are building it. Kinda top secret project lol. Anyway, it is hard to collect tax from people who use bitcoin because Bitcoin is anonymous and there is no way to obtain money from the anonymity

The point is that you have to pay taxes. With Bitcoin is harder to find out that you do not pay taxes, but it is still not legal. You can do the same with fiat, but they will find that out more easily since they do it all the time. Bitcoin is new to them, but they will catch up soon and they will find ways to get your money.

Government has nothing to do if we do not pay taxes because they cannot oblige us since we are not registered tax payers, it's the benefits of us but the disadvantage of the government, either way we still like it.

So paying taxes is now optional or what are you trying to say? Because this would be news to me. You have an income, then you have to pay taxes. In order to do so you first need to declare your income and by not doing so you are acting unlawful. If they do not know that you have an income, then they will have a hard time to find out, but it still is possible.

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: Senor.Bla on December 18, 2016, 06:11:57 AM

Quote from: conected on December 18, 2016, 02:55:45 AM

Quote from: bajing on December 18, 2016, 02:51:07 AM

I guess for now maybe bitcoin might be used as a means to avoid taxes but with the passage of time the government will start collecting taxes from trading bitcoin because bitcoin is continues growing will make the government think they can get revenue from the existence of bitcoin.

I agree. They will soon develop the system which forces people to pay tax if they want to use Bitcoin. I think right now maybe they are building it. Kinda top secret project lol. Anyway, it is hard to collect tax from people who use bitcoin because Bitcoin is anonymous and there is no way to obtain money from the anonymity

The point is that you have to pay taxes. With Bitcoin is harder to find out that you do not pay taxes, but it is still not legal. You can do the same with fiat, but they will find that out more easily since they do it all the time. Bitcoin is new to them, but they will catch up soon and they will find ways to get your money.

Government has nothing to do if we do not pay taxes because they cannot oblige us since we are not registered tax payers, it's the benefits of us but the disadvantage of the government, either way we still like it.

Senor.Bla

sr. member

Activity: 280

Merit: 253

Quote from: conected on December 18, 2016, 02:55:45 AM

Quote from: bajing on December 18, 2016, 02:51:07 AM

I guess for now maybe bitcoin might be used as a means to avoid taxes but with the passage of time the government will start collecting taxes from trading bitcoin because bitcoin is continues growing will make the government think they can get revenue from the existence of bitcoin.

I agree. They will soon develop the system which forces people to pay tax if they want to use Bitcoin. I think right now maybe they are building it. Kinda top secret project lol. Anyway, it is hard to collect tax from people who use bitcoin because Bitcoin is anonymous and there is no way to obtain money from the anonymity

The point is that you have to pay taxes. With Bitcoin is harder to find out that you do not pay taxes, but it is still not legal. You can do the same with fiat, but they will find that out more easily since they do it all the time. Bitcoin is new to them, but they will catch up soon and they will find ways to get your money.

conected

hero member

Activity: 1302

Merit: 503

Quote from: bajing on December 18, 2016, 02:51:07 AM

I guess for now maybe bitcoin might be used as a means to avoid taxes but with the passage of time the government will start collecting taxes from trading bitcoin because bitcoin is continues growing will make the government think they can get revenue from the existence of bitcoin.

I agree. They will soon develop the system which forces people to pay tax if they want to use Bitcoin. I think right now maybe they are building it. Kinda top secret project lol. Anyway, it is hard to collect tax from people who use bitcoin because Bitcoin is anonymous and there is no way to obtain money from the anonymity

bajing

legendary

Activity: 1176

Merit: 1001

The most Professional Cryptocurrency Casino

I guess for now maybe bitcoin might be used as a means to avoid taxes but with the passage of time the government will start collecting taxes from trading bitcoin because bitcoin is continues growing will make the government think they can get revenue from the existence of bitcoin.

nanay777

sr. member

Activity: 420

Merit: 250

I think when bitcoin is recognized by the state, or become a mainstream currency in the world, then the government will certainly take appropriate policies to control bitcoin, may levy tax. Of course there is another possible, bitcoin break the normal procedure.

