Topic: Get ready for more tax. Save your BTC! - page 6. (Read 1107 times)
You should worry about more taxes on cryptocurrency if you use cryptos for taxable events (trading cryptocurrency to fiat, or crypto to crypto, using cryptocurrency for goods and services, earning cryptocurrency as income). But crytptocurrency transfer and buying crypto with USD aren't considered as taxable events.
I think it will depend on the economic measures of each nation. Covid19 is impacting differently in each country. What is certain is that we need to recover and return to normal. The crypto community is sure that Bitcoin is its asset and will look for all ways to protect it.
I would rather pay more taxes (at least it means I'm still alive) than die. In my country, they say the most effective solution to the debt is economic growth. The government is betting on economic recovery but the problem is the activity will really start again in several months, not immediately, in 2021 we will still be in the crisis
After the 2008 crisis, they increased the taxes but they decreased it also just before. I don't know if it's the best solution but better than nothing, what could we do without it.
After the 2008 crisis, they increased the taxes but they decreased it also just before. I don't know if it's the best solution but better than nothing, what could we do without it.
Sure there could be higher taxes but at the same time they could literally just postpone the payments as well. With taxes they are solving a deficit problem, but with printing money out of thin air they are not creating a deficit are they? I mean they are creating a deficit but not in the budget department, they are creating nation debt, they are printing money to pay for debt and the money becomes less valuable which causes the inflation which is the root of the problems which tax can't solve honestly.
I think the result would be more about bonds being worthless, that is the risk right now not the taxes. However putting money into bitcoin works both ways, you could always have bitcoin to get away from less valued fiat as well because bitcoin will rise in that situation too.
I think the result would be more about bonds being worthless, that is the risk right now not the taxes. However putting money into bitcoin works both ways, you could always have bitcoin to get away from less valued fiat as well because bitcoin will rise in that situation too.
No matter the times taxes are always present in our lives. It is true that in the coming months a thunder will strike financial world, the urge for money will be greater and the prices, including taxes policy will ask for more money.
Actually they will give more relaxations for the next two or three years then only they can increase cashflow among the country so you should not be worried about paying high taxes right away after corona but you have a point they have no other choice to tally their spend money other than increasing taxes so wakeup guys or you will never be able to save any money.
Of course, there will be a delay. Governments won't kill the economic recovery while it's starting.
Tax will only be raised in 12/18 months. So my advice is to withdraw your money from banks, where governments can see it, and buy BTC or valuables which governments cannot know anything about it. That's what I've been doing for years.
Tax will only be raised in 12/18 months. So my advice is to withdraw your money from banks, where governments can see it, and buy BTC or valuables which governments cannot know anything about it. That's what I've been doing for years.
We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.
In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).
As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...
Or could I be wrong? There will be no more taxes next year?
In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).
As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...
Or could I be wrong? There will be no more taxes next year?
Taxes will definitely increase. But not just because of government interventions now fro covid-19. But because all world governments realised that in time of crisis they can rely only on their economy. So they will start to nationalise some industries and be sure to have companies in their countries.
Products prices soon is expected to increase as we need to recover from our loss as soon as possible so we can start the normal life again.
The thread should really be about getting ready for more expense in general. A lot of things will be disrupted, some services won't come back, some will have their competition eliminated so will be free to jack prices up, whole areas will be less viable so will cost a shit ton more than they did before.
The government has no choice but to spend, we are just happy now that we receive some allowance from them but we did not realize that it will be taken unto us slowly, it's correct, they'll get it from our taxes and that's the sad reality.
The government does not have any option but to spend right now, no one from their citizen are working to pay for taxes ( for countries that is under a lockdown) and we as the citizen deserved to receive help from the government during times like this coz that is their duty, money can be earned again but the lives of many is more important right now. Products prices soon is expected to increase as we need to recover from our loss as soon as possible so we can start the normal life again.
As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...
Or could I be wrong? There will be no more taxes next year?
