Bitcoin Will Kill The Income Tax

[zimmah]

personally I cnat with for that to happen. Thats the only way we will get a balanced budget.

I think taxes are necessary, but I do think taxes in the modern day are way too high, and it's weird that in a 'democracy' taxes are so high.   
No one voted for taxes this high and yet we have taxes this high.       

I mean, we get taxes of up to 52% or so in income tax, and on top of that on everything we buy there's 21% VAT, so you pay money when you recieve money and you pay money when you spend money.   
And then on top of that there's extra taxes on alcohol, fuel, and cars, and some other things.     
The taxes are just too damn high. And on top of all that, they cut public services budgets as well, so what do they even do with all that money anyway?     

Most of the tax money goes to the useless militaries and paying off debt to banks. As if the banks don't have enough money already.

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[hajimasan]

NOT EVERYONE USE BITCOIN AND EVERYONE ACCEPT BITCOIN, government institution world never accepts bitcoin and would never give bitcoin as salary and not all store and institutions accept bitcoin so bitcoin will have only little effect on country's economics. as bitcoin is not actually a money but its just a medium of value exchange.

[wxa7115]

for record, sell crypto and not declare the profits to the IRS is a criminal or any the less criminal act and so reprehensible. Just to say that bitcoin, as precious metals, is a good way to not be harrassed by the State.
taxs evasion  is a national sport. do not get caught it is imperative. lol

It is not a national sport. Tax Evasion is an illegal thing that people do to avoid paying their taxes. For starters taxes are created to mitigate the evil arising from being rich which means they are actually avoiding what is right to keep them in balance. There is a bigger picture than you as an individual avoid taxes. Think about half of your population avoids taxes what will happen to your national budget?

Taxes a way to punish the rich? Are you sure, taxes is just a way for governments to collect money to pay for services they can offer to the whole population like police officers and fire fighters, besides you seem to have a bad opinion of rich people but if they did it legally there is nothing wrong with being rich.

[wahb]

The possibility of BTCitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over BTCitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the coming future.

but i think bitcoin is only killing the income tax because it is not a regularize currency, when government will consider bitcoin as legal currency then will certainly put tax on it and will really collect a good income tax from the income of bitcoin.

[Pab]

I can say nice vision but may realise after long,long time,If we will have wise honest elits,honest people,if we will respect each other,if we will  respect and take care of our planet than maybe that problem will not exist
Now reach people are paying high money to pay as much low taxes possible,ordinary people are paying higher and higher.It will stay for long,big brother naver get sleep

[ophyrim]

I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.

Yeah i agree to you. As they said, there are 2 types  that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true  , we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to wait

This will not happen. No government will say "oh look there is this thing called Bitcoin, we should forget about all the millions income taxes bring us and let it be a thing of the past". So there will always be an income tax. Generating income and not paying that is and will be in the future illegal. If you think Bitcoin might help you to not pay it, then this is your opinion, but it is still not allowed and pleas tell nobody anything else.  

Well as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.

Probably the government will make a drastic measures just to tax bitcoin users properly, they know our system as it's open to all. There is nothing we can hide that they wouldn't know. Always think that they are in power and we are not, they can do anything that will make us force to comply with.

You are right. I attended a seminar about income tax or sort of tax here in my coutry well as they said government have a power to tax all of the things and you cant stop it . Well that bi think if they know our system them they will do that

In my country there is more than 500 different kind of taxes here. I am sure the government does not care about 1 more type of tax which can be very profitable. They have to right to do that. They have the power to accommodate the code. That is why we call them the government.

[Finestream]

In my country there is more than 500 different kind of taxes here. I am sure the government does not care about 1 more type of tax which can be very profitable. They have to right to do that. They have the power to accommodate the code. That is why we call them the government.

Tax is the lifeblood of the government, every time there is a big opportunity to collect tax they make great effort to study it and do what is right based on their goal. In our country, the Tax Authorities has a target of collection and there performance are measured depending on their total collection.

Now, if bitcoin will continue to be popular and more money will be going in and out, they would study it and for sure they can always come up with ways on how to tax users.

[LovelyPrey]

I guess the reason why I other countries do not allow bitcoin and even ban it because they will have less income in tax, because bitcoin do not have tax, like having million transactions, government cannot get anything from that million transactions made, they cannot control the finance of the entire country which each country must and need to have a control unto because there might be an abuse of using the money if not controlled. We really need to enlighten the government with the advantages of having this bitcoin to our country despite of the less income tax that they will receive.

[Senor.Bla]

If you don't know something, it doesn't mean that it doesn't exist. I can give you a link to an official letter of the tax agency of my country where they unambiguously declare that they have nothing to do with Bitcoin altogether since it is neither legally accepted nor regulated (though they don't say that it is illegal, either). What else do you need as a proof? What weak theories are you bumbling about if this is reality which I basically live in? Effectively, the government openly states that it is not to be held responsible if people lose their money with Bitcoin...

And why are you now desperately trying to talk this question away given that it was you who raised it in the first place, wtf?

