Topic: Taxes and crypto. - page 4. (Read 783 times)
Well they could try. It's almost impossible to tax at an individual level because of the technology's design. They'd have to tax exchanges (which might cause them to shut down.) but even if they do, you could always use exchanges on different countries with lax laws. It's understandable that governments would want to tax it, especially since it's a booming industry. but of course its citizens would go to extreme lenghts to avoid this. Let's enjoy the relatively lax laws on cryptos because in the future i expect them to be stricter.
Cypto in my country is not declared as legal nor illegal so I'd not think it is logical to pay my tax if it is not bound in the law. And actually I am very much happy of this setting, seeing myself making money but free from these people that can drain my wallet and stregnth in a way that you can hardly see. Tax is just a small amount of one month you earn but because you are bound for the whole of your life in their authority that little thing is increasing and enough for your important need. And the problem, this people are only good for taking your money but not In their responsibility.
Crypt is the freedom of every one who are bondage from their law motivated only for corruption.
Crypt is the freedom of every one who are bondage from their law motivated only for corruption.
How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.
How far do you think governments will go to get a piece of the action?
The situation will be different from countries to countries. People in our country are risking some of their money and doing trading from grade 12 to a 30 plus year old man. What they are regulating here are only the platform or services that trades diet to BTC, but we are at the point that every person who are doing crypto are paying tax. I think I should pursue my career in engineering if they do that. It is still not even clear to me if I will have some profit, as we can all see, the markets are falling How far do you think governments will go to get a piece of the action?
I'm not too comfortable being taxed from profits I make in cryptocurrency.
I think it's absurd that everything has to be taxed, small transactions should
somewhat be exempted. But I believe governments will try to get involve in
cryptocurrencies, we can expect from that. I understand the importance of
taxes, it has a purpose and citizens can benefit from it. Once bitcoin and altcoins
are regulated and taxes enforced by the government, we may see a decline
and a stable price from these coins in the future.
I think it's absurd that everything has to be taxed, small transactions should
somewhat be exempted. But I believe governments will try to get involve in
cryptocurrencies, we can expect from that. I understand the importance of
taxes, it has a purpose and citizens can benefit from it. Once bitcoin and altcoins
are regulated and taxes enforced by the government, we may see a decline
and a stable price from these coins in the future.
How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.
How far do you think governments will go to get a piece of the action?
How far do you think governments will go to get a piece of the action?
I think that regulating cryptocurrency is a herculean task because a lot of people would have a divied say into how much should be taxed or how much should we divide so that all parties concerned would be satisfied. However, the only way to really ensure that there would be stability in the area concerncing cryptocurrency in the future would be to have this regulated and in check
I don't mind paying taxes for the government. The only problem I see is that I don't know where my taxes are going. In my country, there are too much corruption and the taxes are already high (around 30%). That's why I dig my hands on crypto to stay away from the prying eyes of the government. But with all the regulations around crypto around the world, it will be just a matter of time before everyone of us started to pay taxes with our crypto earnings, specially converting it to fiat. If I know that the money that I'm paying is going to be for let say health care or education. But if its just going to the wallet of corrupt politicians, I would rather hold my bitcoins for a long time.
I can see how much everyone is pouring out their bitterness here. It is crazy isn't it ?How the regular people are the ones doing the chunk of the job, paying taxes with nothing being given back to them and then now when we found a way to rub back their shit on them, they want us to pay capital gain tax on the crypto I have worked for ?
They can stick their fiat in the butts, I do not care. I am going to be holding and believing that one day, I can easily just tell fiat system to go screw itself.
Taxes in theory are very beneficial for the society in general and I would be happy to pay something back for them but unfortunately governments take the meat and leave you with the bones and the majority is not used for the society.
People pay taxes for every profit that they make and for governments it doesnt matter where that profit comes from. Its not going to take long until governments will see the opportunity in bitcoin and apply taxes to people ehp are making profits from it. It is going to to be hard to do that since bitcoin was created especially to avoid that but governments will do everything and I think they will be able somehow to add some taxes to it. Even though bitcoin transactions are anonymous, the transactions from exchangers where you sell your bitcoins are not anonymous. The best thing to do is sell it by meeting with the person and taking money in hand
it's pure theft to require people to have them pay tax endlessly over the same amount of money.
Spot on. People work their entire life to build up a certain amount of wealth, which consists of salary and investments mostly, where people already paid the due tax, and they still are forced to declare their holdings every year and let the government take "their" cut of the pie. Main point of importance is that as long as people let the government do so, this system is paying off in a viable longterm manner, which means that there is no reason for the government to change anything. Their lacking will to change anything becomes yet again visible in the way that wealth taxation hasn't gone down at all, and that while people on average have gone backwards with their yearly returns due to lower interest rates, etc.
