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Topic: Why tax money/BTC? (Read 2840 times)
but i do agree that bitcoin should be exempt from taxes, kudos to europe which apparently did understand this, and i'm lucky that i live in the euro zone and not in the usa...
I think if bitcoin runs online, or on the internet, it might not be taxed, because bitcoin is everywhere, how they get taxes, while they don't know who the owner is, what they know is the wallet address, I think it's right to be free tax.
If it were tax free in the U.S. it would be unique. Most Americans don't do it, but technically even the proceeds from your garage sale require paying tax. Or even finding a gold ring on the ground.
Depends on what type of tax you're talking about. Stuff like value added tax is ridiculous and shouldn't apply. If you make a massive capital gain on them and sell then I don't see why it should be exempt.
I find VAT to be much more just and much less ridiculous than income tax. The best type of tax is always head tax because it's the most just. Everyone is treated equally and has to pay a certain amount of money towards services. It stopped being applied in most countries because of difficulties in execution, but it can always be introduced in the form of property tax. Vat is fine because you're paying it while buying goods and services. It can't be too high because otherwise the prices of goods would skyrocket and nobody would buy them. As a result nobody would make money. Income tax is the most unjust as it punishes hard work and promotes laziness.
Indeed, VAT is much more acceptable than tax income which can go up to 35 % on some countries, pretty much ridiculous... isn't that slavery?
Depends on what type of tax you're talking about. Stuff like value added tax is ridiculous and shouldn't apply. If you make a massive capital gain on them and sell then I don't see why it should be exempt.
I find VAT to be much more just and much less ridiculous than income tax. The best type of tax is always head tax because it's the most just. Everyone is treated equally and has to pay a certain amount of money towards services. It stopped being applied in most countries because of difficulties in execution, but it can always be introduced in the form of property tax. Vat is fine because you're paying it while buying goods and services. It can't be too high because otherwise the prices of goods would skyrocket and nobody would buy them. As a result nobody would make money. Income tax is the most unjust as it punishes hard work and promotes laziness.
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Like garage sales and other examples it would cost more to enforce than it brings in.
This never stopped tax authorities to try and collect what they think is due
However I think that if tax authorities are not entitled to follow every single internet transaction they won't have any effective tool to introduce and collect fees on internet transactions in general. But this is highly unlikely. I think that BTCs themselves should not be taxed - they are only a tool. But if you make a profit of them, may be a small tax on the profit is not that bad. In my some countries this would be a flat 10% tax - not that bad.
I hope we all are born on earth, facts = there are law's ( what happened before laws? - conquering. )
Bitcoin early adopters know it's not about the price nor either the quantity rather conquering the economical world.
How can this be achieved? Not funding gov's. We indeed need to help people and go even further then moon, the world needs us all however central authorities even if by democracy have proven to be what they are - central authorities. The vote you cast every 4 years or so is kind of useless when it comes to this no matter decisions taken.
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Like garage sales and other examples it would cost more to enforce than it brings in.
This never stopped tax authorities to try and collect what they think is due
However I think that if tax authorities are not entitled to follow every single internet transaction they won't have any effective tool to introduce and collect fees on internet transactions in general. But this is highly unlikely. I think that BTCs themselves should not be taxed - they are only a tool. But if you make a profit of them, may be a small tax on the profit is not that bad. In my some countries this would be a flat 10% tax - not that bad.
Let the gov's decide the wrong way, Bitcoin will win this war for the good of humanity. Is fiat money considered a gov product?
Can anyone clarify the situation of customs duties of products/services purchased with Bitcoin?
Can anyone clarify the situation of customs duties of products/services purchased with Bitcoin?
I think in most countries fiat is produced by the government. In the U.S. it is produced by the Federal Reserve, which is not officially part of the government. It is considered an independent central bank. At least on paper it looks like more of a banking cabal.
As far as customs and duties... That could get complicated as it involves so many laws and governments. I think the main triggering event would be moving $10K or more across a border. When entering the U.S. you must declare anything valued at $10k or greater.
I meant if you are purchasing something with Bitcoin over the internet, but helpful info anyways.
Let the gov's decide the wrong way, Bitcoin will win this war for the good of humanity. Is fiat money considered a gov product?
Can anyone clarify the situation of customs duties of products/services purchased with Bitcoin?
Can anyone clarify the situation of customs duties of products/services purchased with Bitcoin?
I think in most countries fiat is produced by the government. In the U.S. it is produced by the Federal Reserve, which is not officially part of the government. It is considered an independent central bank. At least on paper it looks like more of a banking cabal.
As far as customs and duties... That could get complicated as it involves so many laws and governments. I think the main triggering event would be moving $10K or more across a border. When entering the U.S. you must declare anything valued at $10k or greater.
I meant if you are purchasing something with Bitcoin over the internet, but helpful info anyways.
Let the gov's decide the wrong way, Bitcoin will win this war for the good of humanity. Is fiat money considered a gov product?
Can anyone clarify the situation of customs duties of products/services purchased with Bitcoin?
Can anyone clarify the situation of customs duties of products/services purchased with Bitcoin?
I think in most countries fiat is produced by the government. In the U.S. it is produced by the Federal Reserve, which is not officially part of the government. It is considered an independent central bank. At least on paper it looks like more of a banking cabal.
As far as customs and duties... That could get complicated as it involves so many laws and governments. I think the main triggering event would be moving $10K or more across a border. When entering the U.S. you must declare anything valued at $10k or greater.
You cannot tax the intellectual property of someone.
"Article 17
2. No one shall be arbitrarily deprived of his property. "
http://www.un.org/en/universal-declaration-human-rights/
"Article 17
1. Everyone has the right to own property alone as well as in association with
others."
