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Author Topic: Eliminate the need to hold dollars, legalize the use of BTC to pay taxes!!!  (Read 2317 times)
Blue_Tiger73
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November 22, 2015, 09:18:18 AM
 #21

I guess that this MAY help people that already own Bitcoin, but this won't motivate anyone to buy Bitcoin, which is what we need. People have no need to pay with Bitcoin when they could just pay with fiat, even though if they did it with Bitcoin, it would be easier. People are not bothered to get into Bitcoin.
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November 27, 2015, 01:28:02 AM
 #22

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Yes of course bitcoin also hav taxes,, because its a virtual currency,, maybe its not much, but it pays taxes
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November 27, 2015, 04:02:55 AM
 #23

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Yes of course bitcoin also hav taxes,, because its a virtual currency,, maybe its not much, but it pays taxes
it is already happening in some country as bitcoin is not being considered currency but rather asset.
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November 27, 2015, 08:28:58 AM
 #24

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Yes of course bitcoin also hav taxes,, because its a virtual currency,, maybe its not much, but it pays taxes

bitcoin itself is not taxable, only when you exchange it, and surely for small amount it will be hard to track the owner, especially face to face, just to tax it

in the usa they said that even if you pay with bitcoin only they will tax you, for big amount at least, i'm curious if there is someone that was taxed in that way...
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November 27, 2015, 08:53:06 AM
 #25

Well what you can do is, if you got a lot of bitcoins, you can exchange that to dollars and pay your taxes that way.

It's like saying you want to pay your US taxes with Euro's, bitcoin is it's own currency so if you want to pay with bitcoins, just exchange.
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November 27, 2015, 09:00:46 AM
 #26

Well what you can do is, if you got a lot of bitcoins, you can exchange that to dollars and pay your taxes that way.

It's like saying you want to pay your US taxes with Euro's, bitcoin is it's own currency so if you want to pay with bitcoins, just exchange.


Exchanging a lot of bitcoins to fiat will probably raise the red flags of the government and you will be subjected to capital gains tax. Better to not bother exchanging but rather pay in the conventional way, which is using fiat.

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November 27, 2015, 09:53:03 AM
 #27

So I recently saw a petition to legalize the use of Bitcoin in the USA for paying state and federal taxes. Now I know no one likes paying taxes, but as long as they are necessary, and as long as dollars are needed to pay them...well, Bitcoin can never be your ONLY money supply. Thus, why not help the push for Bitcoin adoption and lets legalize the CHOICE to pay taxes in Bitcoin.

Sign the petition below! And help us get the first 150 signatures! After 150, the petition becomes public and "searchable" within the database.

http://wh.gov/iV5Nq


I am not a USA citizen s I cannot sign the petition (only to cheat but I don't like to do this). Anyhow I will write two words about this initiative. It is very important. The authors don't need my opinion or thoughts about this cause because I am writing while they are doing. So the only importance of this post is that became from a non USA citizen which urge to do fulfill this request because will help the increase the velocity of spread of bitcoin in to many other countries. USA is a world leader country and most of the others normally follow this country in almost everything these can. So this will happen even in the case of bitcoin. So go with signatures and go with full adoption and full legalization of bitcoin as a currency.
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November 27, 2015, 10:48:35 AM
 #28

That's stupid idea, because bitcoin has limited supply. If people have to pay 10% tax of their bitcoin income/transaction, eventually government will have a lot of bitcoin.
So, government will have "control" over bitcoin if it really happened. Also, we can see tax isn't working with bitcoin.

I think government shouldn't accept bitcoin to pay tax, but declare bitcoin is 100% legal in their country. That's all bitcoin need to grow.

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November 27, 2015, 12:12:25 PM
 #29

This is a great petition, I hope there's much people sign on it.

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November 27, 2015, 05:01:29 PM
 #30

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

It is impossible that the goverment would enforce taxes because the goverment can't really know what you are doing with your Bitcoin if you get paid in Bitcoin, of course, they can if you get paid through stuff like Bitpay which then report to the goverment, but you are free to work under the table so to speak.

