Bitcoin Will Kill The Income Tax - page 52.

Juggy777

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Quote from: equator on December 14, 2016, 11:30:52 AM

Quote from: Juggy777 on December 14, 2016, 11:19:46 AM

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.

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This was bound to happen and it's already happening, to give you one example would be of India Bitcoin rate touching 900 usd. People put their black money in Bitcoin. And people over the globe are doing it, cause no one really taxes Bitcoin and it's not even necessary to show it in our statement, so people have a merry. Or pay in cash and take Bitcoin one type of laundering also.

This you are telling until bitcoin is not considered as illegal in your country but once the government comes to know of this illegal activity then if they state Bitcoin as illegal to use then where will you go with the bitcoin you are holding as if you sell and get cash in your bank you will be tied up to show the transaction.
So still if bitcoin comes to legal status then surely their will be some tax law and users will have to pay taxes on bitcoin use

There's just one slight difficulty, which country can claim it owns btc, and how will they do it. Let's assume you are in a X country the government wakes up and says let's tax Bitcoin. Now your friend lives in Y country. What if I transact all to Y country, and accepts Y country currency. So how will government tax that, what ever way, they try some one will find one way or other. I have been seeing so far there seems to be no law to tax, now things can change with the etf brining into focus Bitcoins. Let's see what happens but in near future no tax on Bitcoin.

equator

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Quote from: Juggy777 on December 14, 2016, 11:19:46 AM

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

This was bound to happen and it's already happening, to give you one example would be of India Bitcoin rate touching 900 usd. People put their black money in Bitcoin. And people over the globe are doing it, cause no one really taxes Bitcoin and it's not even necessary to show it in our statement, so people have a merry. Or pay in cash and take Bitcoin one type of laundering also.

This you are telling until bitcoin is not considered as illegal in your country but once the government comes to know of this illegal activity then if they state Bitcoin as illegal to use then where will you go with the bitcoin you are holding as if you sell and get cash in your bank you will be tied up to show the transaction.
So still if bitcoin comes to legal status then surely their will be some tax law and users will have to pay taxes on bitcoin use

Juggy777

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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

This was bound to happen and it's already happening, to give you one example would be of India Bitcoin rate touching 900 usd. People put their black money in Bitcoin. And people over the globe are doing it, cause no one really taxes Bitcoin and it's not even necessary to show it in our statement, so people have a merry. Or pay in cash and take Bitcoin one type of laundering also.

BitHodler

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Quote from: ?? on ??

I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.

Governments basically don't care what you are using to do business with or with what currency. Their only priority is that you pay your tax at the end.

Black markets are a different thing as they are operating on a completely illegal ground according to the law. They operate outside the regular system where governments can't do anything about.

I personally don't mind paying tax, but the problem is the amount that is being taken from you. Here the income tax sits very close to the 45% mark. I find that complete theft.

In that matter I can't blame people not declaring any of their Bitcoin related income to their local tax agency. It's pathetic as we already pay a massive amount of tax, but still the government is chasing you down.

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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.

Kasabus

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Tax if very important to the government as it is its lifeblood, without taxes they cannot make infrastructures and maintain it. Our government will protect us with tax, but with the advent of bitcoin I think the collection will be lessen since some of the big transactions are conducted online and with the value of bitcoin now, investors are willing to hold their precious bitcoin just to hide their real worth.

btcdiggingmaster

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See in order to pay taxes government should come forward and they should announce that bitcoin is acceptable crypto currency, so once it happen many people will start working hard for bitcoin and they will definitely pay taxes on the form of bitcoins only, once this should happen so many countries will accept this.

Suppose if this happens means than there is no bothering of bitcoin holding because already we are paying taxes to the government.

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Quote from: The_Dark_Knight on December 13, 2016, 07:27:48 PM

Some of the richest men in the entire world pay less tax than you or me, what bitcoin will do is to give the average person the possibility, if they want to, to avoid paying taxes if they choose to like all those rich men.

You need to learn the difference between capital gains tax, dividend distribution tax, and income tax. Income tax is usually in the range of 30% to 50% (for those in the highest tax bracket), while the other two are usually in the range of 5% to 20%. The rates are lower, because they are paying tax over an asset which has been taxed once in the past.

greenuser

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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

darklus123

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

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.

