Topic: Bitcoin Will Kill The Income Tax - page 55. (Read 29939 times)
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...
BTC won't change much for most people, because they have a fixed job with a fixed salary, which is lawfully declared to the tax authorities. So you may be paid in bananas or rubles, the government will still be aware of your earnings, and you will have to pay tax on that income.
If you don't want to pay income tax, actually, it's quite easy. I'm not paying any. I'm being paid by bank transfer, with transfers coming from a country where I've never been, going to my bank account in a country where I'm not living. You do that, you don't pay income tax.
If you don't want to pay income tax, actually, it's quite easy. I'm not paying any. I'm being paid by bank transfer, with transfers coming from a country where I've never been, going to my bank account in a country where I'm not living. You do that, you don't pay income tax.
But there is always a risk of being caught by doing that. How are you supposed to have a bank account opened in a country where you don't live? as far as I know you can't unless you live X amount of time on said country. Like 1/3 of the year you must live there to keep your account. If it was that easy and riskless no one would be paying, but the reality is, people get caught including famous rich people like Cristiano Ronaldo which by the way may be facing jail since he didn't pay like hundreds of millions. There can always be leaks and so on.
BTC won't change much for most people, because they have a fixed job with a fixed salary, which is lawfully declared to the tax authorities. So you may be paid in bananas or rubles, the government will still be aware of your earnings, and you will have to pay tax on that income.
If you don't want to pay income tax, actually, it's quite easy. I'm not paying any. I'm being paid by bank transfer, with transfers coming from a country where I've never been, going to my bank account in a country where I'm not living. You do that, you don't pay income tax.
If you don't want to pay income tax, actually, it's quite easy. I'm not paying any. I'm being paid by bank transfer, with transfers coming from a country where I've never been, going to my bank account in a country where I'm not living. You do that, you don't pay income tax.
There are lot of things that is taxable. Bitcoins is just a little amount for now so I don't think that bitcoin will kill tax. Maybe in the next years the government will get alarm and can proposed to tax the btc and that is not impossible.
Bitcoin in its current form is indeed a tiny dot in the current financial system, but I am sure that when more people realize that Bitcoin is more than just an investment tool, that they will come on board.Right now people mostly choose Gold as some sort of a hedge and as store of value, but it would be interesting to know if these same people would give Bitcoin a chance if they knew what Bitcoin is really capable of.
Great advantage is that when you buy Bitcoin, that you have everything fully in control where people right now buy physical Gold and use bank vaults to store them.
Doesn't really make sense as they once again depend on banks. This way they keep sitting in the old fashion system that they think have escaped where in reality it isn't the case.
If you sold your bitcoins in the real world then you're liable for income tax. Even if you sold it online, then you profited from that transaction you will be liable for income tax. Because you earned something. You have to pay for taxes. Taxes is where your government gets the funds to run its services. Think about it, if there was not funds for the government no one will protect you, your country, or your properties. It will be anarchy.
but if we sold our bitcoin with our friends and he send us the fiat into our bank account then we don't have to pay the taxes unless for monthly taxes from maintain our account in the bank. and this is why government is not give any permissions to bitcoin but in someday, the government will realize and will allow bitcoin as payment processor like fiat and other online processor.
That is not how tax works. What matters in taxation is when you gained income from your transactions that income is taxable. It does not matter if you sold to your friends, family, your cat or your neighbor's dog. What matters is you gained something from it and that would be what you declare as income. If you're country monitors every person properly then every income everyone gets must be taxed. If for example you gained $1,000,000 from your investment and don't declare that income then you will be investigated by your IRS (tax agency) because you are using money and you can't explain where it came from.
in my country because bitcoin is still in the category of currencies that have not legalized tax applied included in trading. but later perhaps after legal bitcoin will be taxed
There are lot of things that is taxable. Bitcoins is just a little amount for now so I don't think that bitcoin will kill tax. Maybe in the next years the government will get alarm and can proposed to tax the btc and that is not impossible.
It's just not possible to avoid certain taxes. For example, if you want to buy a car, it's going to be impossible to hide from the government, let alone hiding real state. You can't pretend to avoid taxes on a house or on terrain because the government is not stupid and will find out. So the only way you could avoid that is if there was no government but I don't see that happening... so there. The only thing you could avoid is if you buy small things, but serious things is impossible to avoid. I saw don't risk it and pay the taxes unless you are making so little money that it's not even worth it.
Certain taxation can never be avoided, but however regulations were made users will create loopholes to avoid the taxes. The reason is that government can't consider the income of a particular person if he has two or more sources of income.
