Bitcoin Will Kill The Income Tax - page 53.

darklus123

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Quote from: Xester on December 12, 2016, 07:32:27 AM

Quote from: darklus123 on December 12, 2016, 12:55:54 AM

My point to this certain issue is that taxation in the first place is a very good way contribution to your beloved country. If us people don't pay taxes then we are not given a rights to used that roads,bridges, or to that certain hospital for free, etc.

The only problem here is that it was being abused by the government(not all but most of them) IMO taxes should be voluntarily given by the citizens. So I am not in favor of allowing bitcoin to kill taxes but instead to give the freedom to its people.

Yes, as i have commented on the previous page, you have the same outlook as me. Killing tax is killing the government. Without the government there will be no services there will be chaos again. The poor will be again marginalized. Bitcoin is not made to kill the government and to overlook poor people but instead bitcoin is seen to help poor people overcome its financial instability and to leave the slavery of banking system.

Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government. And bitcoin in the first place was not made to help the poor people but to create a platform in which you and your self should have to freedom to handle your finances.

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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.

Bitcoin is the open ledger where you find the all the transaction under the one bitcoin address or more. if bitcoin adopt by the any government. They can't cheat every body by putting unwanted tax on them and even business people not able to scam the government by the non tax payment. However, bitcoin will be the trusted network in future.

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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.

it will surely happen, they will make other ways to impose us a large tax especially to all bitcoin users and imposing a very large tax to indirect taxes will be their great move so it seems killing income tax will only bring a big problem to the tax payers if ever this became a reality .

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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

Yes! And tax was given by the people so government can use it for providing something good in return for the country so tax is given to the government by us normal citizen that is the payment for the government, and yes it can never be avoided Tax exist for government to work and bitcoin can not go beyond that boundary of taking out tax because that could make it only worst.

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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

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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.

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Quote from: traderethereum on December 12, 2016, 10:17:54 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.

yes i am agree, the governments will make a way to prevent people using bitcoin and maybe will stop or will make regulation about bitcoin or maybe the governments will make separate tax for people which is using bitcoin as their payment or when they buy some product. i hope that the governments will make a research and make a wise decision about bitcoin so the economic and the bitcoin will walk together to give support for the economic of the country.

Even they will not make a way because they can just simply ban bitcoin to stop the people for using it. So, for those people who are enjoying bitcoin in their country its number is going to be regulated and limited. Because of it, that is going to make their income tax higher again and also it is going to help if they will make usage of bitcoin as illegal.

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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.

And they'll make up for what they lose in income tax in sales tax, property tax, wealth taxes potentially, and so on and so forth. There is no limit to what they can tax, and as long as you can see it (which is everything you own essentially, or everything tangible) or buy it they can tax it at whatever percentage they want.

Bitcoin is great for an anarcho-capitalist society, no so great for much else.

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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.

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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.

yes i am agree, the governments will make a way to prevent people using bitcoin and maybe will stop or will make regulation about bitcoin or maybe the governments will make separate tax for people which is using bitcoin as their payment or when they buy some product. i hope that the governments will make a research and make a wise decision about bitcoin so the economic and the bitcoin will walk together to give support for the economic of the country.

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Quote from: Xester on December 07, 2016, 08:23:57 PM

Quote from: olubams on December 07, 2016, 07:09:07 PM

I will still maintain my position that Bitcoin cannot kill Income Tax so far we still have government and government will still need money to run its affairs which is largely generated through Income Tax what I see happening is government finding a way to either tax that income from Bitcoin and if that is not possible, ban its use all together. What we are still enjoying now is that the population still involved in Bitcoin and the loss of revenue involved, is not enough to call the attention of governments...

You have a point sir. Bitcoin cannot kill income tax and its simple, without income tax then the government will die since the government operates and fueled by income taxes. Without tax there will be no government and its services. Thus the if government sees that bitcoin has huge impact on the society, economy and governance it will look upon bitcoin and regulate it or possibly ban it.

Without income tax, big governments will die, but that could signal the coming of small governments, there are countries where you don't pay income tax from foreign income, and in the past many government did not have income tax at all.

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Quote from: audaciousbeing on December 12, 2016, 08:42:10 AM

Income tax will never go extinct and the only reason why some countries avoid it is because the cost of collection is more than the amount raised and in this case it serves as one of the surest source of revenue to government and if Bitcoin wuloo serve as a threat to that source, I see it being banned by government because I dont see government sacrificing that source of revenue for anything unless that find a way to tax Bitcoin itself.