See? There is really no point of bitcoin killing our tax because this is the primary thing that a certain country needs. Tax(is a contribution from the citizens)

Quote from: ?? on ??

The services which your government offered were exist because of the Tax. if you don't want to pay the tax then better go off your country because it's actually the same as refuse to do the obligation which was given to you from your birth until death and because of that you may be don't have the rights to accept the service your governments were offered furthermore. Think that if you really hate those taxes so much

Exactly to those people who dont want to pay taxes should live alone in a certain island. Atleast they dont have to worry much about paying their taxes.

The only thing here is that it is being abused by most of the government tax collectors

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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.

darklus123

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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

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Quote from: The_Dark_Knight on December 13, 2016, 07:27:48 PM

Quote from: gilangIDR on December 12, 2016, 10:51:38 PM

Quote from: Sithara007 on December 12, 2016, 07:51:48 AM

I don't think that any of the governments will be happy with the death of income tax. They will never allow that to happen. In case the income tax becomes obsolete, then the governments are likely to make up for that, by increasing the indirect taxes such as VAT.

of course it is a loss for the country. they will lose substantial revenue. those people will not pay the tax they have. This is one of the weaknesses bitcoin, everything is not the visible.

Some of the richest men in the entire world pay less tax than you or me, what bitcoin will do is to give the average person the possibility, if they want to, to avoid paying taxes if they choose to like all those rich men.

They pay less because they are tax evader but with bitcoin we are not tax evader since it's a different situation here, it's not regulated and we have no obligation to pay taxes to the state.

The_Dark_Knight

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Quote from: gilangIDR on December 12, 2016, 10:51:38 PM

Quote from: Sithara007 on December 12, 2016, 07:51:48 AM

I don't think that any of the governments will be happy with the death of income tax. They will never allow that to happen. In case the income tax becomes obsolete, then the governments are likely to make up for that, by increasing the indirect taxes such as VAT.

of course it is a loss for the country. they will lose substantial revenue. those people will not pay the tax they have. This is one of the weaknesses bitcoin, everything is not the visible.

Some of the richest men in the entire world pay less tax than you or me, what bitcoin will do is to give the average person the possibility, if they want to, to avoid paying taxes if they choose to like all those rich men.

calkob

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I think in the future there will be some serious changes in how governments collect taxes, if they even do at all, there will need to be a radical rethink about this.

twodrive01

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Governments cant do jack if the transactions are 100% anonymous. I see tax revenues collapsing.

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Quote from: Ayers on December 13, 2016, 12:41:25 PM

Quote from: Wandering Soul~ on December 13, 2016, 06:36:21 AM

Uh I don't think that the government will allow this. A tax is a really important part of the government so they will probably regulate bitcoin or the worst case they might ban it, They will certainly think of a new way to tax people. We should just think of how to lessen tax not to avoid it cause it will be impossible and might give arise to a more problematic problem

how can a government ban bitcoin if people can still mine it with their pc gaming computer? i think it's impossible to do that for them and they know this, they will not ban it they just enforce more control and require more id on exchange, and it's the only way for them to regulate bitcoin

What they can do is to discourage people to get into btc which is like what china is. However, that still would stop the enthu to continue to farm btc. Some china people even setup mining factory just to mine btc. But if the government wants to go all the way, they can ban you from accessing, just like what north korea is.

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Quote from: Wandering Soul~ on December 13, 2016, 06:36:21 AM

Uh I don't think that the government will allow this. A tax is a really important part of the government so they will probably regulate bitcoin or the worst case they might ban it, They will certainly think of a new way to tax people. We should just think of how to lessen tax not to avoid it cause it will be impossible and might give arise to a more problematic problem

how can a government ban bitcoin if people can still mine it with their pc gaming computer? i think it's impossible to do that for them and they know this, they will not ban it they just enforce more control and require more id on exchange, and it's the only way for them to regulate bitcoin

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Quote from: agamasrori on December 13, 2016, 06:14:09 AM

May be government will do some trick to get tax from bitcoin like force the merchants to increase the price and force them to pay tax of their business. By that way I think government will still can get tax income from every legitimate transaction. Thats my opinion.

If for bitcoin use tax is imposed, it won't be cent percentage perfect. When bitcoin helps gain power against the government and private sectors, people have the hope of increased usage and need to learn much about the issues generated and the solution to overcome those issues of taxation.

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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.

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