Topic: How many of you still believe bitcoin will free you from paying tax one day? - page 2. (Read 5912 times)

What exactly do you mean by "the government"?  I pay taxes at my restaurant directly to the waiter, and I do so with bitcoin.  The governing structure there is mostly run by the manager, with approval of a group of two owners.     

Having an optional currency not controlled by the government doesn't mean that i don't need to pay taxes to the government. By itself it still need taxes to run and operate and they will levy that to the citizen so we can't run away from that.

No, that's only a few minutes of adventure.

Real adventure means choosing not to have any fixed income, nor a fixed address.
That's my way. I don't know yet in which country I'll be living this April (well, I'm hesitating between Italy and Ethiopia).

er nope my bank made a 90k error on my $10.131.80 knc money order.....did not bother to check if they made error called the SEC
(i was a dangerous man for a week ...felt like a drug lord)....went to bank but took the PRECAUTION of filing under USA 2013 guidelines
for alt currencies on bitcoin profits etc.....showed them the bank error with my paper work at the bank while SEC guy was on phone
and of course being paranoid having taxes paid and legit biz paid off..... first words out of banker's mouth was not sorry or never mind was
something along the line to cover their butt (as i suspected it would go) and again this was around jan/2014 ordered miner nov 2013
us bitcon types were in 'desperado' mode in the news/press..anyway banker pointed out I was not a business no taxes that
was also a SEC/IRS matter etc ...so then i plop'd my legal by a cpa tax forms down cutting the asshole off at the knees and i could overhear the
SEC guy yelling on phone why was the bank wasting his time! I then boggied out of the bank and changed banks!

Later went to CPA and was fairly certain I'd have to pay 4k in taxes..i paid zip (equip deductions new biz all that) this year i made zip ...will
make more on equip deductions etc may pay 1k to 1.5k not sure yet (may pay zip again) the cpa takes care of it...considering the SEC
involvement and the over 10k sent overseas and all the forms i signed on the miner in 2013 (one of which stated i was NOT hiding assets)
I'll take that as a close shave with finance death!

but considering the alternative.....with the bank i shudder to think if i'd have walked in and not been a business with a cpa tax
form filed at that time

anyway the good news is I'm so squeaky clean i sound like i need oil when i walk or talk bitcoin.......when bitcoin hits 10k I
can spend lavishly and whatever and IRS or FED's show up ..they can eat my shorts ..I'm clean as a whistle......when I get that
speedboat and/or sports car lol (dare to dream) only  would have to pay capital gains at that time.....(as hopefully btc goes to the moon!)

anyway 2013 paid no taxes.....and 2014 the biz part will prob make me more $$$ then I lost mining.....next year more modest with
www.coinbase.com and buying as my friend...(maybe i should send the banker ass*ole that he is a fruit basket..I may have
been better off this year and last with equip deductions..and being legal...yeah way better off) anyway this year sucked

if NEXT year sucks i will sell my 2013 coin they taxed me mining at 1200 usd then for 200 usd or below say if that is the
case this year..and take a 'capital loss' if btc goes beanie baby will go bankrupt and also get some tax relief in the future
my cpa says the IRS can't have it both ways if you invest in equip and the IRS taxes revenue stream then you get certain
protections ..in fact the IRS imho was BULLISH on BTC they treated it as 'land' (ie farmer) and I think they expected it
to stay around $1k in value ....thus the 2013 IRS alt coin guidelines..heh who'd a thunk it....

if BTC goes back to 1000 usd next year ...i won't sweat the small stuff this year with IRS payments (if any)

(yep prob should send the damn banker a fruit basket)

anyway my situation or I'd be like you guys just a mining and figure the tax stuff out later when the powers that be
do get around to doing so..but yeah...they are fully aware of bitcoin/alts and the IRS is NEVER EVER gonna let you
mine $$$ out of thin air and not tax you on it...they MAY give you equip depreciation like a farmer for the risk etc
because in the long run the IRS always wants your business to do well (so with state and local taxes they can get 25%
off said income)

well IRS this year the crops died .....so looks pretty much like under 2013 guidllines i be a farmer don't ya know lol
we both are gonna have to deal with it ..you with less revenue (or none) me with acting like a whiny farmer on
my equip deductions!

bitcoin/alts never a dull moment!

+1

reasonable taxes are fine but the fact that I am paying rent which is 100 times higher than what I would pay if I could get fiat money from our central bank, is nothing short of slavery

central bank: 0.05%
bank mortgage: 1%
rental yield: 4-6%

That system is nothing short of slavery. It is almost impossble to escape because prices rise faster than anyone can save. If money was based on silver or whatever, people could rent for 10-20 years, save some silver, and then buy their own place. Prices would not increase exponentially but be mostly flat.

Almost everything (factories, land etc) are subject to the same effect, so there is a huge slavery tax on all goods and services. This is why people learn and work more and more, even though technology becomes more effective every day (e.g. 1 farmer feeding 300 people)

FIAT MONEY = SLAVERY

It's not an either/or proposition as bitcoin is already succeeding at reducing peoples tax burden.

Not with the current technology available but yes i believe some time in the next 10-20 years we will be able to avoid paying tax if needed.

If you pay for digital staff online with virtual currency like bitcoin, you will not pay tax.
Can you explain me how will I pay tax for buying and downloading some software online and paying in bitcoin?
No way.

False. Sales tax is difficult to avoid but can be done without stealing. People can use bitcoin, barter, and even grow their own food to avoid sales tax.

Only way of paying absolutely no tax is stealing. You have to pay tax when you buy a candy. You have to pay tax when you go to toilet and use toilet paper. You pay tax on everything. Paying no tax isn't an alternative.

Hahahahahha. That was a good one.

That is why we vote, how the government spends our tax money often depends on them retaining office for another term.

You're wrong. There are other alternatives to taxes or not paying taxes at all, though I'm not arguing that they're better. I'm only a fan of taxes when they're spent properly and not paid to tyrants. Sadly this is usually the case.

I never wanted to be free from taxes. Taxes are necessary for a country to run. And as I never wanted to be free from taxes I never thought of bitcoin making me free from taxes.
And for all those who think like that, most probably its possible that government will start to put tax on bitcoins. Pay your taxes in bitcoins and live happily.
P.S : You cannot evade taxes.

Yep. There's two sides to the whole government debate, but I definitely don't like the idea of private police policing certain areas where people can afford to pay for them. People who can't afford vital services arte shit out of luck otherwise.

Even if you never cash out to fiat, correct me if im wrong but i think he US government requires you to pay tax on you earnings.
If you buy BTC at say $100 then at end of financial year there worth $1000 u still have to pay capital gains tax on your profits.
I may be way off, i don't know a lot about US BTC tax laws.

Taxes dont apply for the super really rich elite, they always find a way to scam the goverment.

And no you'll be paying taxes, unless you never withdraw your btc in fiat.
There will be no way to inspect every single computer for bitcoin lol.

I have never belived bitcoin will stop me paying tax.
Does anyone really think that the US government will let things like ETF to start business if they know there not going to get any tax at the end of the day.

I doubt anybody.

I fail to see how Bitcoin eliminates tax. Currently we have to pay a tax when the value appreciates and when it becomes more popular there will be laws regarding other taxes too.