Are you going to pay taxes?

[Stegobit]

Taxes were funds of the government that will be used in public purposes such as education, health and public works and highways. Therefore, it is basically need to pay taxes.

I see that taxes really go to mansions, yachts, jets, luxury cars, jewelery for government employees.

[Kulafu]

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

Every responsible citizen pay taxes.
if the bitcoin tax according to the law then pay taxes it help the community and your country as well.

[Sithara007]

Taxes were funds of the government that will be used in public purposes such as education, health and public works and highways. Therefore, it is basically need to pay taxes.

I see that taxes really go to mansions, yachts, jets, luxury cars, jewelery for government employees.

Here (in India) the tax money is not directly used for these luxuries, but we need to bribe the government employees if we want to move any files in the government offices. Many of the government employees are now UHNW (ultra-high net worth) individuals, with net worth above $30 million (200 cr. INR). These parasites are sucking the Indians dry.

[ninadoge]

Taxes are really annoying because it reduces my income but i think i will because goverments need it to work.

[dr_hodes]

Absolutely going to pay taxes when I profit take. There's no other option!

[retardunicorn]

depends on the nation that  you live. As to me i wont pay tax because the government dont help me much and maybe i no longer put my trust on them but i still hope that they will get better

[bobitza]

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

The task and duty of every citizen should be fulfilled. It is also legal compliance. When you have high income, you have to pay. If I have high income from bitcoin I am willing to pay that without having to coerce. Successful businessman is what I dream of.

[Stegobit]

The task and duty of every citizen should be fulfilled. It is also legal compliance. When you have high income, you have to pay. If I have high income from bitcoin I am willing to pay that without having to coerce. Successful businessman is what I dream of.

The term "duty of every citizen" was imposed to you by self-proclaimed govt, most likely for which you have not voted for!

Also, are you sure your govt is not corrupt and they can explain where spent every cent you have paid to them?

[Sithara007]

Taxes are really annoying because it reduces my income but i think i will because goverments need it to work.

They are OK, as long as everyone is paying their taxes, and the rates are reasonable. But here in India, that is not the case. Only 1.5% of the population paid income tax last year and for those who pay their taxes, the rates are unreasonably high. On top of the 31% income tax, we also have to deal with the GST, which can range from 5% to 28%.

[Stegobit]

On top of the 31% income tax, we also have to deal with the GST, which can range from 5% to 28%.

If you combine all taxes in Europe, people get on hands less than 20% from the value they have earned (so real tax rate >80%).

[mgoz]

Based on this, U.S. citizens are supposed to pay taxes on all virtual currencies.
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

Seems like a giant can of worms when people can create any virtual currency they want and change the value of it at anytime. Is anyone really paying taxes and reporting gains/losses on Candy Crush and other in-app virtual currencies? Any app that offers in-app purchases for virtual currencies meets the government’s definition and you’re supposed to track gains or losses. If you buy some in-app “rubies” on sale, hold them,  and the developer marks up the price a week later, and you spend them, you owe taxes. Bitcoin only appears to be a target because of how large it is. How will they ever enforce the millions of other virtual currencies the laws apply to?

[Sithara007]

On top of the 31% income tax, we also have to deal with the GST, which can range from 5% to 28%.

If you combine all taxes in Europe, people get on hands less than 20% from the value they have earned (so real tax rate >80%).

But then almost everything is free in Europe, including healthcare, education, and even housing. But here in India, we have to pay toll even for using the road. Education is super-expensive and getting admission to a decent medical college costs you at least $500,000. Healthcare used to be cheap, but it is getting more and more expensive by the day.

[Stegobit]

But then almost everything is free in Europe, including healthcare, education, and even housing.

What, what?!! In Eastern Europe you have to pay for almost everything, but taxes nevertheless are the same as in Sweden.
You can guess where taxes go!

[Guapongbadoy]

No I will not pay if my source of income is from bitcoin, why should I do that if it comes from decentralized. So a big no.

[nanasei]

Of course , tax is mandatory for every citizen to pay in order for government to provide development for citizen. If so be ,God grant me the ability to make money on my bitcoins , I will pay my taxes.

[kikay15]

No I'm not.

Here in Switzerland there are no taxes on capital gains.  

I pay my tax because I just want to help for the development of my country and also I can help others. Thats why everyone we need to pay  our taxes.

[aliwinchester]

Nope , why would we have to reduce our profit for some bullshit goverment?

[gabriela1999]

Yes, I will pay the taxes for goverment to secure my business.

[millytr]

I think paying the taxes is necessary . Goverment needs some funds to protect you.

[Washball]

You have to pay taxes, it's a necessary evil. With paying taxes you support your government to do what they have to do. Exchanges send information to the tax authorities about cryptocurrency being cashed out.