It's just not possible to avoid certain taxes. For example, if you want to buy a car, it's going to be impossible to hide from the government, let alone hiding real state. You can't pretend to avoid taxes on a house or on terrain because the government is not stupid and will find out. So the only way you could avoid that is if there was no government but I don't see that happening... so there. The only thing you could avoid is if you buy small things, but serious things is impossible to avoid. I saw don't risk it and pay the taxes unless you are making so little money that it's not even worth it.
as long as we are living in a society and we abide by the law, we can not, not pay taxes. nobody likes paying taxes and there is not denying that but not paying taxes on your income means doing something illegal and it doesn't matter if it is with bitcoin income or fiat income.
But the current condition of bitcoin does allow people to not pay income taxes. Or even it is counted as wealth. Aside from that, you can easily hide your bitcoin wealth in the eyes of the government unless you shout out that you are holding this specific wallet that have bitcoin in it. So it is possible that bitcoin can kill government collection from Income taxes.
But i hope if bitcoin will be more popular and more people are using bitcoin i hope here in my country those government will not asking for taxes..
Cash money can do the same. It has been used on the black market for as long as it exists.
Bitcoin is even easier to trace than cash money.
No, but using cash to avoid tax is illegal but if you are using bitcoin since it is decentralized and the since the gov. doesn't control it you are not obliged to pay tax on it, assuming that bitcoin is legal in that country.Bitcoin is even easier to trace than cash money.
as long as we are living in a society and we abide by the law, we can not, not pay taxes. nobody likes paying taxes and there is not denying that but not paying taxes on your income means doing something illegal and it doesn't matter if it is with bitcoin income or fiat income.
But the current condition of bitcoin does allow people to not pay income taxes. Or even it is counted as wealth. Aside from that, you can easily hide your bitcoin wealth in the eyes of the government unless you shout out that you are holding this specific wallet that have bitcoin in it. So it is possible that bitcoin can kill government collection from Income taxes.
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If you sold your bitcoins in the real world then you're liable for income tax. Even if you sold it online, then you profited from that transaction you will be liable for income tax. Because you earned something. You have to pay for taxes. Taxes is where your government gets the funds to run its services. Think about it, if there was not funds for the government no one will protect you, your country, or your properties. It will be anarchy.
but if we sold our bitcoin with our friends and he send us the fiat into our bank account then we don't have to pay the taxes unless for monthly taxes from maintain our account in the bank. and this is why government is not give any permissions to bitcoin but in someday, the government will realize and will allow bitcoin as payment processor like fiat and other online processor.
If you sold your bitcoins in the real world then you're liable for income tax. Even if you sold it online, then you profited from that transaction you will be liable for income tax. Because you earned something. You have to pay for taxes. Taxes is where your government gets the funds to run its services. Think about it, if there was not funds for the government no one will protect you, your country, or your properties. It will be anarchy.
Cash money can do the same. It has been used on the black market for as long as it exists.
Bitcoin is even easier to trace than cash money.
No, but using cash to avoid tax is illegal but if you are using bitcoin since it is decentralized and the since the gov. doesn't control it you are not obliged to pay tax on it, assuming that bitcoin is legal in that country. Bitcoin is even easier to trace than cash money.
Cash money can do the same. It has been used on the black market for as long as it exists.
Bitcoin is even easier to trace than cash money.
Bitcoin is even easier to trace than cash money.
Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.
Dream of what?. It's indeed that not paying tax will be benefitable for an individual who doesn't want their hard-earned money to be taken from them but in other side avoiding tax also making the income of your country decreased hence the country can't offer facilities like what they've offered now. Avoiding tax mean contributing to destroying your own countryBitcoin will truly affect the taxation issues, but right now users were converting to flat through bank accounts and using it. This possibly help government to some extent to levy taxation based upon the banking transactions.
No, it wont kill the income tax because it has its independent fees which online wallets has. Every transaction thats being generated online were being charged to bitcoin convertion and it goes to the government which being collected by the sites tax collections, thats why it doesn't kill the income tax government and bitcoin were both independent in every aspects.
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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Offshore companies are already killing the income tax.Bitcoin won`t kill it.
The governments might start banning bitcoin because of the lack of taxation.
as long as we are living in a society and we abide by the law, we can not, not pay taxes. nobody likes paying taxes and there is not denying that but not paying taxes on your income means doing something illegal and it doesn't matter if it is with bitcoin income or fiat income.
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