Topic: Bitcoin Will Kill The Income Tax - page 56. (Read 29939 times)
Good article on how does Bitcoin affects businesses? - http://www.convergencenetworks.com/bitcoin-effect-on-businesses/
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
Actually in a country or a nation there are some responsibility to make the nation develop So taxation is subjected for more income But in Bitcoin no one can prove that it is a currency of particular country or made in particular country So it is independent and owner is making money only by transaction charge .Read The Full Article
So we can't say Bitcoin system can kill the taxation .
Overall, I agree with the assessment, that Bitcoin might ultimately kill taxation in its current form. However a precondition is that Bitcoin improves in terms of privacy. And it won't happen as a smooth transition, because resistance by those who source their power from taxation will be fierce. First of all we will see more surveillance and harassment by the officialdom. Only after they've experienced that such actions are to no avail we might move on to a better system.
Voluntary, pay-for-performance taxation is the ideal form of taxation, because it is the least wasteful and ensure that only those things are funded that bring real benefits for the citizen. Ideally, citizen would be able to propose improvement projects (e.g. "the street in my neighborhood is in bad shape and needs a new surface"). Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
ya.ya.yo!
Voluntary, pay-for-performance taxation is the ideal form of taxation, because it is the least wasteful and ensure that only those things are funded that bring real benefits for the citizen. Ideally, citizen would be able to propose improvement projects (e.g. "the street in my neighborhood is in bad shape and needs a new surface"). Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
ya.ya.yo!
Well that is a nice idea, pay-for-performance taxation, the government will no longer collect taxes but only consolidates. But it maybe effective to certain countries but not on the Philippines. Using bitcoin to kill taxation might be effective to other countries but in the Philippines many are non taxpayers, and businessmen doe not declare their income properly. If voluntary taxation will be implemented I am sure that the government system will collapse in our country.
I don't think there is a difference between other countries and the Philippine regarding tax revenue and stuff like that because there are tax evaders in other countries as well all other countries has a non tax payers too, and regarding the form of bitcoin economy that is non traceable by the government do you still think that other countries are paying using their bitcoin I think not your income on bitcoin will not be a part of the system that are controlled by the government.
Still there are many possibilities for government to track and put tax for a bitcoin user. If they find bitcoin is being converted into fiat and they will apply tax there. This will be the same case for bitcoin debit cards too. Direct bitcoin spending and P2P bitcoin conversion will be getting tax exemption in my understanding.
yes if we only used bitcoin as our transaction and not change it to fiat then we don't need to pay income tax, this is why the government want to meddle up in our bitcoin transaction, because there are a lot of big transaction is done using bitcoin and the person didn't need to pay any tax, so the government want to regulate bitcoin and taxed bitcoin
But I heard some developing countries are internally proposing to withdraw the process of collecting income taxes. It could be a new revolution like they are thinking only taxes from business and properties are more than enough to run a government.
So, I believe bitcoin will not be the game changer here. It is a new trend that governments start think in different way.
http://www.thehindu.com/news/cities/mumbai/news/Will-abolish-income-tax-in-three-years-says-Swamy/article14395234.ece
So, I believe bitcoin will not be the game changer here. It is a new trend that governments start think in different way.
http://www.thehindu.com/news/cities/mumbai/news/Will-abolish-income-tax-in-three-years-says-Swamy/article14395234.ece
This should be a revolution, when I receive my pay I already pay almost 50% in tax. When I go buy something in any store I pay again 15% in tax. Every year I pay tax on my propertie, so I think I already contribute enough in my country
I would like to see this idea implemented where I live
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
Read The Full Article
I can't read the full article since I am not member of this site but reading only the abstract I would like to highlight the following points
1. I don't know not even I have read in history books that any country even these with the most liberal policy have established a voluntary taxation.
2. Let say that my currency is only bitcoin. Does anybody believes that I can to tax evasion? No it's utopia. If I want to buy a car the state will ask where the money are come from. So I will pay not only once to buy it but every year which this car is my property. Same if I buy a house or a field or any similar asset.
3. Only if I declare needy I don't pay taxes; But for what reason to have bitcoins and live as homeless?
this is not entirely true because first of all bitcoin is mostly an investment not our salary or day to day money to spend. and also it is because of this simple thing that there aren't taxes yet on bitcoin and its usage. and that will change if bitcoins starts to become more popular for payments and for salary.
Bitcoin itself isn't directly being taxed, but if you think logically, then Bitcoin isn't any different from money or anything else with value. The main point is that it adds up to your wealth, and over your wealth you have to pay tax every year. It also goes up for the profits that you have made with Bitcoin. You must pay tax over that as well. However, it's your honesty here that plays the most important role since you have the choice to declare everything like should be done, or to keep quiet about your Bitcoin holdings. That's also one of the main reasons the IRS has been asking Coinbase to release all kinds of information regarding its users. If you don't declare your coin holdings yourself, they will do everything to chase you down.
But I heard some developing countries are internally proposing to withdraw the process of collecting income taxes. It could be a new revolution like they are thinking only taxes from business and properties are more than enough to run a government.