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November 27, 2015, 05:15:40 PM
 #31

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

It is impossible that the goverment would enforce taxes because the goverment can't really know what you are doing with your Bitcoin if you get paid in Bitcoin, of course, they can if you get paid through stuff like Bitpay which then report to the goverment, but you are free to work under the table so to speak.

Both you haven't understand the aim of OP and the aim of petition put by him in this post. Paying taxes with bitcoin has nothing to do with the things written by you. Paying taxes with bitcoin mean the use of bitcoin as a legal currency to pay all the kind of taxes which must be paid by everyone in USA and not only those connected with bitcoin (but even those if there can be such). So the concept is way more big and large your meaning about it. If the petition will be accepted bitcoin will have legal status along the us dollar. In other words, the use of bitcoin to pay the taxes it will be a choice of the person when he/she will pay all the taxes that needed to pay every person in the USA. If he/she will want to pay with us dollar (like it is already) will pay with us dollar. Who want to pay with bitcoin (again all the taxes which every american must pay to the Government or to other Authorities) can pay with it. For the moment this cannot be made because bitcoin doesn't have such status. The petition want to achieve this aim. To have freedom of the currency in which can be paid all the taxes. And bitcoin to be a currency like us dollar and to have the same legality as a currency like has the first.
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November 27, 2015, 05:26:35 PM
 #32

I won't support it . I'm happy with the part bitcoin remains  underrated personal choice alternate currency .I'm afraid if it gets legalised government will ban all the illegal uses of bitcoin and by illegal I mean they will ban everything about bitcoin which dosnt satisfy their laws.Im sure we won't have any personal wallets only government approved wallet accounts .They will track your each and every transaction and put unwanted taxes .In other words goverment to satisfy their needs they will introduce corruption into our happy world .


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November 27, 2015, 05:36:10 PM
 #33

I won't support it . I'm happy with the part bitcoin remains  underrated personal choice alternate currency .I'm afraid if it gets legalised government will ban all the illegal uses of bitcoin and by illegal I mean they will ban everything about bitcoin which dosnt satisfy their laws.Im sure we won't have any personal wallets only government approved wallet accounts .They will track your each and every transaction and put unwanted taxes .In other words goverment to satisfy their needs they will introduce corruption into our happy world .

You are in big wrong. The Government have nothing to do with the wallets or other personal things which have to do with bitcoin. The legalization mean that bitcoin be used and treated fully like the other money (like us dollar). That's all. Government even if would want to do, cannot control the wallet. Bitcoin is decentralized and the creation of wallet may be offered from China. The Government cannot do nothing in this case. China is a sovereign country and don't bother about what tell the Government of USA. The lasts know this and in this way will care never to do something that know that will not be able to realize.
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November 27, 2015, 06:07:12 PM
 #34

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Yes of course bitcoin also hav taxes,, because its a virtual currency,, maybe its not much, but it pays taxes

bitcoin itself is not taxable, only when you exchange it, and surely for small amount it will be hard to track the owner, especially face to face, just to tax it

in the usa they said that even if you pay with bitcoin only they will tax you, for big amount at least, i'm curious if there is someone that was taxed in that way...
How would governments enforce said taxes? If I recall correctly big mining farms have to pay taxes in some parts of the world, but even that becomes quite a task if the farm wasn't being honest. It requires tremendous trust to make that happen, one which was taken care of banks before bitcoin. Even if bitcoin becomes traceable who say's those who want anonymous transactions won't move over to a alternative crypto coin. All in all government is pretty much done for if they would try to enforce taxes on a decentralized system.
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November 27, 2015, 07:35:39 PM
 #35

However how would one enforce people to pay taxes in a decentralized environment? I don't really see that happening. A lot of people would just skip taxes just because they want to keep that money. Government would go bankrupt pretty quick.