It wont really happen that government could imposed or implement to tax bitcoin since it wont happen anytime soon because we know that bitcoin cant really be controlled by someone. Thats why some countries would really ban bitcoin because of this reasons other than that regarding on illegal things but mostly on taxation matters.

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Quote from: deadsilent on December 07, 2016, 09:48:06 PM

I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.

Evasion of taxes and imposing taxes on bitcoin could be possible only by volunteer acceptance of a bitcoin user.

But holding bitcoin in our wallet is nothing but we are owning some property but in digital format. For owning property we never need to pay taxes, but only when we are going to use them/ sell them. I strongly believe this will be applicable for the case of bitcoin as bitcoin is also viewed as a digital asset.

possible. That is the reason people are viewing adopting bitcoin may kill collecting taxes and the governments. How many people will come forward themselves to pay taxes when they are using bitcoin. I doubt only very few people. So, in my opinion governments are going to face very big challenges in upcoming days.

Maybe the more people who adopt with bitcoins the more the government will be losing tax income, it's a haven for us who wants to hide our real income and hope the government will not be strict on us now in the near future so we could continue to maximize our income.

Nope! I dont thinks so because as of now bitcoin is not their jurisdiction well if they put tax on it we all know that they could add it into tax and in their corruptions! Well here in our country we are glad that bitcoin has no tax to we could maximize our earning so it is reallyy nice and i hope that government will not put tax on it

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Income tax will never go extinct and the only reason why some countries avoid it is because the cost of collection is more than the amount raised and in this case it serves as one of the surest source of revenue to government and if Bitcoin wuloo serve as a threat to that source, I see it being banned by government because I dont see government sacrificing that source of revenue for anything unless that find a way to tax Bitcoin itself.

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Quote from: Gembul on December 12, 2016, 01:10:53 AM

I think it could have happened, but bitcoin will not kill the country's revenue from taxes 100%. Because we know that not all items can we buy with Bitcoin. Just my opinion, thanks

That's not the reason why bitcoin cannot kill income tax. Not everyone's into this thing. The number of bitcoin workers is nothing compared to the number of people paid in fiat. There would always be people paying income tax even though they don't want to. And trust me, you don't want every single person to skip paying their income tax. A lot of public services that you use are from the tax that you're paying. Maybe your government is corrupt or something but you still have to pay your taxes.

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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.

Xester

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Quote from: darklus123 on December 12, 2016, 12:55:54 AM

My point to this certain issue is that taxation in the first place is a very good way contribution to your beloved country. If us people don't pay taxes then we are not given a rights to used that roads,bridges, or to that certain hospital for free, etc.

The only problem here is that it was being abused by the government(not all but most of them) IMO taxes should be voluntarily given by the citizens. So I am not in favor of allowing bitcoin to kill taxes but instead to give the freedom to its people.

Yes, as i have commented on the previous page, you have the same outlook as me. Killing tax is killing the government. Without the government there will be no services there will be chaos again. The poor will be again marginalized. Bitcoin is not made to kill the government and to overlook poor people but instead bitcoin is seen to help poor people overcome its financial instability and to leave the slavery of banking system.

Xester

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Quote from: darklus123 on December 12, 2016, 12:55:54 AM

My point to this certain issue is that taxation in the first place is a very good way contribution to your beloved country. If us people don't pay taxes then we are not given a rights to used that roads,bridges, or to that certain hospital for free, etc.

The only problem here is that it was being abused by the government(not all but most of them) IMO taxes should be voluntarily given by the citizens. So I am not in favor of allowing bitcoin to kill taxes but instead to give the freedom to its people.

Yes, as i have commented on the previous page, you have the same outlook as me. Killing tax is killing the government. Without the government there will be no services there will be chaos again. The poor will be again marginalized. Bitcoin is not made to kill the government and to overlook poor people but instead bitcoin is seen to help poor people overcome its financial instability and to leave the slavery of banking system.

Gembul

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I think it could have happened, but bitcoin will not kill the country's revenue from taxes 100%. Because we know that not all items can we buy with Bitcoin. Just my opinion, thanks

darklus123

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My point to this certain issue is that taxation in the first place is a very good way contribution to your beloved country. If us people don't pay taxes then we are not given a rights to used that roads,bridges, or to that certain hospital for free, etc.

The only problem here is that it was being abused by the government(not all but most of them) IMO taxes should be voluntarily given by the citizens. So I am not in favor of allowing bitcoin to kill taxes but instead to give the freedom to its people.

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