Bitcoin Will Kill The Income Tax - page 51.

jessicadrewd

full member

Activity: 225

Merit: 100

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

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.

thejaytiesto

legendary

Activity: 1358

Merit: 1014

The thing is you can't never fully avoid taxes. There's people here being delusional about living in a tax free world, I think that's so stupid. For that to happen, we would need to live in crypto anarchy, I don't see that ever happening, there will always be someone on top. What we need is a tool that is able to give us protection against this government on top, because governments are always corrupt, just like any group of people.

avikz

legendary

Activity: 3080

Merit: 1500

Bitcoin is not a magic wand that will kill the income tax. Bitcoin can't do that. But yes, some people will use bitcoin to avoid tax for sure. But take bitcoin as a boon and not as a bane. Earn, save and spend bitcoin actively and you will see the power of bitcoin.

Let the criminals do whatever they want to do. People will use bitcoin for this purpose, but that will not effect the genuine users who actually discloses his bitcoin earning in the income tax file.

Fatanut

legendary

Activity: 1008

Merit: 1060

Quote from: ?? on ??

It killed it already

We're far from that. The number of bitcoin users isn't significant enough to say that the use of bitcoin has killed income taxation. There's still people out there that are getting paid in fiat and will continue to get paid like that in the next couple decades. The only ones that really get to avoid paying income tax are those people that work online and even if they're not getting paid in fiat (i.e. Paypal), they're not going to pay tax at all. Unless they're having huge transactions in their bank accounts which surely be questioned eventually.

Bitcoin will only kill the income tax when companies in real life start paying you in bitcoin instead.

Nahl

legendary

Activity: 1652

Merit: 1000

Quote from: ljudotina on December 15, 2016, 04:53:21 AM

It's easy to get tax from Bitcoin. Just force busines that receives BTC to register their receiving BTC adresses to goverment, and collecting tax would be as easy as it gets. Businesses that would work with unregistered adresses would be punished as they were using illegal account anyway so...no big deal.

i think is not so simple because one of the bad thing from bitcoin bag holders is they want to avoiding to pay taxes i'm pretty sure if most of countries with plenty bitcoin users treat these regulations then most of them also will feel very objections because these regulations is not so different such as using bank accounts and i think slowly but sure Bitcoin Will Kill The Income Tax because most of bitcoiners hate to pay taxes

poplolnman

legendary

Activity: 1442

Merit: 1008

Quote from: ljudotina on December 15, 2016, 04:53:21 AM

It's easy to get tax from Bitcoin. Just force busines that receives BTC to register their receiving BTC adresses to goverment, and collecting tax would be as easy as it gets. Businesses that would work with unregistered adresses would be punished as they were using illegal account anyway so...no big deal.

yeah coinbase did it already i guess , but limited to US citizen only read more here https://support.coinbase.com/customer/portal/articles/1496488-how-do-i-report-taxes- , and another exchanges could follow this (if they want of course) i just doubt they would do it lol as most bitcoin holder want a free tax, they just like run from to pay the tax. so basically a little bit killing tax income yeah.

ljudotina

legendary

Activity: 1260

Merit: 1029

It's easy to get tax from Bitcoin. Just force busines that receives BTC to register their receiving BTC adresses to goverment, and collecting tax would be as easy as it gets. Businesses that would work with unregistered adresses would be punished as they were using illegal account anyway so...no big deal.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: Rahar02 on December 15, 2016, 02:00:01 AM

Quote from: Finestream on December 13, 2016, 11:30:32 PM

Quote from: darklus123 on December 13, 2016, 11:25:39 PM

Quote from: Sithara007 on December 13, 2016, 12:33:04 PM

Quote from: darklus123 on December 13, 2016, 12:22:42 PM

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

If the government cannot collect taxes we cannot enjoy good infrastructures and they do not have money to corrupt, it happens in our country. But in relation to bitcoin, I guess they will take the necessary actions to tax people transacting online as it already give them an alarm and we are abruptly growing, imagine how much they can collect if they can impose taxes. But for now, we have to enjoy the tax less system.