NEWGOODOUBLE

sr. member

Activity: 476

Merit: 250

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.

I think even if the government says that bitcoin users will just avoid taxes. I think it will have no effect on you. they will not know that you bitcoin users. so true that bitcoin will reduce income taxes

chixka000

hero member

Activity: 910

Merit: 500

Quote from: BlockEye on December 17, 2016, 10:52:48 PM

Maybe they don't have no clue on small ones because those business no matter how big or small if it is not registered by their municipality or in any government relating to registration will not really assigned tax to them because they might even not know that their business exist. Same with bitcoin it is no charge for tax because some government doesn't know that it exist though they may know but still don't have any chance to make it a big deal.

Of course it does matter if how big or small the business is. If the business is too big obviously it can be easily seen and monitored by the local government but considering if those partners were paying their taxes was a whole lot different story

BlockEye

legendary

Activity: 1148

Merit: 1097

Bounty Mngr & Article Writer https://goo.gl/p4Agsh

Quote from: chixka000 on December 17, 2016, 01:03:40 PM

Quote from: Sithara007 on December 17, 2016, 12:38:42 PM

Even in certain third world nations, the government is cracking hard on tax evasion. The recent demonetization drive by the Indian government is a good example. Earlier, these third world nations tolerated tax evasion to a certain degree. That is no longer the case.

Yes, of course that is part of their job but the truth their is that most of the people on those certain countries really does not pay their taxes, as i have seen only most of the big time people are the ones who were ask by the government so basically they don't have any clue to those small time ones.

Maybe they don't have no clue on small ones because those business no matter how big or small if it is not registered by their municipality or in any government relating to registration will not really assigned tax to them because they might even not know that their business exist. Same with bitcoin it is no charge for tax because some government doesn't know that it exist though they may know but still don't have any chance to make it a big deal.

The One

legendary

Activity: 924

Merit: 1000

It can kill income tax but not the tax itself. Confused ?

Income tax is an illusion because people think they pay income tax. In fact, income tax is deducted not pay. The tax goes on the expenditure column of the double book-keeping, accountancy, and added to the cost of goods and services. When consumers spend their money, that is when we pay income tax. All taxes on businesses is paid by consumers. If Bitcoin were to kill income tax the government will be force to drop this illusion. It will simply charge income tax on the business's wage bill. I.e Business wage bill £1m. Tax 20%. Total wage bill £1.2m. People will see no difference in prices in shops and we all still be paying taxes. The illusion will stop. That's all. The current illusion means £billions are waste on tax collection and refund, tax code for each individuals, etc. A 20% tax on wage bill require few tax collectors.

Senor.Bla

sr. member

Activity: 280

Merit: 253

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.

The best part is, that if they think some funny business is happening, that they can just guess your income and you have to prove them wrong, which would be hard. I might and actually hope that i am wrong on this one, but that does not sound like something i would want to have to go thru.

chixka000

hero member

Activity: 910

Merit: 500

Quote from: Sithara007 on December 17, 2016, 12:38:42 PM

Even in certain third world nations, the government is cracking hard on tax evasion. The recent demonetization drive by the Indian government is a good example. Earlier, these third world nations tolerated tax evasion to a certain degree. That is no longer the case.

Yes, of course that is part of their job but the truth their is that most of the people on those certain countries really does not pay their taxes, as i have seen only most of the big time people are the ones who were ask by the government so basically they don't have any clue to those small time ones.

Harlot

hero member

Activity: 1806

Merit: 672

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.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: chixka000 on December 17, 2016, 12:30:55 PM

Well, it depends if to what certain place you are currently in. If you happens to leave in the first world countries especially in europe or United States then you are probably right but when you are on the other places in which government can't function properly then tax evation is as easy as hell especially if you are a small time earner.

