Topic: Bitcoin Will Kill The Income Tax - page 50. (Read 29939 times)
For many people who uses the bitcoin know that it is freelancers' friendly and the best way to get paid , not only because it has an added value that changes every day but also it is tax free , the only time you pay fees on bitcoin is when exchanging them to real money using credit card and those taxes go to the bank in the country you withdraw the money from , but if there was taxes on bitcoin in the internet where those taxes go?, the bitcoin is something that is not owned by any specific company or country so to whom those taxes go .
The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.
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 wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.
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!!!
Don't think bitcoin will kill the income tax at all. In US, the IRS already asked people to report bitcoin's income. Of course you can choose to hide it, but it is no different than you have a foreign bank account, once caught it will be expensive for you.
What I think is simply a question of honesty in your declaration when you do your tax report annually. Always have people who avoid paying tax, and this is not something new, this happened event before Bitcoin existed.
I think the only way for the government to tax is by withholding profits through US base exchanges like coinbase. These companies have to relocate to different country that does not have capital gain tax or what not.
Don't think bitcoin will kill the income tax at all. In US, the IRS already asked people to report bitcoin's income. Of course you can choose to hide it, but it is no different than you have a foreign bank account, once caught it will be expensive for you.
that is not a new thing. they have always been asking (forcing) people to report their income and their bitcoin income has never been any different. it is all about the volume, if you are earning a large amount of money through bitcoin the tax agency (IRS or others in other places) will come knocking at your doors sooner or later if you don't report it yourself.
Don't think bitcoin will kill the income tax at all. In US, the IRS already asked people to report bitcoin's income. Of course you can choose to hide it, but it is no different than you have a foreign bank account, once caught it will be expensive for you.
that is not a new thing. they have always been asking (forcing) people to report their income and their bitcoin income has never been any different. it is all about the volume, if you are earning a large amount of money through bitcoin the tax agency (IRS or others in other places) will come knocking at your doors sooner or later if you don't report it yourself.
Don't think bitcoin will kill the income tax at all. In US, the IRS already asked people to report bitcoin's income. Of course you can choose to hide it, but it is no different than you have a foreign bank account, once caught it will be expensive for you.
The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.
i think that is not the solid reason , in fact bitcoin is killing the income tax but in future when the governments will consider bitcoin as legal currency then they will impost income tax on bitcoin and i think then bitcoin will be the most income tax generating currency of the world. The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.
i think that is not the solid reason , in fact bitcoin is killing the income tax but in future when the governments will consider bitcoin as legal currency then they will impost income tax on bitcoin and i think then bitcoin will be the most income tax generating currency of the world. 
The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.
The wealthy avoid taxes legally through the loopholes in the system. Bitcoin is a whole different ball game and there soon will be a team paid by the government to track bitcoin usage to be sure no one can avoid taxes using bitcoin. I am not sure how they will do it, but I am sure they are working on it already.The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.
The wealthy avoid taxes legally through the loopholes in the system. Bitcoin is a whole different ball game and there soon will be a team paid by the government to track bitcoin usage to be sure no one can avoid taxes using bitcoin. I am not sure how they will do it, but I am sure they are working on it already.
The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.
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.
Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government.
That is an incorrect statement. Only a small fraction of the government revenues are now spent on education and social welfare. The rest is being spent on other expenses, such as employing government servants, defense, re-capitalizing bankrupt corporations.etc.
But how can the government possibly do that when they cannot function properly if it happens that there would be no more in coming tax pays from its citizens. We all do know that what keeps the government alive is the tax funds it self
It does already
Bitcoin is anonymous.no agent can track your income
It depends. If you are signed up and verified with all your personal details at whatever exchange, then the governments can force them to open up about their users.It happened with Coinbase, and it will most likely happen with other exchanges as well. Bitcoin is getting bigger and bigger, and so governments see money.
Money that they are missing right now, but they start to know where to get it, and what to do when to get it. Things are getting serious right now.
Then I hope my country would be slow at this. I mean, I haven't even earned a single coin yet. Regarding Coinbase, what happened? I remember signing-up there but haven't really done anything with it.
Bitcoin is anonymous.no agent can track your income
It depends. If you are signed up and verified with all your personal details at whatever exchange, then the governments can force them to open up about their users.It happened with Coinbase, and it will most likely happen with other exchanges as well. Bitcoin is getting bigger and bigger, and so governments see money.
Money that they are missing right now, but they start to know where to get it, and what to do when to get it. Things are getting serious right now.
Bitcoin is anonymous.no agent can track your income
False.
Bitcoin is not anonymous. Using Bitcoin does not guarantee anonimity. It's up to the user to build The Anonimity Layers on top of this fantastic technology. To quote Satoshi once again:
Quote
The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use. If you post your bitcoin address on the web, then you're associating that address and any transactions with it with the name you posted under. If you posted under a handle that you haven't associated with your real identity, then you're still pseudonymous.
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
Why is this a problem? most governments steal 80% of taxes for themselves and gives 20% to public funds, on modern times, taxes are the same robbery as in ancient Rome.
In as much as I am not on the side of government as its corruption is not limited to one country we can't all say the money is used mainly to enrich themselves. Yet we clamour for good roads, hospitals, schools, bridges among other social amenities and we are not ready to pay for it. It is true our taxes that these things are done and until when we dont have government again, that's when Bitcoin will kill income tax...
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