Of course we need taxes for city/country developing to build infrastructures. Bitcoin won't kill anything include taxes, to reduce tax for some people maybe, as we know if someone invest on bitcoin, he could avoid some taxes but it different in every country depend on the regulations. The conclusion is, nobody could avoid taxes if you have something (salary, business, houses, vehicles) and if you can, government will find out and someone could go to the jail, better to play safe.

it is not going to reduce anything, and even if it does it is only because it is not regulated yet. but soon enough it will become regulated and they will take taxes on bitcoin too. there is only a matter of time and it has already began with IRS knocking on doors of the wallets like coinbase and asking then for records.

sanakhan1

newbie

Activity: 28

Merit: 0

i think soon , tax appear on bitcoin

Invulner

sr. member

Activity: 266

Merit: 250

Invulner

Quote from: Paleus on December 06, 2016, 05:18:24 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

Well, we just need more people to realise that you don't need to dodge taxes by traditional, grey area methods anymore. There is a real, and legitimate, and completely legal(In most countries) way, called bitcoins.

Also, a globalised network means that no government can claim on an exact portion of the taxes, so it is impossible to get income tax for the government.

tardi

newbie

Activity: 35

Merit: 0

Quote from: Paleus on December 06, 2016, 05:18:24 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

That's a nice theory. I never though about that, but it can only work if people earn in bitcoin and pay in bitcoin and we are not quite there yet. As a libertarian this picture looks great. I hope we get there some day.

Rahar02

hero member

Activity: 910

Merit: 523

Quote from: Finestream on December 13, 2016, 11:30:32 PM

Quote from: darklus123 on December 13, 2016, 11:25:39 PM

Quote from: Sithara007 on December 13, 2016, 12:33:04 PM

Quote from: darklus123 on December 13, 2016, 12:22:42 PM

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

If the government cannot collect taxes we cannot enjoy good infrastructures and they do not have money to corrupt, it happens in our country. But in relation to bitcoin, I guess they will take the necessary actions to tax people transacting online as it already give them an alarm and we are abruptly growing, imagine how much they can collect if they can impose taxes. But for now, we have to enjoy the tax less system.

Of course we need taxes for city/country developing to build infrastructures. Bitcoin won't kill anything include taxes, to reduce tax for some people maybe, as we know if someone invest on bitcoin, he could avoid some taxes but it different in every country depend on the regulations. The conclusion is, nobody could avoid taxes if you have something (salary, business, houses, vehicles) and if you can, government will find out and someone could go to the jail, better to play safe.

Dudeperfect

hero member

Activity: 1190

Merit: 534

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

Not actually. I think we might be able to find some concrete practical solution for this issue (in fact, a law firm in India is working to represent bitcoin and block chain technology to the government so that there will a transparent perspective of the government towards this technology). It will be interesting to see, how the tax structure would work with the block chain technology. Yes at this moment, there are lots of uncertainties but I am sure bitcoin users will find a solution soon.

Rizky Aditya

hero member

Activity: 700

Merit: 500

Quote from: thejaytiesto on December 06, 2016, 06:21:34 PM

This will only be the case if people actively work for bitcoin and pay with bitcoin, so there is no need to enter the banking system at all. We need to close the circle and stay 100% within bitcoin for true freedom to happen. Also, we must guarantee that people can keep running their nodes on their basements, if we depend on corporations to run nodes then we are screwed (big blocks problem)

Exactly. I doubt that people will actively work for Bitcoin. Most people aren't willing to put all of their money into Bitcoin so I doubt that this will ever happen. If it ever does, they will probably find a way to fix it, and if they can't, they will just ban Bitcoin.

alphablitzer

full member

Activity: 154

Merit: 100

If I were to have my salary, I would prefer it in bitcoins. If Bitcoins managed that, it would be helpful. It would benefit the people but not the government. I hope the future of Bitcoin would be brighter than it ever was before.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: Vaskiy on December 14, 2016, 11:51:52 AM

Quote from: virasog on December 14, 2016, 08:00:33 AM

We can say that but still people are prefer and using the fiat currency and also use the bank system, and majority of the people are here who don't know about bitcoin. Even many countries are not allow the bitcoin in government level. So may be in future, when bitcoin would be used in all over the world than might be possible bitcoin kill the income tax.

People prefer fiat compared to bitcoin, because fiat is traditionally associated with the human life. Now bitcoin has made a revolution in the financial system. This has helped people to come up and make a better living and avoid taxation for our hard earnings.

