Bitcoin Will Kill The Income Tax

[Skieleton]

A simple example - the purchase and subsequent sale of bitcoin will generate a tax liability with profit. Although in practice there are no judgments regarding the state of affairs, but following the example of art. 10 of the Act and income tax from natural persons, income should be included in the source of income - property rights, including their paid disposal. On the inclusion of bitcoin in the category of property law, two issues will be settled - it can be traded (transferable), and secondly - undoubtedly has a determinable asset value.

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[Dico88]

To my current count now they are still careless about income taxes because the government can not even do much for its people. So what do they expect to tax? Most likely they will see it because I was told that the bitcoin trading power in the job market last month in my country is more than $ 2,000,000, - and if the terraces are still continuing they will probably follow the money.

[Suffoc8]

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

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Yeah, that is true, because bitcoin is decentralized so there is no taxation that may happen in any transactions so it can ne a good idea to all of us.

[MaskOffFuture]

A simple example - the purchase and subsequent sale of bitcoin will generate a tax liability with profit. Although in practice there are no judgments regarding the state of affairs, but following the example of art. 10 of the Act and income tax from natural persons, income should be included in the source of income - property rights, including their paid disposal. On the inclusion of bitcoin in the category of property law, two issues will be settled - it can be traded (transferable), and secondly - undoubtedly has a determinable asset value.

Bitcoin won't kill income tax because it's already taxable by the governments and they're already charging tax from bitcoin income. This is not a new thing everybody knows about it.

[mahimonliner]

Yes, by spending on crypto currency we dont need to pay taxes. And the government is not able get any amount of money whatever we spend in crypto.
But there should be a way out if government really wants tax from crypto currency, because now everything is possible.

[hjop01]

I don't think so man, goverments are trying to tax cryptos in the future and they're very tricky and i think they gonna do it in the future.

[piter_wip12592]

I think if everyone is investing in bitcoin, how will the government levy taxes? This is part of the reason why some governments forbid bitocoin, because they fear they will not collect taxes if people invest in bitcoins to service their water.

[ophyrim]

In my country, the bank account is following by the government and if there is something unusual, the officer calls you for a meeting and ask you where this money come from.

If you transfer your money to your bank account when you sell your bitcoin, you have to pay the tax of the income. So bitcoin cannot kill the tax system.

[HalfDeck]

In my country, the bank account is following by the government and if there is something unusual, the officer calls you for a meeting and ask you where this money come from.

If you transfer your money to your bank account when you sell your bitcoin, you have to pay the tax of the income. So bitcoin cannot kill the tax system.

Do you think that system really privacy for user? Nowadays, not like the era backward, most of the people know which system is better to keep safe their information and the privacy when using. The government do that just make the banking system become worse more in the opinion of the people. Until the people have enough power to change the monetary system, they will use other system to replace the banks.

[spiffcow]

Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.

[cschy01]

Yes bitcoin kill the income Tax.Even it happening in many countries.Many people buy bitcoin for avoiding government income tax and VAT also.They did not deposit there money in bank they buy bitcoin and hold it.There is no Tex system in bitcoin system that's why people follow the illegal system.And it will fall a huge impact of government economical side and its will be more harmful in future.For this types of reason many country band bitcoin permanently.

[Ahsadahmed]

Bitcoin will never do that; killing the income tax because before bitcoin can do it needs government approval and if the government sees that threat then bitcoin will be ban in a country.

[Doge dealer]

this can and will only happen if the relevant governments continue to pussyfoot around bitcoins , as this will only lead to the ecosystem becoming a self sufficient one and this is the reason i keep stressing that its in the governments and financial institutions best interest  to stop being so confrontational and more accepting of bitcoins cause no matter what they do its coming and its always better to have a piece of the pie rather than none at all.bitcoin has and is changing the entire financial landscape, solutions and compromises can be found and  made to create a harmonious financial sector instead of the cold war that's currently going on between some financial institutions and bitcoins.

[ZBBBB]

In today's environment governments are no problems to collect taxes from the users of bitcoins. We all pay this tax. Only we don't think about it. In order to make purchases we have to change the bitcoins to Fiat. The cost of each item includes tax and the buyer pays them.

[Ozero]

It is naive to think that bitcoin can change something in the taxation system in this world, and even more so in any way to harm or destroy it. Taxes are an obligatory attribute of the state, and the state has not yet been succeeded in destroying the state. Therefore, as soon as the crypto currency will swing to change the state structure, it will itself be destroyed by the state. Therefore, it is better not to joke with such questions. States will introduce and impose taxation on profits in the crypto currency. The bulk of the population of any country will pay it voluntarily and under penalty of state sanctions. Those who will shy away, it will punish, up to imprisonment. Only peer-to-peer transactions between citizens can not practically be monitored, all other actions with crypto currency can be tracked.

[khai29]

No,because tax is getting from the people in the country whether you have work in the government or not you are part in the income tax payer,as long as you spend money to buy something tax include,that's why bitcoin will not kill tax.

[odranoel]

Bitcoin is separate from tax because tax is came from the government or people who render thier work in the company as part of their obligation,while bitcoin is a crptocurrency that not part in taxation.

[anahawjeff21]

Yeah, thats why some government ban the bitcoin, because they cant get income tax from it, if less income tax, less budget for the govenment, and its hard to regulate bitcoin,.

[CCRBNews]

Governments are now moving in to tax BitCoin. Coinbase just lost a case with the IRS and have been forced to hand over data on 13,000 users.

http://learnccrb.com/2018/02/coinbase-to-send-13000-users-data-to-the-irs/

This will just be the start. With one judgement they can start to bring more of them against exchanges etc.

[wave1002012]

the government can't impose taxes because bitcoin is not regulated by the government that's why they can't track transactions  related to BTC.