I did not raise any questions, so i have nothing to talk away. Unless you can prove that nobody (whether it is a nurse, a clerk, a businessman or any employee of some kind) in your or any other country has to pay income taxes, i have nothing to add.

What are really talking about? It is not me who should first prove that Bitcoin is going to kill any (income) taxes. If someone has to prove anything here it is you who should first show how that could ever happen at all in the first place. Or do you actually come to think if I'm not going to prove that bullshit, your point will become any more valid? Nevertheless, here is the list of countries which have no income tax. Obviously, Bitcoin has nothing to do with that...

And then you talk about "weak theories"

This might be redundant, but i say it one more time. Show me where i had a question, because i only made statements. My core statement was that no country will kill their INCOME TAX because of Bitcoin. I do not think i have to prove my point, since you linked a list with 10 countries that have no income tax and admitted that this has nothing to do with Bitcoin.

[zuyfg888]

If you don't know something, it doesn't mean that it doesn't exist. I can give you a link to an official letter of the tax agency of my country where they unambiguously declare that they have nothing to do with Bitcoin altogether since it is neither legally accepted nor regulated (though they don't say that it is illegal, either). What else do you need as a proof? What weak theories are you bumbling about if this is reality which I basically live in? Effectively, the government openly states that it is not to be held responsible if people lose their money with Bitcoin...

And why are you now desperately trying to talk this question away given that it was you who raised it in the first place, wtf?

I did not raise any questions, so i have nothing to talk away. Unless you can prove that nobody (whether it is a nurse, a clerk, a businessman or any employee of some kind) in your or any other country has to pay income taxes, i have nothing to add.

What are really talking about? It is not me who should first prove that Bitcoin is going to kill any (income) taxes. If someone has to prove anything here it is you who should first show how that could ever happen at all in the first place. Or do you actually come to think if I'm not going to prove that bullshit, your point will become any more valid? Nevertheless, here is the list of countries which have no income tax. Obviously, Bitcoin has nothing to do with that...

And then you talk about "weak theories"

This might be redundant, but i say it one more time. Show me where i had a question, because i only made statements. My core statement was that no country will kill their INCOME TAX because of Bitcoin. I do not think i have to prove my point, since you linked a list with 10 countries that have no income tax and admitted that this has nothing to do with Bitcoin.

Maybe, they are only want to remove tax. Deductions from your earnings or income tax are truly making a pain with us. If only we can take our earning with full amount, all of us can be happy. If these tax will remove, our mind set is will be happy, but we cannot see what will be our future if there is no tax.

[deisik]

If you don't know something, it doesn't mean that it doesn't exist. I can give you a link to an official letter of the tax agency of my country where they unambiguously declare that they have nothing to do with Bitcoin altogether since it is neither legally accepted nor regulated (though they don't say that it is illegal, either). What else do you need as a proof? What weak theories are you bumbling about if this is reality which I basically live in? Effectively, the government openly states that it is not to be held responsible if people lose their money with Bitcoin...

And why are you now desperately trying to talk this question away given that it was you who raised it in the first place, wtf?

I did not raise any questions, so i have nothing to talk away. Unless you can prove that nobody (whether it is a nurse, a clerk, a businessman or any employee of some kind) in your or any other country has to pay income taxes, i have nothing to add.

What are really talking about? It is not me who should first prove that Bitcoin is going to kill any (income) taxes. If someone has to prove anything here it is you who should first show how that could ever happen at all in the first place. Or do you actually come to think if I'm not going to prove that bullshit, your point will become any more valid? Nevertheless, here is the list of countries which have no income tax. Obviously, Bitcoin has nothing to do with that...

And then you talk about "weak theories"

This might be redundant, but i say it one more time. Show me where i had a question, because i only made statements. My core statement was that no country will kill their INCOME TAX because of Bitcoin. I do not think i have to prove my point, since you linked a list with 10 countries that have no income tax and admitted that this has nothing to do with Bitcoin

You may substitute question with matter or issue or issue in question (after all, with statement)

Look, at first you claimed that if Bitcoin might help us not pay income tax, that would be only our opinion ("if you think Bitcoin might help you to not pay it, then this is your opinion"). Then I tell you that some governments are in fact trying to completely stay away from regulating Bitcoin in any conceivable way (and that includes outright banning it) as if it didn't exist at all. This basically means that they don't care if you pay taxes with it or not (though it seems that they wouldn't quite like it if you did), and they are not going to require you to pay these taxes since otherwise that would imply approving Bitcoin use. This is reality, not someone's opinion (at least, in certain areas). You shouldn't prove anything, you should just accept what is there for real

[Pattart]

I don't think so... Governments are vigilant with all this industry, so I don't believe this will go on much further. They will certainly find a way of taxing Bitcoin and all the other cryptos

I agree with you, for the moment it is very difficult to find a way how to give taxes to the bitcoin users, but I'm sure in the future. there will be a way to provide a tax on bitcoin, because the government will surely look for it

[Senor.Bla]

If you don't know something, it doesn't mean that it doesn't exist. I can give you a link to an official letter of the tax agency of my country where they unambiguously declare that they have nothing to do with Bitcoin altogether since it is neither legally accepted nor regulated (though they don't say that it is illegal, either). What else do you need as a proof? What weak theories are you bumbling about if this is reality which I basically live in? Effectively, the government openly states that it is not to be held responsible if people lose their money with Bitcoin...