Taxes are really very important for a country's welfare and growth. But tax rates should be genuine and does not feel like paying it as a burden on them. Moreover using this collected tax on welfare of society will encourage taxpayers to be honest and pay more.
I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing. Don't get me wrong, I don't mind paying tax, but it has to be reasonable and limited - it's pure theft to require people to have them pay tax endlessly over the same amount of money.
It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.
We are the same I'm no a fiat centric person too which I don't really even have the transactions on converting my crypto coins into cash but same as being said you will still end up on being traced specially when there are transactions happening into your own bank account which you would really be question related to that.This is why when I do tend to cash out some I do only get some money which isn't really alarming or doesn't really caught their attention.Paying off taxes on my regular job would really be already sufficient. It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.
How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.
How far do you think governments will go to get a piece of the action?
How far do you think governments will go to get a piece of the action?
That is it, we take the risk by ourselves, but if we have success we need to share our profit, very fair, no?
Depend the government. If it's a government that respects its people they won't abuse the citizens asking for pieces of the big profit's cake.
But in most countries they will ask for big pieces of cake and will go farest as possible to get it, if necessary.
It's the best business a parasitic government could ask for: No risk (for the government), high profit returns (in taxes), lots of money to steal and distribute to the miserable, so they can continue miserable, but very thankful to the government who gives them 'free money'.
I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing. Don't get me wrong, I don't mind paying tax, but it has to be reasonable and limited - it's pure theft to require people to have them pay tax endlessly over the same amount of money.
It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.
It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.
I agree about the corrupt nature of the fiat system. I don't mind paying taxes, but I resent the money being used to feed and support the credit/debt/interest system that crypto will hopefully one day overthrow and supplant. The aim for me is also to hold most of it until we can spend crypto as easily as we can spend fiat.
Non-crypto people talk about how bitcoin is used by criminals - but bitcoin has a guaranteed fixed supply, unlike fiat where governments just print money at will, and they won't even admit it, they'll just call it 'quantitative easing' or whatever is the euphemism of the day.
I agree that large transactions should pay a tax, I would have no problem doing so. But what happens? The governments not only want to demand that we pay taxes for each bitcoin transaction but also that they want to control and declare that they even have a certain amount that it has cost us to obtain, if you do not limit them, eliminate your accounts or they will look for ways to leave you in ruins. That is the cruel thing, they always want to have control of everything the investor does even if he is a small investor.
When they decide to legalize bitcoin than I will start to pay the tax when they have regulate it otherwise I'm not !
It's not reasonable to pay all of my bitcoin tax when they finally legalize bitcoin regulation !?
Luckily my government still not want to legalize bitcoin because they want to protect our security rather than their wealth ( by tax income )
It's not reasonable to pay all of my bitcoin tax when they finally legalize bitcoin regulation !?
Luckily my government still not want to legalize bitcoin because they want to protect our security rather than their wealth ( by tax income )
I don't think there is any harm in giving something back to your country if you are earning something great however this percentage must be limited to just something and not everything. Like 30-40% tax is quite burdensome. Not only in cryptos even in General I think taxes must be limited upto around 10% or max 20% of your earnings so much of tax is not only burdensome but also too evil. Its like punishing the people who earn more just because they are earning more.
I do everything according to the law, it's not worth risking your personal freedom over not paying any taxes.
That said, in my country we do not have to pay capital gains tax on long term investments, I avoid a good chunk of that by just holding my coins instead of selling them.
People here seem to be advocating not paying taxes, that's fine, but don't complain when uncle sam takes your ass to jail.
That said, in my country we do not have to pay capital gains tax on long term investments, I avoid a good chunk of that by just holding my coins instead of selling them.
People here seem to be advocating not paying taxes, that's fine, but don't complain when uncle sam takes your ass to jail.
How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.
How far do you think governments will go to get a piece of the action?
How far do you think governments will go to get a piece of the action?
I don't see how earnings in crypto are any different to anything else. Your example of having lost is similar to a new business venture, they have a risk also but that doesn't mean they don't pay taxes if things work out. Arguments can be made for and against taxation but I don't think any real argument can be made as to if crypto earnings should be taxed or not.
Irrespective of our personal opinions, country governments are going to have their own way with deriving the most profitable scenario towards national interest, whether it would be taxation of cryptocurrency income on individuals or an attempt at completely governing decentralized digital currencies.
Yet, I am of the opinion that taxing cryptos would be a burden on the governments itself as tracking down incoming and outgoing transactions would be a big problem with the existence of several anonymous coins unless the country's whole internet is under surveillance which again is highly unlikely.
Yet, I am of the opinion that taxing cryptos would be a burden on the governments itself as tracking down incoming and outgoing transactions would be a big problem with the existence of several anonymous coins unless the country's whole internet is under surveillance which again is highly unlikely.
I think they will do whatever it takes.. 
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