Even in certain third world nations, the government is cracking hard on tax evasion. The recent demonetization drive by the Indian government is a good example. Earlier, these third world nations tolerated tax evasion to a certain degree. That is no longer the case.

chixka000

hero member

Activity: 910

Merit: 500

Quote from: Sithara007 on December 17, 2016, 12:19:48 PM

Quote from: chixka000 on December 17, 2016, 11:46:10 AM

Quote from: Conus on December 15, 2016, 08:57:46 PM

How will this exactly kill the income tax? I understand what is being written, however the income tax is still due whether or not it is collected from the door or not. Not paying it will be considered tax evasion and that is not good.

Even if you do not pay your tax because you were using bitcoin that does not mean anymore that bitcoin could really eliminate tax(Government can surely review your assets especially if you leave in US or UK you are being monitored (just like what happened to coinbase that has a pending case because of not showing its customers records)

Nowadays, tax evasion is getting more and more difficult, for ordinary people. The government surveillance is getting stricter and stronger. Only the oligarchs and the billionaires are stashing their money in tax heavens now.

Well, it depends if to what certain place you are currently in. If you happens to leave in the first world countries especially in europe or United States then you are probably right but when you are on the other places in which government can't function properly then tax evation is as easy as hell especially if you are a small time earner.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: chixka000 on December 17, 2016, 11:46:10 AM

Quote from: Conus on December 15, 2016, 08:57:46 PM

How will this exactly kill the income tax? I understand what is being written, however the income tax is still due whether or not it is collected from the door or not. Not paying it will be considered tax evasion and that is not good.

Even if you do not pay your tax because you were using bitcoin that does not mean anymore that bitcoin could really eliminate tax(Government can surely review your assets especially if you leave in US or UK you are being monitored (just like what happened to coinbase that has a pending case because of not showing its customers records)

Nowadays, tax evasion is getting more and more difficult, for ordinary people. The government surveillance is getting stricter and stronger. Only the oligarchs and the billionaires are stashing their money in tax heavens now.

FaucetRank.com

hero member

Activity: 868

Merit: 500

Quote from: geopolisch on December 07, 2016, 05:19:35 AM

But I heard some developing countries are internally proposing to withdraw the process of collecting income taxes. It could be a new revolution like they are thinking only taxes from business and properties are more than enough to run a government.

So, I believe bitcoin will not be the game changer here. It is a new trend that governments start think in different way.

http://www.thehindu.com/news/cities/mumbai/news/Will-abolish-income-tax-in-three-years-says-Swamy/article14395234.ece

If that happens India then it will be good because then no one I mean even it is big business man or middle class person he would show his 100% true income because he will not worry to pay tax on his income.

chixka000

hero member

Activity: 910

Merit: 500

Quote from: Conus on December 15, 2016, 08:57:46 PM

How will this exactly kill the income tax? I understand what is being written, however the income tax is still due whether or not it is collected from the door or not. Not paying it will be considered tax evasion and that is not good.

Even if you do not pay your tax because you were using bitcoin that does not mean anymore that bitcoin could really eliminate tax(Government can surely review your assets especially if you leave in US or UK you are being monitored (just like what happened to coinbase that has a pending case because of not showing its customers records)

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: cpfreeplz on December 17, 2016, 08:21:31 AM

Wtf lol. Where do you live that doesn't have sales tax? This is about income tax. The government gets you coming and going. You made $30,000? I'll take 7. Now of that $23,000 you'll pay 13% tax on everything so it's really only worth ~$20,354. No wonder if rich people avoid taxes they get richer. Us poor bastards would save $10,000 a year!!!

The laws are the same for every one, and in most of the countries the tax rates for the rich are greater than those for the poor. Some people manage to pay less taxes, as they prepare their tax returns intelligently.

Topic: Bitcoin Will Kill The Income Tax - page 49. (Read 29939 times)