Bitcoin Will Kill The Income Tax - page 6.

gorodi

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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.

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As the digital money develops governments improve their ability to track financial flows on the Internet. Already now it is possible to learn about some projects of decisions on taxation of cryptocurrencies.

Jessica2009

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How can Bitcoin kill the income tax It is too difficult to accept it because we buy goods and services by only exchanging the Bitcoin to cash and it can be taxed .The government is so powerful and they can impose tax, this tax system have being imposed since in primitive age and it is not a new project for a country . Tax is used to build and improve the facilities of a country and to give aid to the less fortune.

Samuel Erasmus

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I'm not too sure about this. Bitcoin will have to embrace regulation in order to fully achieve main stream adoption

anahawjeff21

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Yeah, thats why some government are againts to bitcoin, its hard to regulate and no tax, its really hard for them to accept because taxes are the main fund of the government.

Pan Troglodytes

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The thing is that they can very easily enforce taxes. First, VAT taxes for Bitcoin purchases will be implemented by service providers and good vendors. Then, capital gain taxes and income taxes will be paid voluntarily by people if governments declare, that if you fail to pay your voluntary taxes, then if you are caught, you will be fined and pay 90% tax. Then they need to do a few high profile cases (like Coinbase case in USA) and people will pay at their own will.

lautantepi

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I agree with his judgment that Bitcoin can ultimately kill the tax in its current form. But the prerequisite is that Bitcoin improves in terms of privacy. And it will not happen as a smooth transition, because the resistance by people who source their power from taxation will be fierce. First of all we will see more supervision and harassment by the official.

raymart0720

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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

POSSIBLE to happen if one people will pay bitcoin and the one accepts it as a payment by that there will be no tax at all
but for now like us we exchange the crypto we have to fiat and there will be a tax if you exchange that ..
I think the income tax is not dead at all because bitcoin is not widely use to buy things and stuffs like that.

eltito

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But the problem is that it is just plain impossible to ban Bitcoins. You can ban the conversion of BTC to fiat (with a lot of difficulty). But in order to ban the possession of Bitcoins you need to ban the internet, which is not very practical. And even if the authorities ban the internet, there are a lot of loopholes in which the Bitcoin holders can take care of their coin stash.

wave1002012

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the government can't impose taxes because bitcoin is not regulated by the government that's why they can't track transactions related to BTC.

CCRBNews

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Governments are now moving in to tax BitCoin. Coinbase just lost a case with the IRS and have been forced to hand over data on 13,000 users.

http://learnccrb.com/2018/02/coinbase-to-send-13000-users-data-to-the-irs/

This will just be the start. With one judgement they can start to bring more of them against exchanges etc.

anahawjeff21

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Yeah, thats why some government ban the bitcoin, because they cant get income tax from it, if less income tax, less budget for the govenment, and its hard to regulate bitcoin,.

odranoel

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Bitcoin is separate from tax because tax is came from the government or people who render thier work in the company as part of their obligation,while bitcoin is a crptocurrency that not part in taxation.

khai29

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No,because tax is getting from the people in the country whether you have work in the government or not you are part in the income tax payer,as long as you spend money to buy something tax include,that's why bitcoin will not kill tax.

Ozero

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It is naive to think that bitcoin can change something in the taxation system in this world, and even more so in any way to harm or destroy it. Taxes are an obligatory attribute of the state, and the state has not yet been succeeded in destroying the state. Therefore, as soon as the crypto currency will swing to change the state structure, it will itself be destroyed by the state. Therefore, it is better not to joke with such questions. States will introduce and impose taxation on profits in the crypto currency. The bulk of the population of any country will pay it voluntarily and under penalty of state sanctions. Those who will shy away, it will punish, up to imprisonment. Only peer-to-peer transactions between citizens can not practically be monitored, all other actions with crypto currency can be tracked.

ZBBBB

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In today's environment governments are no problems to collect taxes from the users of bitcoins. We all pay this tax. Only we don't think about it. In order to make purchases we have to change the bitcoins to Fiat. The cost of each item includes tax and the buyer pays them.

Doge dealer

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this can and will only happen if the relevant governments continue to pussyfoot around bitcoins , as this will only lead to the ecosystem becoming a self sufficient one and this is the reason i keep stressing that its in the governments and financial institutions best interest to stop being so confrontational and more accepting of bitcoins cause no matter what they do its coming and its always better to have a piece of the pie rather than none at all.bitcoin has and is changing the entire financial landscape, solutions and compromises can be found and made to create a harmonious financial sector instead of the cold war that's currently going on between some financial institutions and bitcoins.

Ahsadahmed

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Bitcoin will never do that; killing the income tax because before bitcoin can do it needs government approval and if the government sees that threat then bitcoin will be ban in a country.

cschy01

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Yes bitcoin kill the income Tax.Even it happening in many countries.Many people buy bitcoin for avoiding government income tax and VAT also.They did not deposit there money in bank they buy bitcoin and hold it.There is no Tex system in bitcoin system that's why people follow the illegal system.And it will fall a huge impact of government economical side and its will be more harmful in future.For this types of reason many country band bitcoin permanently.

spiffcow

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Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.

HalfDeck

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Quote from: ophyrim on February 25, 2018, 05:21:11 PM

In my country, the bank account is following by the government and if there is something unusual, the officer calls you for a meeting and ask you where this money come from.

If you transfer your money to your bank account when you sell your bitcoin, you have to pay the tax of the income. So bitcoin cannot kill the tax system.

Do you think that system really privacy for user? Nowadays, not like the era backward, most of the people know which system is better to keep safe their information and the privacy when using. The government do that just make the banking system become worse more in the opinion of the people. Until the people have enough power to change the monetary system, they will use other system to replace the banks.

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