Bitcoin Will Kill The Income Tax

[eltito]

But the problem is that it is just plain impossible to ban Bitcoins. You can ban the conversion of BTC to fiat (with a lot of difficulty). But in order to ban the possession of Bitcoins you need to ban the internet, which is not very practical. And even if the authorities ban the internet, there are a lot of loopholes in which the Bitcoin holders can take care of their coin stash.

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[raymart0720]

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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POSSIBLE to happen if one people will pay bitcoin and the one accepts it as a payment by that there will be no tax at all
but for now like us we exchange the crypto we have to fiat and there will be a tax if you exchange that ..
I think the income tax is not dead at all because bitcoin is not widely use to buy things and stuffs like that.

[lautantepi]

I agree with his judgment that Bitcoin can ultimately kill the tax in its current form. But the prerequisite is that Bitcoin improves in terms of privacy. And it will not happen as a smooth transition, because the resistance by people who source their power from taxation will be fierce. First of all we will see more supervision and harassment by the official.

[Pan Troglodytes]

The thing is that they can very easily enforce taxes. First, VAT taxes for Bitcoin purchases will be implemented by service providers and good vendors. Then, capital gain taxes and income taxes will be paid voluntarily by people if governments declare, that if you fail to pay your voluntary taxes, then if you are caught, you will be fined and pay 90% tax. Then they need to do a few high profile cases (like Coinbase case in USA) and people will pay at their own will.

[anahawjeff21]

Yeah, thats why some government are againts to bitcoin, its hard to regulate and no tax, its really hard for them to accept because taxes are the main fund of the government.

[Samuel Erasmus]

I'm not too sure about this. Bitcoin will have to embrace regulation in order to fully achieve main stream adoption

[Jessica2009]

          How can Bitcoin kill the income tax  It is too difficult  to accept it  because we buy goods and services by only exchanging the Bitcoin to cash and it can be taxed .The government is so powerful and they can impose tax, this tax system have being imposed since in primitive age and it is not a new project for a country . Tax is used to build and improve the facilities  of a country and to give aid to the less fortune.

[gorodi]

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.

Read The Full Article

As the digital money develops governments improve their ability to track financial flows on the Internet. Already now it is possible to learn about some projects of decisions on taxation of cryptocurrencies.

[jhezmark]

Im not sure if the bitcoin can kill the income tax. Bitcoin have no tax and some country didn't accept the Bitcoin because they have no tax.

[think3214]

Taxes in Crypto are currently traded on the exchange. But the revenue collected by the government is managed by the government. I am Korean but trading on the US floor will be charged to the floor and fees collected by the United States Government for their country. What is the damage when the Korean government does not collect my personal tax?

[Ailmand]

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.

Read The Full Article

Although that may truly happen, I think that governments would not let people just circumvent them and the law like that. Therefore, if you see that since there are some features of using cryptocurrencies that could be used to avoid the imposition of taxes, I am sure that government entities would find a way to use that to their advantage and capitalize on it, because after all, the cryptocurrency is a big market that could really bring in a lot of revenue. Also, taxes are the lifeblood of any government, so I don't think that they will just let any system decrease that, because in the end, it's the people who will suffer.

[Hudadahuda2018]

This will only be the case if people actively work for bitcoin and pay with bitcoin, so there is no need to enter the banking system at all. We need to close the circle and stay 100% within bitcoin for true freedom to happen. Also, we must guarantee that people can keep running their nodes on their basements, if we depend on corporations to run nodes then we are screwed (big blocks problem)

Compared to work in the company rather than bitcoin business work most people choose bitcoin business because it sees in terms of large income and how it works lighter than work in the company, therefore many people prefer to quit working in the company and then choose to do bitcoin business because the income is greater then automatically many companies will get knocked out with bitcoin and will be a big problem for the company if no one is working.

[alfs75]

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.

Read The Full Article

Will,this implication that  bitcoin is killing the income tax return,of government,is not been happen and prevented if cryptocurrency is been legalized and regulated in each system of different country, actually this is the only hindrance why the government cannot collected tax into the cryptocurrency investment ,that can be used in improvement of economic growth and other infastracture project.

[JohnHero]

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.

Read The Full Article

If authorities would have some regulations and a set of rules to actually allow Crypto owners to pay taxes would be great.
Right now nobody cares enough about crypto to make a move on them.

[Glutius]

Bitcoin will be able to significantly affect the tax system only when all people, or at least 70 percent of the country's population, will use only bitcoin. But I don't think it will happen in the coming decades.

[Ngewex Yuk]

This is what many countries fear, the presence of very safe and anonymous bitcoins will make people save money to bitcoin rather than in the banks, especially if many people think that paying taxes is hard and difficult.

[ShiroThe5th]

this is not entirely true because first of all bitcoin is mostly an investment not our salary or day to day money to spend. and also it is because of this simple thing that there aren't taxes yet on bitcoin and its usage. and that will change if bitcoins starts to become more popular for payments and for salary.

[Tonygold1967]

Hope it will not be on the opposite site and income tax will not kill bitcoin.

[PetrAbakumov]

Of course, how to tax what is not?

[Wundariesty]

A few nations have tax exempt money related biological system, with those nations tax assessment isn't a major issue. As of late Israel have somewhat directed bitcoin specifying it to be the assessable resource. In spite of the fact that they can't discover the client identified with exchange, they'll start strict controls to get the precise data in regards to the character. So tax assessment can be made in light of need, yet when charges were exacted on bitcoin beyond any doubt it'll misfortune bunches of clients.