Topic: Bitcoin Will Kill The Income Tax - page 9. (Read 29943 times)
let's hope so.
Most people don't want to go to jail for tax evasion. Most of those are willing to pay their taxes and want to do what's right. The ability to evade taxes does not mean that everyone will choose to break the law. There are so many things people could "get away with" on a daily basis that they don't, because it's not the right thing to do.
But even for the scofflaws, law enforcement and the taxing agencies I think have a lot of effective ways at catching them, bitcoin or no bitcoin.
But even for the scofflaws, law enforcement and the taxing agencies I think have a lot of effective ways at catching them, bitcoin or no bitcoin.
States have great powers to introduce new taxes and change existing ones and will surely find methods for levying their income from employment with crypto-currencies. If the state sees that their taxation is ineffective, and besides, money in digital currency will go outside the country, it will simply prohibit the use of crypto currency, and if it is used, it is insignificant and under penalty of criminal responsibility. Therefore, bitcoin can not kill the profit tax, most likely the state will make bitcoin small and illegal if users ignore the profit tax from operations with crypto currency.
I don't think so, because when we converted btc into cash currency than we paid some taxes from amount.
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.
That is why the government are very angry about bitcoin and that is also why people prefer the use of bitcoin rather than fiat currency. The government is also spreading FUD about bitcoin so the potential user of bitcoin will become discouraged of using it.
all that is not true, bitcoin will not pay taxes because of this simple thing there is no tax on bitcoin and its use. bitcoin is only digital money through the internet to enter the forum, so bitcoin does not pay taxes. and that will change if bitcoins start becoming more popular for payments and salaries of its users. so bitcoin will make revisions to the employee income tax, all of that will happen.
Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.
I think, this topic is true.Bitcoin Will Kill The Income Tax.Because bitcoin transaction user identity always hidden.So government can't find all bitcoin user and can't get Income tax.
Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.
Taxes drying up is a problem? Do you work for the government?
Since Bitcoin acts independently, they don't require to have tax at all because if they do, it will increase the fees and other transactions at least two folds, eating up majority of your savings.
In some countries, income tax is paid and calculated by the citizens themselves. This is a very correct practice. When a good tax service is organized, this will not lead to a significant reduction in taxes.
I doubt bitcoin can kill the income tax, we can say that it can have an impact on it but killing it or making it vanish? Maybe a no no. This is one of the many reasons of some countries why they ban or not allowed bitcoin in their country. It is because they cannot regulate it, they cannot put tax on bitcoin. On for those country that accept bitcoin, the stores or the remittance centers are the one who are paying the tax not the bitcoin itself; therefor there is still a tax. Bitcoin is the one who is exempted to tax but the goods, services, stuffs or what so ever being bought using bitcoin is taxable.
But if the government implements a sort of VAT on Bitcoin transactions (for services and products offered by businesses) I think everyone can benefit
Bitcoin is not going to kill the income tax but for a small segment of the population it will allow them to avoid taxes with bitcoin, this is not good news for the rest of us since that means that governments are going to treat bitcoin users as criminals that deserve to be watched so the actions of a few will affect us and the regulations we are going to face.
That is the one of other reason why goverment affraid to bitcoin. im sure they are gonna ask for taxes and try to control them
Bitcoin is design as decentralized system it does not require any payment of tax.The government cannot imposed tax on it or any rule the can give.I think the charges or fees it serves as tax for us who are bitcoiners.I think someday it will kill the income tax fornits popularization many people are now deal with bitcoins I think it will implement as long government did not banned it.
As you said i don't that all the tech savvy users are dealing with bitcoins most of them won't be even having much idea on what it maybe they might come to know some like it is good investment and it was not much popular even though now it became famous in the globe it will still take time for all to start using bitcoins as far as tax is concerned it is not going to affect the tax system as people will normally cash out their bitcoins when they find it profitable and while cashing btc out the money will be going to their bank and when the money reach the bank if the amount is high as per the rules of the nation they will automatically get taxed for the amount that comes in the bank so i don't that the tax will be dried because of btc.
I think it's hard if crypto will be in taxes, because the user alone is anonymous, so hard to track it, but if the in use is income tax then it can only
maybe it will kill the income tax, because earning in bitcoin doesn't require paying taxes thats why i said that it may kill the income tax.
When you earn in bitcoin your money is in you and no one's requires or pushing you to pay your income tax not like in other business or job you are required to pay your income tax.
When you earn in bitcoin your money is in you and no one's requires or pushing you to pay your income tax not like in other business or job you are required to pay your income tax.
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