And why are you now desperately trying to talk this question away given that it was you who raised it in the first place, wtf?

I did not raise any questions, so i have nothing to talk away. Unless you can prove that nobody (whether it is a nurse, a clerk, a businessman or any employee of some kind) in your or any other country has to pay income taxes, i have nothing to add.

What are really talking about? It is not me who should first prove that Bitcoin is going to kill any (income) taxes. If someone has to prove anything here it is you who should first show how that could ever happen at all in the first place. Or do you actually come to think if I'm not going to prove that bullshit, your point will become any more valid? Nevertheless, here is the list of countries which have no income tax. Obviously, Bitcoin has nothing to do with that...

And then you talk about "weak theories"

This might be redundant, but i say it one more time. Show me where i had a question, because i only made statements. My core statement was that no country will kill their INCOME TAX because of Bitcoin. I do not think i have to prove my point, since you linked a list with 10 countries that have no income tax and admitted that this has nothing to do with Bitcoin.

Maybe, they are only want to remove tax. Deductions from your earnings or income tax are truly making a pain with us. If only we can take our earning with full amount, all of us can be happy. If these tax will remove, our mind set is will be happy, but we cannot see what will be our future if there is no tax.

How well the government spends the money they get from taxes is disputable, but without taxes nobody would at first built and maintain roads and keep the fire department running. I am sure you would not be happy without them. And if you are not using this services, then you use surly different services that our taxes pay for. Surly other people could provide these services, but they would not do it for free, so you would not have all your earning to spend freely. Right now i see no better and working solution.

[deppil]

The possibility of BTCitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over BTCitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the coming future.

but i think bitcoin is only killing the income tax because it is not a regularize currency, when government will consider bitcoin as legal currency then will certainly put tax on it and will really collect a good income tax from the income of bitcoin.

because there is currently no way to provide a tax on bitcoin users. so it seems for the moment bitcoin is a killer for income taxes to the government

[wintermeasures]

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

According to Me its not Possible If People Work For Bitcoin and Sell Their Bitcoin for Cash Because If they Convert their Bitcoins into Cash then they Need to Pay the Tax.....
But its Not Possible if they Work for Bitcoin and Use Bitcoin for paying others......

[Monnt]

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

According to Me its not Possible If People Work For Bitcoin and Sell Their Bitcoin for Cash Because If they Convert their Bitcoins into Cash then they Need to Pay the Tax.....
But its Not Possible if they Work for Bitcoin and Use Bitcoin for paying others......

I think that only applies on people who are using direct methods to convert their bitcoin into cash they have to pay exchange fees, but if you are smart and use other methods like selling your bitcoin in local bitcoins or find someone on this forum who is willing to buy bitcoin you don’t, you only pay if uses like bitcoin debit cards.

[Creepings]

Well this topic is somewhat the same with the other topic that is about ruining a country because of tax. But the thing is, no government will allow to circulate a currency without finding a way to get some taxes in that transactions. Tax based from the other topic is the flowing blood of a country, without it will be a cold and dead body. That's why government will have a long and hard talk about this currency. In the meantime its flaws must be put down.

[Qunenin]

The possibility of BTCitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over BTCitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the coming future.

but i think bitcoin is only killing the income tax because it is not a regularize currency, when government will consider bitcoin as legal currency then will certainly put tax on it and will really collect a good income tax from the income of bitcoin.

Yes, exactly, government do not recognize the bitcoin so the country itself do have an access to have income thru the transaction made by every users. And yes, once the government implemented bitcoin as real currency then it will be given a tax per transaction made.

[BlackPanda]

Well this topic is somewhat the same with the other topic that is about ruining a country because of tax. But the thing is, no government will allow to circulate a currency without finding a way to get some taxes in that transactions. Tax based from the other topic is the flowing blood of a country, without it will be a cold and dead body. That's why government will have a long and hard talk about this currency. In the meantime its flaws must be put down.

the state will certainly difficult to earn. The main income of a country is a tax. of course this will be a big problem because bitcoin is currently able to circulate freely without the collection of taxes from local governments. will be a lot of opposition from the country's leaders, this is reasonable because they wanted a peaceful country dann also prosperous.

[romero121]

The possibility of BTCitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over BTCitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the coming future.

but i think bitcoin is only killing the income tax because it is not a regularize currency, when government will consider bitcoin as legal currency then will certainly put tax on it and will really collect a good income tax from the income of bitcoin.

Yes, exactly, government do not recognize the bitcoin so the country itself do have an access to have income thru the transaction made by every users. And yes, once the government implemented bitcoin as real currency then it will be given a tax per transaction made.

Also when bitcoin is legally accepted too its hard to tax the users based upon the transaction made, because when bitcoin is used for transaction purpose the transaction volume can be calculated only if the bitcoin is converted to fiat with banking support. If people starts using it directly for their needs then taxation will not be effective as identity is always a hidden factor with bitcoin.