Or could I be wrong? There will be no more taxes next year?
That's likely to happen, some countries including mine are giving dole out and relief support to workers who are working on a no pay no work basis, the only way to recover is to ask loans from other countries, cut spending, but definitely they will add more taxes to companies and their workers, but it will only happen months after the pandemic is over.
The world is now facing a severe economic recession. Countries must lockdown their borders with each other, causing the trade of goods or tourism services to be stopped. People are unemployed due to bankrupt businesses. So, the United States and Europe are forced to print a lot of money to support their people in this difficult time. This will lead to very strong currency inflation in countries with heavy economic losses. I think the government will not raise taxes because everyone cannot earn much money compared to before.
you havent paid tax since a long time ago ? how come its possible ? or maybe your just a small time person that doesnt have a huge house or business , etc something like that . anyway i think there will be no taxes to be payed yet or it will be lesser now that we are still in a bad condition . i think they will understand that themselves but sure they can double it soon as long as we are now on recovery and people are also going to understand it . but why suggest saving btc ? i think by using btc we are still obligated for taxes
Certainly the governments will look into filling the budget holes after the pandemic crisis, but will it affect the crypto people? Perhaps only those who trade high amounts legally with KYC and other identity verification procedures.
We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.
In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).
As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...
Or could I be wrong? There will be no more taxes next year?
In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).
As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...
Or could I be wrong? There will be no more taxes next year?
You are right about taxes. At the end of this process, the authorities will ensure that the public pays a large part of the cost through taxes. But to be realistic, there is no way to escape from taxes by buying BTC.
Taxes are generally collected in 2 ways. On the income you get and on the money you spend. You cannot avoid taxes by buying BTC and HOLD from both of them. Of course, if your income is not with BTC.
Apart from that, most of the taxes are deducted before your income reaches you. And you will continue to pay taxes on what you spend.
I've seen this lately on the news and it's for US and possible counties[1] but, I'm sure that there will be a domino effect and our local government will implement the possible tax hike that has been said. The printing of money which will cause inflation and the hiking of taxes will be sure a hard-hit for most citizens.
[1] Nashville mayor proposes 32 percent property tax hike in response to pandemic
[1] Nashville mayor proposes 32 percent property tax hike in response to pandemic
That means more rally and more resistance with the current government so I think that would not happen. The government is not deaf to the people's shouts and banners so I think they would create new policies masking these kinds of taxes so they could implement it without the people knowing. They don't have a choice since if they really wanted to get their economies back to the normal run, they would do that.
In most countries, governments will have no other choice but to raise taxes.
Taxes have existed since ancient times, and they still exist today as something that is inevitable if we want to live the way we live. The current situation has completely changed the direction of money circulation, because instead of doing what they know best (collecting taxes), countries print money and finance ordinary citizens and companies with free money. Most people know that nothing is free and that the bill will have to be paid sooner or later.
It is also a known fact that the burden of crisis is always borne by those belonging to the low or middle class, and that as always the rich will end up being richer, and politicians will still wear expensive suits, drive in the best cars, and have above average incomes. I'm ready for any taxes, they can start charging taxes on air which I breathe or any kind of pointless tax.
When it comes to crypto tax, if you buy/sell through exchanges that ask for mandatory KYC then there is no choice to pay or not to pay, especially if your bank is involved and you withdraw fiat to your account.
We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.
In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).
As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...
Or could I be wrong? There will be no more taxes next year?
Every country affected by the economic crisis due to a pandemic has a policy on tax issues that are implemented, some taxes are exempt for one year and there are also delays over the next few months. This budget deficit has a large impact on economic actors and is unprecedented In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).
As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...
Or could I be wrong? There will be no more taxes next year?
Saving BTC is good for future investment, however, we also have investments in real life like having a business or some even have a job where both of these we are required to pay taxes. We let the government help us to this situation we are experiencing now, their time will turn that they will be getting the favor from us, and we can't do anything but to comply because tax is the lifeblood of the government.
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