Bitcoin Will Kill The Income Tax

[Pursuer]

Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government.

That is an incorrect statement. Only a small fraction of the government revenues are now spent on education and social welfare. The rest is being spent on other expenses, such as employing government servants, defense, re-capitalizing bankrupt corporations.etc.

But how can the government possibly do that when they cannot function properly if it happens that there would be no more in coming tax pays from its citizens. We all do know that what keeps the government alive is the tax funds it self

If the government cannot collect taxes we cannot enjoy good infrastructures and they do not have money to corrupt, it happens in our country. But in relation to bitcoin, I guess they will take the necessary actions to tax people transacting online as it already give them an alarm and we are abruptly growing, imagine how much they can collect if they can impose taxes. But for now, we have to enjoy the tax less system.

Of course we need taxes for city/country developing to build infrastructures. Bitcoin won't kill anything include taxes, to reduce tax for some people maybe, as we know if someone invest on bitcoin, he could avoid some taxes but it different in every country depend on the regulations. The conclusion is, nobody could avoid taxes if you have something (salary, business, houses, vehicles) and if you can, government will find out and someone could go to the jail, better to play safe.

it is not going to reduce anything, and even if it does it is only because it is not regulated yet. but soon enough it will become regulated and they will take taxes on bitcoin too. there is only a matter of time and it has already began with IRS knocking on doors of the wallets like coinbase and asking then for records.

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[ljudotina]

It's easy to get tax from Bitcoin. Just force busines that receives BTC to register their receiving BTC adresses to goverment, and collecting tax would be as easy as it gets. Businesses that would work with unregistered adresses would be punished as they were using illegal account anyway so...no big deal.

[poplolnman]

It's easy to get tax from Bitcoin. Just force busines that receives BTC to register their receiving BTC adresses to goverment, and collecting tax would be as easy as it gets. Businesses that would work with unregistered adresses would be punished as they were using illegal account anyway so...no big deal.

yeah coinbase did it already i guess , but limited to US citizen only read more here https://support.coinbase.com/customer/portal/articles/1496488-how-do-i-report-taxes- , and another exchanges could follow this (if they want of course) i just doubt they would do it lol as most bitcoin holder want a free tax, they just like run from to pay the tax. so basically a little bit killing tax income yeah.

[Nahl]

It's easy to get tax from Bitcoin. Just force busines that receives BTC to register their receiving BTC adresses to goverment, and collecting tax would be as easy as it gets. Businesses that would work with unregistered adresses would be punished as they were using illegal account anyway so...no big deal.

i think is not so simple because one of the bad thing from bitcoin bag holders is they want to avoiding to pay taxes i'm pretty sure if most of countries with plenty bitcoin users treat these regulations then most of them also will feel very objections because these regulations is not so different such as using bank accounts and i think slowly but sure Bitcoin Will Kill The Income Tax because most of bitcoiners hate to pay taxes

[Fatanut]

It killed it already

We're far from that. The number of bitcoin users isn't significant enough to say that the use of bitcoin has killed income taxation. There's still people out there that are getting paid in fiat and will continue to get paid like that in the next couple decades. The only ones that really get to avoid paying income tax are those people that work online and even if they're not getting paid in fiat (i.e. Paypal), they're not going to pay tax at all. Unless they're having huge transactions in their bank accounts which surely be questioned eventually.

Bitcoin will only kill the income tax when companies in real life start paying you in bitcoin instead.

[avikz]

Bitcoin is not a magic wand that will kill the income tax. Bitcoin can't do that. But yes, some people will use bitcoin to avoid tax for sure. But take bitcoin as a boon and not as a bane. Earn, save and spend bitcoin actively and you will see the power of bitcoin.

Let the criminals do whatever they want to do. People will use bitcoin for this purpose, but that will not effect the genuine users who actually discloses his bitcoin earning in the income tax file.

[thejaytiesto]

The thing is you can't never fully avoid taxes. There's people here being delusional about living in a tax free world, I think that's so stupid. For that to happen, we would need to live in crypto anarchy, I don't see that ever happening, there will always be someone on top. What we need is a tool that is able to give us protection against this government on top, because governments are always corrupt, just like any group of people.

[jessicadrewd]

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

Why is this a problem? most governments steal 80% of taxes for themselves and gives 20% to public funds, on modern times, taxes are the same robbery as in ancient Rome.