Yes of course bitcoin also hav taxes,, because its a virtual currency,, maybe its not much, but it pays taxes

bitcoin itself is not taxable, only when you exchange it, and surely for small amount it will be hard to track the owner, especially face to face, just to tax it

in the usa they said that even if you pay with bitcoin only they will tax you, for big amount at least, i'm curious if there is someone that was taxed in that way...
How would governments enforce said taxes? If I recall correctly big mining farms have to pay taxes in some parts of the world, but even that becomes quite a task if the farm wasn't being honest. It requires tremendous trust to make that happen, one which was taken care of banks before bitcoin. Even if bitcoin becomes traceable who say's those who want anonymous transactions won't move over to a alternative crypto coin. All in all government is pretty much done for if they would try to enforce taxes on a decentralized system.

miners like everyone else need to pay the taxes, only on what they convert, to pay the bills or what they want not on the bitcoin accumulated

this is true for everyone, they cannot simply taxing the keeping of bitcoin
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November 27, 2015, 07:44:52 PM
 #36

If bitcoin can be used to pay taxes, its value will soar dramatically. This will help the usage and adoption of bitcoin.

Yeah this would never happen to a point where the price of bitcoin will "soar"... The government would have no need to hold bitcoin, because they can't pay other contractors to build roads, schools, and that sort of thing.  So they would need to sell them to get fiat, thus increasing the amount of bitcoins that are sold and therefore decreasing the value drastically.

Until there will be a time where bitcoin where to be accepted at every business, then we should worry about paying the government with taxes via bitcoin; because they could actually use it, and not just a way for them to automatically "cash out".

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November 27, 2015, 10:08:54 PM
 #37

What would the goverment win by doing this? absolutely nothing. The fact that the goverment doesn't allow people to pay taxes with Bitcoins isn't a coincidence, it's in purpose, so no matter what you are always forced to convert at least some of your Bitcoin to fiat if you want to live 100% on BTC..



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November 28, 2015, 03:28:18 AM
 #38

If you use BTC to pay taxes, are you forced to recognize capital gains on your coins?
That could be a dampener for early adopters.

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November 28, 2015, 03:44:55 AM
 #39

Governments basically can borrow unlimited money from banks so they might not be interested in bitcoin which disabled that feature. However they are not directly involved in monetary policy, so they might accept bitcoin as an extra source of income

i always thought, why we need to pay taxes..., when governments can actually have infinite money, they can feed their need by printing more, after all our money come from there...

Tax is an old tradition and it does not matter anymore since the removal of gold standard. When government can borrow unlimited money, each dollar they borrow will just be a tax to everyone who did not receive the new money immediately, in fact that tax is much more widely applied and will get almost no resistance from general public (FED printed 5x more money, equal to a 500% tax, but no one cares)

Keynes said that only one in a million would identify this form of tax. The tax income generated through this way is magnitudes larger than traditional tax collection, which makes traditional tax debate a TV show without any impact for whatever party's government: When you can borrow trillions, who cares if your tax income is 2 billion or 4 billion, they are just pocket change

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November 28, 2015, 08:29:47 AM
 #40

Governments basically can borrow unlimited money from banks so they might not be interested in bitcoin which disabled that feature. However they are not directly involved in monetary policy, so they might accept bitcoin as an extra source of income

i always thought, why we need to pay taxes..., when governments can actually have infinite money, they can feed their need by printing more, after all our money come from there...

Tax is an old tradition and it does not matter anymore since the removal of gold standard. When government can borrow unlimited money, each dollar they borrow will just be a tax to everyone who did not receive the new money immediately, in fact that tax is much more widely applied and will get almost no resistance from general public (FED printed 5x more money, equal to a 500% tax, but no one cares)

Keynes said that only one in a million would identify this form of tax. The tax income generated through this way is magnitudes larger than traditional tax collection, which makes traditional tax debate a TV show without any impact for whatever party's government: When you can borrow trillions, who cares if your tax income is 2 billion or 4 billion, they are just pocket change

that's interesting never thought about that way, so our standard tax are just mere "interests" on the actual "real" taxes
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