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Topic: Bitcoin Will Kill The Income Tax - page 8. (Read 29943 times)

newbie
Activity: 6
Merit: 0
February 14, 2018, 04:54:11 AM
personally I cnat with for that to happen. Thats the only way we will get a balanced budget. สมัครufabet


ufabet

newbie
Activity: 70
Merit: 0
February 14, 2018, 04:50:42 AM
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

Imagine that if they start giving a basic income for everyone, things will start changing, dramatically!
newbie
Activity: 26
Merit: 0
February 14, 2018, 04:38:22 AM
Why would it be any different than current, under the table cash transactions (which make up a tiny portion of labor)? Why would there not be a system where employers paid direct deposit to your wallet, but not before withholding the proper amounts and sending it to the govt in BTC?
newbie
Activity: 23
Merit: 0
February 14, 2018, 04:36:14 AM
No, it won't.
If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.
For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.
Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.
Good luck to all of you who choose to try to do this and think you're pulling one over on them. The same thing happened with offshore accounts. They found a way, and they nailed people to the wall who did it.
newbie
Activity: 33
Merit: 0
February 14, 2018, 04:34:36 AM
If personal Income Tax becomes a problem to enforce, then the goobermint will simply moving all taxation to the point of manufacturer and or at the port of entry. Far far fewer points to monitor in that case. I'd prefer it that way personally. The income tax is more of a surveillance tool, than the best way to tax anyway.
newbie
Activity: 9
Merit: 0
February 10, 2018, 09:00:14 AM
I think, rather the governments of all countries will come to the fact that they will introduce a tax on bitcoin.
sr. member
Activity: 590
Merit: 258
February 10, 2018, 08:23:13 AM
No, the company of bitcoin has no authority or any power to do such thing.
In fact other countries tax the bitcoin which is a good thing since they provide some actions that will help the government and promote the fully legality of the business.
member
Activity: 73
Merit: 51
February 06, 2018, 02:58:53 PM
maybe it will kill but now, it cannot because many of the users still working and paying their taxes and even in claiming bitcoin they pay taxes for it conversion fee and transfer fee.
The income tax is not about conversion fees and transfer fee,you have to file the income tax for the profit you are making through trading and if you want to be on the good book of the law you have to file the taxes properly,if not you might end up in trouble.

Or you can move to Puerto Rico and pay no taxes on your crypto gains.  Smiley
jr. member
Activity: 182
Merit: 1
February 06, 2018, 01:58:35 PM
I think it will go backward, Income tax may not kill bitcoin if it fires back but it will affect all the BTC transactions if the tax is implemented on BTC, but, same as others I was hoping also if BTC will be recognized as digital currency globally so that we can escape from tax.
sr. member
Activity: 431
Merit: 250
February 06, 2018, 01:53:37 PM
maybe it will kill but now, it cannot because many of the users still working and paying their taxes and even in claiming bitcoin they pay taxes for it conversion fee and transfer fee.
The income tax is not about conversion fees and transfer fee,you have to file the income tax for the profit you are making through trading and if you want to be on the good book of the law you have to file the taxes properly,if not you might end up in trouble.
All this depends on our intentions, as long as there is good faith to pay taxes then bitcoin can contribute greatly to donate taxes, but for those who have no good intentions then bitcoin is a heaven to eliminate taxes.
sr. member
Activity: 434
Merit: 250
February 06, 2018, 01:19:59 PM
maybe it will kill but now, it cannot because many of the users still working and paying their taxes and even in claiming bitcoin they pay taxes for it conversion fee and transfer fee.
The income tax is not about conversion fees and transfer fee,you have to file the income tax for the profit you are making through trading and if you want to be on the good book of the law you have to file the taxes properly,if not you might end up in trouble.
hero member
Activity: 2814
Merit: 576
February 06, 2018, 02:34:05 AM
Bitcoin may not have tax but it does not mean that tax will be lost, because there are still a lot of money in the transfer of money.
Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
You cannot tax bitcoin alone because it's just a system that can be use for online transaction.
When we are getting benefit by using bitcoin like getting money then maybe that is the right time where we will be tax, however bitcoin is not that
popular so there are still countries who haven't regulate bitcoin and people are maximize the benefit by not paying taxes.
member
Activity: 306
Merit: 15
February 06, 2018, 02:11:42 AM
Bitcoin may not have tax but it does not mean that tax will be lost, because there are still a lot of money in the transfer of money.
Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.
member
Activity: 336
Merit: 10
February 04, 2018, 07:35:24 AM
No,  the bitcoin cannot kill the income tax since taxation is very essential in the government and they have no authority to do that in the government side.
member
Activity: 73
Merit: 51
January 29, 2018, 08:58:12 PM
Some taxes are good, but some of them are just stupid and make no sense. And you can't do nothing about it because it's the law. So we can only hope for at least one tax to die. Very good.

I used to oppose taxation. But lately, I have realized that the government may not be able to function properly without taxation. Still, I want the taxes to be reasonable. They should not be like the case in Germany, where individuals pay an income tax of almost 50%, on top of extremely heavy indirect taxes.

The insidious thing about taxes is that providing more and more services always sounds like a great thing, and taking them away always sounds like you're suggesting we start killing babies or throwing old people into the streets. Tax rates therefore grow quite organically until the society cannot bear them anymore.
legendary
Activity: 3766
Merit: 1217
January 24, 2018, 01:03:44 PM
Some taxes are good, but some of them are just stupid and make no sense. And you can't do nothing about it because it's the law. So we can only hope for at least one tax to die. Very good.

I used to oppose taxation. But lately, I have realized that the government may not be able to function properly without taxation. Still, I want the taxes to be reasonable. They should not be like the case in Germany, where individuals pay an income tax of almost 50%, on top of extremely heavy indirect taxes.
full member
Activity: 138
Merit: 102
January 24, 2018, 01:01:14 PM
Hopefully Bitcoin does kill the income tax, because it is a pain in the pocket. We are full off taxes and here is the income tax that is a cancer to the earner. Taxes is being made by those who are corrupt in the government. Even though there are many taxes that is being paid, here in my country I cant see the development and the progress. I thought taxes are meant for development but I cant see but only those officials that are getting rich.

Some taxes are good, but some of them are just stupid and make no sense. And you can't do nothing about it because it's the law. So we can only hope for at least one tax to die. Very good.
full member
Activity: 161
Merit: 101
AI SOLUTION TO VOLATILITY IN YOUR CRYPTO SAVINGS
January 24, 2018, 12:59:48 PM
Hopefully Bitcoin does kill the income tax, because it is a pain in the pocket. We are full off taxes and here is the income tax that is a cancer to the earner. Taxes is being made by those who are corrupt in the government. Even though there are many taxes that is being paid, here in my country I cant see the development and the progress. I thought taxes are meant for development but I cant see but only those officials that are getting rich.
full member
Activity: 162
Merit: 100
January 24, 2018, 04:52:56 AM
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)

Due to the lack of a legal currency position within any jurisdiction, IRS treats Bitcoin as property for tax purposes. This identification is likely to create difficulties, especially when Bitcoin prices fluctuate, transaction volumes continue to grow, and other tax compliance issues are considered.
full member
Activity: 384
Merit: 100
January 19, 2018, 03:11:47 PM
Bitcoin only kills income tax because it is not a regular currency, if the government considers bitcoin as a legal currency then it will definitely impose a tax and will actually collect a good income tax from bitcoin income.
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