Killing taxation would really not be an ideal thing to do. Lets say if bitcoin succesfuly killed tax because all people of a particular country do use bitcoin just to evade tax. There would be really some negative effects on its economic state thats why some government would really like to ban it because they saw the situation ahead that would really happen if bitcoin will be succesfuly adopted.

JeffBrad12

hero member

Activity: 2954

Merit: 533

Leading Crypto Sports Betting & Casino Platform

Quote from: Positid on December 14, 2016, 11:43:27 PM

Quote from: darklus123 on December 14, 2016, 12:23:59 PM

Quote from: greenuser on December 14, 2016, 02:46:51 AM

Are you all mad? Bitcoin will make collecting tax easyer as tax can be collected at source when you earn and when you spend.

UK Government (Science Office) seem to be pro crypto as you can see fron this gov doc - distributed ledger technology.pdf
An interesting read, quote....
"Distributed ledger technologies have the potential to help governments to
collect taxes, deliver benefits, issue passports, record land registries, assure the
supply chain of goods and generally ensure the integrity of government records
and services. In the NHS, the technology offers the potential to improve health
care by improving and authenticating the delivery of services and by sharing
records securely according to exact rules. "
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

This is exactly the main reason why did the European government like the united kingdom did adopt and studied bitcoin right away because of that certain potential that you've stated(there is only a certain problem with comes to identifying its taxpayers tho, they should have to find a way about that certain matter

Wow! this could be a great news for everyone here. If the government of a certain country especially big countries it will be more popular and with popularity of bitcoin, the users will increase which would result to high price. I am glad I was able to hold my bitcoins and this good news will continue to happen.

I hope won't make jokes without reading the specifically about the ledger.

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: darklus123 on December 14, 2016, 12:23:59 PM

Quote from: greenuser on December 14, 2016, 02:46:51 AM

Are you all mad? Bitcoin will make collecting tax easyer as tax can be collected at source when you earn and when you spend.

UK Government (Science Office) seem to be pro crypto as you can see fron this gov doc - distributed ledger technology.pdf
An interesting read, quote....
"Distributed ledger technologies have the potential to help governments to
collect taxes, deliver benefits, issue passports, record land registries, assure the
supply chain of goods and generally ensure the integrity of government records
and services. In the NHS, the technology offers the potential to improve health
care by improving and authenticating the delivery of services and by sharing
records securely according to exact rules. "
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

This is exactly the main reason why did the European government like the united kingdom did adopt and studied bitcoin right away because of that certain potential that you've stated(there is only a certain problem with comes to identifying its taxpayers tho, they should have to find a way about that certain matter

Wow! this could be a great news for everyone here. If the government of a certain country especially big countries it will be more popular and with popularity of bitcoin, the users will increase which would result to high price. I am glad I was able to hold my bitcoins and this good news will continue to happen.

darklus123

hero member

Activity: 1246

Merit: 588

Quote from: greenuser on December 14, 2016, 02:46:51 AM

Are you all mad? Bitcoin will make collecting tax easyer as tax can be collected at source when you earn and when you spend.

UK Government (Science Office) seem to be pro crypto as you can see fron this gov doc - distributed ledger technology.pdf
An interesting read, quote....
"Distributed ledger technologies have the potential to help governments to
collect taxes, deliver benefits, issue passports, record land registries, assure the
supply chain of goods and generally ensure the integrity of government records
and services. In the NHS, the technology offers the potential to improve health
care by improving and authenticating the delivery of services and by sharing
records securely according to exact rules. "
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

This is exactly the main reason why did the European government like the united kingdom did adopt and studied bitcoin right away because of that certain potential that you've stated(there is only a certain problem with comes to identifying its taxpayers tho, they should have to find a way about that certain matter

Vaskiy

legendary

Activity: 2646

Merit: 1106

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: virasog on December 14, 2016, 08:00:33 AM

We can say that but still people are prefer and using the fiat currency and also use the bank system, and majority of the people are here who don't know about bitcoin. Even many countries are not allow the bitcoin in government level. So may be in future, when bitcoin would be used in all over the world than might be possible bitcoin kill the income tax.

People prefer fiat compared to bitcoin, because fiat is traditionally associated with the human life. Now bitcoin has made a revolution in the financial system. This has helped people to come up and make a better living and avoid taxation for our hard earnings.

Topic: Bitcoin Will Kill The Income Tax - page 51. (Read 29939 times)