[olubams]

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

Why is this a problem? most governments steal 80% of taxes for themselves and gives 20% to public funds, on modern times, taxes are the same robbery as in ancient Rome.

In as much as I am not on the side of government as its corruption is not limited to one country we can't all say the money is used mainly to enrich themselves. Yet we clamour for good roads, hospitals, schools, bridges among other social amenities and we are not ready to pay for it. It is true our taxes that these things are done and until when we dont have government again, that's when Bitcoin will kill income tax...

[Karartma1]

Bitcoin is anonymous.no agent can track your income

False.
Bitcoin is not anonymous. Using Bitcoin does not guarantee anonimity. It's up to the user to build The Anonimity Layers on top of this fantastic technology. To quote Satoshi once again:

The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use.  If you post your bitcoin address on the web, then you're associating that address and any transactions with it with the name you posted under.  If you posted under a handle that you haven't associated with your real identity, then you're still pseudonymous.

[BitHodler]

Bitcoin is anonymous.no agent can track your income

It depends. If you are signed up and verified with all your personal details at whatever exchange, then the governments can force them to open up about their users.

It happened with Coinbase, and it will most likely happen with other exchanges as well. Bitcoin is getting bigger and bigger, and so governments see money.

Money that they are missing right now, but they start to know where to get it, and what to do when to get it. Things are getting serious right now.

[merchantofzeny]

Bitcoin is anonymous.no agent can track your income

It depends. If you are signed up and verified with all your personal details at whatever exchange, then the governments can force them to open up about their users.

It happened with Coinbase, and it will most likely happen with other exchanges as well. Bitcoin is getting bigger and bigger, and so governments see money.

Money that they are missing right now, but they start to know where to get it, and what to do when to get it. Things are getting serious right now.

Then I hope my country would be slow at this. I mean, I haven't even earned a single coin yet. Regarding Coinbase, what happened? I remember signing-up there but haven't really done anything with it.

[Ejinx]

It does already

[The_Dark_Knight]

Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government.

That is an incorrect statement. Only a small fraction of the government revenues are now spent on education and social welfare. The rest is being spent on other expenses, such as employing government servants, defense, re-capitalizing bankrupt corporations.etc.

But how can the government possibly do that when they cannot function properly if it happens that there would be no more in coming tax pays from its citizens. We all do know that what keeps the government alive is the tax funds it self

Then the governments will need to get way smaller and that is a good thing, governments of the world are too big right now and they want to get even bigger by taxing you further and by trying to limit cash.

[Conus]

How will this exactly kill the income tax?  I understand what is being written, however the income tax is still due whether or not it is collected from the door or not.  Not paying it will be considered tax evasion and that is not good.

[aardvark15]

The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.

[Conus]

The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.

The wealthy avoid taxes legally through the loopholes in the system.  Bitcoin is a whole different ball game and there soon will be a team paid by the government to track bitcoin usage to be sure no one can avoid taxes using bitcoin.  I am not sure how they will do it, but I am sure they are working on it already.

[Positid]

The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.

The wealthy avoid taxes legally through the loopholes in the system.  Bitcoin is a whole different ball game and there soon will be a team paid by the government to track bitcoin usage to be sure no one can avoid taxes using bitcoin.  I am not sure how they will do it, but I am sure they are working on it already.

Government will do all things just to tax us, now that the community is growing and the economy is improving the government will surely see this as a big potential for tax collection that can help a nation to progress as well.

[bitbob82]

The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.

i think that is not the solid reason , in fact bitcoin is killing the income tax but in future when the governments will consider bitcoin as legal currency then they will impost income tax on bitcoin and i think then bitcoin will be the most income tax generating currency of the world.

[The_Dark_Knight]

The wealthy already avoid many taxes. I don't think Bitcoin will make that much difference in tax avoidance. Taxes will still be collected on purchases at regular business and possibly when cashing out Bitcoin.

i think that is not the solid reason , in fact bitcoin is killing the income tax but in future when the governments will consider bitcoin as legal currency then they will impost income tax on bitcoin and i think then bitcoin will be the most income tax generating currency of the world.

If it comes to that then I think some bitcoin tax havens will exist already and will allow you with the tools already in place to put a company in one of those countries and pay no tax if that is what you want.