So, I believe bitcoin will not be the game changer here. It is a new trend that governments start think in different way.
http://www.thehindu.com/news/cities/mumbai/news/Will-abolish-income-tax-in-three-years-says-Swamy/article14395234.ece
So, I believe bitcoin will not be the game changer here. It is a new trend that governments start think in different way.
http://www.thehindu.com/news/cities/mumbai/news/Will-abolish-income-tax-in-three-years-says-Swamy/article14395234.ece
this is not entirely true because first of all bitcoin is mostly an investment not our salary or day to day money to spend. and also it is because of this simple thing that there aren't taxes yet on bitcoin and its usage. and that will change if bitcoins starts to become more popular for payments and for salary.
Bitcoin 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.
Yes it will totally kill the income tax .when people will totally depend on bitcoin which is a digital cryptocurrency that is they dont need any 3rd party .so why will they depend on banks ,as there will be no banks at all after quite some time .
Quote
If govt. can’t crack encryption, then people are walking around "with a Swiss bank account in their pocket."
Barrack Obama 
I have thought of this a long time ago, one of the reason why people are coming in here to earn and transact bitcoin is to aviod being tax by the government. We know that taxes are not only a minimal amount, in our country for income tax I have to pay like 20% of my income which is really big if you were to declare all your earnings.
Right now, we just have to enjoy this kind of benefit but I am pretty sure the government is doing what they can to collect taxes.
Right now, we just have to enjoy this kind of benefit but I am pretty sure the government is doing what they can to collect taxes.
Dang, them's a lotta big words. But there ain't no way bitcoin is gonna do much for taxation. You really think gubbaments is gonna allow that? Don't think so. They'll buy up all them, or seize them, then they'll send them to a burn address. You watch. Mm hmm.
If the governments are unable to get income tax then I think they will change and adapt and instead they will try to tax your wealth, there are some governments already studying the possibility of doing that, personally I prefer smaller governments, but I don't get to choose.
Overall, I agree with the assessment, that Bitcoin might ultimately kill taxation in its current form. However a precondition is that Bitcoin improves in terms of privacy. And it won't happen as a smooth transition, because resistance by those who source their power from taxation will be fierce. First of all we will see more surveillance and harassment by the officialdom. Only after they've experienced that such actions are to no avail we might move on to a better system.
Voluntary, pay-for-performance taxation is the ideal form of taxation, because it is the least wasteful and ensure that only those things are funded that bring real benefits for the citizen. Ideally, citizen would be able to propose improvement projects (e.g. "the street in my neighborhood is in bad shape and needs a new surface"). Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
ya.ya.yo!
Voluntary, pay-for-performance taxation is the ideal form of taxation, because it is the least wasteful and ensure that only those things are funded that bring real benefits for the citizen. Ideally, citizen would be able to propose improvement projects (e.g. "the street in my neighborhood is in bad shape and needs a new surface"). Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
ya.ya.yo!
Well that is a nice idea, pay-for-performance taxation, the government will no longer collect taxes but only consolidates. But it maybe effective to certain countries but not on the Philippines. Using bitcoin to kill taxation might be effective to other countries but in the Philippines many are non taxpayers, and businessmen doe not declare their income properly. If voluntary taxation will be implemented I am sure that the government system will collapse in our country.
It's an ok article, but it doesn't really build upon the original statement all that much to be honest.
The death of the income tax might be a beneficial thing, but it is going to be interesting to see how this changes sales taxes. Considering that people no longer have a base tax on what they earn, and they can save a large majority of it if they wish, chances are it is going to be an interesting way to fix the system.
Bitcoin killing the income tax heralds one of two things, a minimalist government form (increased libertarianism) or a more totalitarian or intrusive government.
The death of the income tax might be a beneficial thing, but it is going to be interesting to see how this changes sales taxes. Considering that people no longer have a base tax on what they earn, and they can save a large majority of it if they wish, chances are it is going to be an interesting way to fix the system.
Bitcoin killing the income tax heralds one of two things, a minimalist government form (increased libertarianism) or a more totalitarian or intrusive government.
Everybody expects a more minimalist government with more freedom for all, but if we don't pay taxes, we need better jobs with better salaries to be able to buy and hire all necessary services that we currently have ''for free'' in some countries. I never experienced a libertarian economic system, because I live in a junk bolivarian ~socialist~ country. But the expectations are good for a new economic system with more freedom for al, I hope this happen, so we can see something new and fresh.
Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.
Overall, I agree with the assessment, that Bitcoin might ultimately kill taxation in its current form. However a precondition is that Bitcoin improves in terms of privacy. And it won't happen as a smooth transition, because resistance by those who source their power from taxation will be fierce. First of all we will see more surveillance and harassment by the officialdom. Only after they've experienced that such actions are to no avail we might move on to a better system.
Voluntary, pay-for-performance taxation is the ideal form of taxation, because it is the least wasteful and ensure that only those things are funded that bring real benefits for the citizen. Ideally, citizen would be able to propose improvement projects (e.g. "the street in my neighborhood is in bad shape and needs a new surface"). Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
ya.ya.yo!
Voluntary, pay-for-performance taxation is the ideal form of taxation, because it is the least wasteful and ensure that only those things are funded that bring real benefits for the citizen. Ideally, citizen would be able to propose improvement projects (e.g. "the street in my neighborhood is in bad shape and needs a new surface"). Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
ya.ya.yo!
Well that is a nice idea, pay-for-performance taxation, the government will no longer collect taxes but only consolidates. But it maybe effective to certain countries but not on the Philippines. Using bitcoin to kill taxation might be effective to other countries but in the Philippines many are non taxpayers, and businessmen doe not declare their income properly. If voluntary taxation will be implemented I am sure that the government system will collapse in our country.
Jump to: