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Author Topic: Eliminate the need to hold dollars, legalize the use of BTC to pay taxes!!!  (Read 2316 times)
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November 28, 2015, 08:46:48 AM
#41

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

If you consider this to be a tax, on whom is this applied?
If your wealth is in the form of real estate, this tax does not impact you.
If you have borrowings, then this actually benefits you!
So I don't think it should be considered as a tax.

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November 28, 2015, 11:44:18 AM
#42

Tax can't be implied to bitcoin transaction but it can be used as money to pay taxes if government agrees to accept it. We can see US government has already done auction for the bitcoin of silk road, which shows they also know the value of bitcoin. May be in future they may also adapt it to pay taxes.

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November 28, 2015, 07:35:06 PM
#43

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

If you consider this to be a tax, on whom is this applied?
If your wealth is in the form of real estate, this tax does not impact you.
If you have borrowings, then this actually benefits you!
So I don't think it should be considered as a tax.

The only one that is not taxed are money creator, e.g. central banks. Rest of the people all have to work to get those money from banks, so the tax is applied on everyone, even include the government, but government can always borrow new money to pay back the old debt, so they are not taxed in principle

Your loan or speculative investment on housing has nothing to do with money creation, money creation is a tax to everyone who use this money, that's why bitcoin's limited total money creation is the way to a tax free monetary system


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January 08, 2016, 09:53:09 AM
#44

Tax can't be implied to bitcoin transaction but it can be used as money to pay taxes if government agrees to accept it. We can see US government has already done auction for the bitcoin of silk road, which shows they also know the value of bitcoin. May be in future they may also adapt it to pay taxes.

For the time being, even the US government knows the value of bitcoin, it does not treat it as a currency or money. It might in the future.

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January 08, 2016, 12:54:51 PM
#45

I don't think so because..
If government starts accepting bitcoins..
They would have risk to loose funds or down going value of money as the price of btc is not stable..
And $ and gold is also necessary in some cases as well as bitcoins..
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January 08, 2016, 12:59:11 PM
#46

That is sooo not happening (although I wish it could) but the money we pay in form of taxes is used by the government on various import/export commodities or for the country's development factors.Like if you're wondering where does the government gets money to build that new flyover ? (of courses from the taxes we pay).Bitcoins are more valuable than dollars which substantially decreases the value of dollars.I feel government would not like to take the respective loss.


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January 08, 2016, 01:07:55 PM
#47

That is sooo not happening (although I wish it could) but the money we pay in form of taxes is used by the government on various import/export commodities or for the country's development factors.Like if you're wondering where does the government gets money to build that new flyover ? (of courses from the taxes we pay).Bitcoins are more valuable than dollars which substantially decreases the value of dollars.I feel government would not like to take the respective loss.
the word you are very correct. Because each country has a goal to strengthen his country's currency.

If they approve the Bitcoin as currency certainly they would suffer huge losses.
Because the value of Bitcoin is extremely high compared to the value of the currency there is in the world


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January 21, 2016, 11:02:53 AM
#48

I don't think so because..
If government starts accepting bitcoins..
They would have risk to loose funds or down going value of money as the price of btc is not stable..
And $ and gold is also necessary in some cases as well as bitcoins..

The Chinese government is developing an altcoin, when it is launched, the Chinese government might buy bitcoin to back its own currency.

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January 21, 2016, 11:18:02 AM
#49

I dont think that will happen, and if you asked me i also not reallly agree paying tax using bitcoin, it is very important citizens doing transaction using their own currency, its helping the value of the currency and its helping the flow of cashflow, so the fiat money its not stuck in 1 place

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February 01, 2016, 09:15:53 AM
#50

I dont think that will happen, and if you asked me i also not reallly agree paying tax using bitcoin, it is very important citizens doing transaction using their own currency, its helping the value of the currency and its helping the flow of cashflow, so the fiat money its not stuck in 1 place

If you can pay tax with bitcoin, that means it is recognized by the government as a legal tender. So it is good for bitcoin.
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February 01, 2016, 09:36:02 AM
#51

Do you send your Federal Reserve Notes in the mail to pay your taxes?

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February 01, 2016, 10:10:39 AM
#52

I dont think that will happen, and if you asked me i also not reallly agree paying tax using bitcoin, it is very important citizens doing transaction using their own currency, its helping the value of the currency and its helping the flow of cashflow, so the fiat money its not stuck in 1 place

If you can pay tax with bitcoin, that means it is recognized by the government as a legal tender. So it is good for bitcoin.

In general good for bitcoin but how about those people who suffers from really a high tax amount monthly and sees no development and destination of where our taxes go.

My real life job gives me around BTC1.2/month which around BTC0.08 deducted from it as a tax payment aside from our monthly benefits deduction.

My side earnings from bitcoin gives me around BTC0.6-0.8/month which really gives me an opportunity to cover the loss Im getting from my monthly salary so Im  disagree with the recognization of btc of our government here.

If only we see a good output from our tax here, Im fine with it and even willing to pay more than the amount Im paying today in my monthly tax.

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February 01, 2016, 01:55:03 PM
#53

I dont think that will happen, and if you asked me i also not reallly agree paying tax using bitcoin, it is very important citizens doing transaction using their own currency, its helping the value of the currency and its helping the flow of cashflow, so the fiat money its not stuck in 1 place

If you can pay tax with bitcoin, that means it is recognized by the government as a legal tender. So it is good for bitcoin.

In general good for bitcoin but how about those people who suffers from really a high tax amount monthly and sees no development and destination of where our taxes go.

My real life job gives me around BTC1.2/month which around BTC0.08 deducted from it as a tax payment aside from our monthly benefits deduction.

My side earnings from bitcoin gives me around BTC0.6-0.8/month which really gives me an opportunity to cover the loss Im getting from my monthly salary so Im  disagree with the recognization of btc of our government here.

If only we see a good output from our tax here, Im fine with it and even willing to pay more than the amount Im paying today in my monthly tax.

Good output does not tend to come from stolen money.

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February 01, 2016, 04:34:37 PM
#54

Pay your damn taxes guys.... Who is going to come to your aid, when someone steal your car or rape your kid? Once these people are caught, someone

has to be paid to keep them behind bars, otherwise they will just get released and they will do it again. If private businesses were tasked to do this, they

would just charge the government more to do the same thing. Government employees are paid peanuts for a reason... { In my country } I pay my tax

and keep the IRS away from my doorstep.. I sleep like a baby.  Wink

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Elwar
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February 01, 2016, 08:14:12 PM
#55

Pay your damn taxes guys....

or else?

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Kollor
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February 14, 2016, 08:50:27 AM
#56

Pay your damn taxes guys.... Who is going to come to your aid, when someone steal your car or rape your kid? Once these people are caught, someone

has to be paid to keep them behind bars, otherwise they will just get released and they will do it again. If private businesses were tasked to do this, they

would just charge the government more to do the same thing. Government employees are paid peanuts for a reason... { In my country } I pay my tax

and keep the IRS away from my doorstep.. I sleep like a baby.  Wink

I pay my tax whenever it is due. It would be better if the government does not rob us by printing more money. I want to pay tax with bitcoin.
mastica
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February 16, 2016, 09:33:27 AM
#57

Pay your damn taxes guys....

I pay my tax. I usually overpay, because I do not claim the tax credit. So what is your question for us?

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