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!
Topic: Bitcoin Will Kill The Income Tax - page 57. (Read 29939 times)
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.
aww here i was looking forward to what seemed would be a great read and i have to be registered? 
like a facebook clickbait article?
ok, np, i guess, but wait, you also want my name and phone number now?.. why?
is the site not about crypto? im not giving you my personal info, nor am i being forced to give you a phony name and/or number.
Thanks but no thanks, you seem like a good writer tho, best wishes in this holiday season!
like a facebook clickbait article? ok, np, i guess, but wait, you also want my name and phone number now?.. why?
is the site not about crypto? im not giving you my personal info, nor am i being forced to give you a phony name and/or number.
Thanks but no thanks, you seem like a good writer tho, best wishes in this holiday season!
personally I cnat with for that to happen. Thats the only way we will get a balanced budget.
Thats hard to happen nowadays. Most people worldwide still using fiat and banking systems and few number of them know about Bitcoin and crypto currencies and deal with it. So may be Bitcoin will kill the income tax if it will become the first used currency worldwide, but that's not yet the case.
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
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)
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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