If so you are being a product of your gov and still going against UN."Article 17
1. Everyone has the right to own property alone as well as in association with
others."
"Article 17
2. No one shall be arbitrarily deprived of his property. "
I'm not a tax attorney or anything. But I think your right that intellect property is not taxable. However the money you make from it (or anything) is. You are being taxed on the gain in capitol value. So if I made a $1 profit because my bitcoins went up in value when I traded them, I owe about $0.10. That is 10% of the profit I made.
The good news is that I don't pay until I sell/buy with my coins because until then I have not profited. And capitol gains are a relatively low tax. Compare it to income tax which I pay 30+%. Even better I can claim a loss on my taxes if the price is lower than I paid.
Let the gov's decide the wrong way, Bitcoin will win this war for the good of humanity. Is fiat money considered a gov product?
Can anyone clarify the situation of customs duties of products/services purchased with Bitcoin?
You cannot tax the intellectual property of someone.
"Article 17
2. No one shall be arbitrarily deprived of his property. "
http://www.un.org/en/universal-declaration-human-rights/
"Article 17
1. Everyone has the right to own property alone as well as in association with
others."
If so you are being a product of your gov and still going against UN."Article 17
1. Everyone has the right to own property alone as well as in association with
others."
"Article 17
2. No one shall be arbitrarily deprived of his property. "
I'm not a tax attorney or anything. But I think your right that intellect property is not taxable. However the money you make from it (or anything) is. You are being taxed on the gain in capitol value. So if I made a $1 profit because my bitcoins went up in value when I traded them, I owe about $0.10. That is 10% of the profit I made.
The good news is that I don't pay until I sell/buy with my coins because until then I have not profited. And capitol gains are a relatively low tax. Compare it to income tax which I pay 30+%. Even better I can claim a loss on my taxes if the price is lower than I paid.
You cannot tax the intellectual property of someone.
"Article 17
2. No one shall be arbitrarily deprived of his property. "
http://www.un.org/en/universal-declaration-human-rights/
"Article 17
1. Everyone has the right to own property alone as well as in association with
others."
If so you are being a product of your gov and still going against UN."Article 17
1. Everyone has the right to own property alone as well as in association with
others."
"Article 17
2. No one shall be arbitrarily deprived of his property. "
Depends on what type of tax you're talking about. Stuff like value added tax is ridiculous and shouldn't apply. If you make a massive capital gain on them and sell then I don't see why it should be exempt.
Totally agree. At least here in the US, there is no such thing as free money. If you trade your coins at a profit then you owe capitol gains tax. Good luck arguing in court that bitcoin is magical money that is somehow the only exception in the tax code. Well let's tax everything...rain with the excuse of being for natural disasters expenses, and water for drinking it. Bitcoin for being open source , a threat to fiat money and being unique.
Now seriously, are you implying you are a product of your government? Cause if Bitcoin won't be any different, I'm done with this closed minded people who can't accept Bitcoin will/might/already is the future of money. Taking only in consideration the same BULLSHIT behavior seeing profit everywhere.
https://i.imgur.com/jsOdRSc.jpg
Do you think aliens accept FIAT money? CMON!!
BITCOIN UNITING THE UNIVERSE.
Depends on what type of tax you're talking about. Stuff like value added tax is ridiculous and shouldn't apply. If you make a massive capital gain on them and sell then I don't see why it should be exempt.
Totally agree. At least here in the US, there is no such thing as free money. If you trade your coins at a profit then you owe capitol gains tax. Good luck arguing in court that bitcoin is magical money that is somehow the only exception in the tax code. Well let's tax everything...rain with the excuse of being for natural disasters expenses, and water for drinking it. Bitcoin for being open source , a threat to fiat money and being unique.
Now seriously, are you implying you are a product of your government? Cause if Bitcoin won't be any different, I'm done with this closed minded people who can't accept Bitcoin will/might/already is the future of money. Taking only in consideration the same BULLSHIT behavior seeing profit everywhere.
Do you think aliens accept FIAT money (1)? CMON!!
BITCOIN UNITING THE UNIVERSE.
(1) Fiat money is a currency established as money by government regulation or law.
...
In my country there is even Rain Tax where you pay money if there is raining. So I am not surprised that BTC will be either declared illegal or heavily taxed in the future.
This is a joke right? If not, where do you live?
lol that rain thing made me laugh so hard
This rain thing first surprised me, then confused me. I would like to know in which country is this happening.
Well i hope this is just a joke. For me its unbelievable, where this world going?
Depends on what type of tax you're talking about. Stuff like value added tax is ridiculous and shouldn't apply. If you make a massive capital gain on them and sell then I don't see why it should be exempt.
Totally agree. At least here in the US, there is no such thing as free money. If you trade your coins at a profit then you owe capitol gains tax. Good luck arguing in court that bitcoin is magical money that is somehow the only exception in the tax code. legendary
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In my country there is even Rain Tax where you pay money if there is raining. So I am not surprised that BTC will be either declared illegal or heavily taxed in the future.
This is a joke right? If not, where do you live?
lol that rain thing made me laugh so hard
...
In my country there is even Rain Tax where you pay money if there is raining. So I am not surprised that BTC will be either declared illegal or heavily taxed in the future.
This is a joke right? If not, where do you live?
Are you talking about all taxes or value added tax on the coins themselves? I know that was proposed in a few places and shot down as plain stupid but I think Australia was stupid enough. Sounds like they're thinking of changing it now.
It is so easy to introduce new kind of Tax, the temptation of more money in government's pocket is overwhelming. That is why those bastards are constantly trying to invent new Taxes.In my country there is even Rain Tax where you pay money if there is raining. So I am not surprised that BTC will be either declared illegal or heavily taxed in the future.
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