Bitcoin Will Kill The Income Tax

[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.

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.

Well, the truth is, there are taxes from the transactions of bitcoins though we are not feeling it. Though I am thinking that maybe they can do ways to make bitcoin a currency in their country, it is really efficient and it is really not hard to obtain. It can be accepted wholely by a country as secondary currency of that country. It is hard to make bitcoin currency of a country because it has many many transactions that we don't know, if they want to make it a currency, they must monitor these transactions.

[1714304958]

1714304958

[1714304958]

1714304958

[nelson4lov]

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.

Well, the truth is, there are taxes from the transactions of bitcoins though we are not feeling it. Though I am thinking that maybe they can do ways to make bitcoin a currency in their country, it is really efficient and it is really not hard to obtain. It can be accepted wholely by a country as secondary currency of that country. It is hard to make bitcoin currency of a country because it has many many transactions that we don't know, if they want to make it a currency, they must monitor these transactions.

That's what the government wants. Always want to be in control and having full knowledge of Citizen's activities which is not something Bitcoin supports. Bitcoin provides Fast & Swift Payment while ensuring that Privacy is maintained. So If any government in any country intends to make Bitcoin an official currency, Then They'll want to monitor our transactions and I don't see such happening with bitcoin, Not anytime soon.


One way or the other, Bitcoin and tax wouldn't work together

[Marma Kalari]

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

Even now we have to pay our taxes once we convert our bitcoin to fiat ,you can have your assets and once you want to liquidize your asset to your concerning local currency you have to pay your taxes ,taxing people when you hold bitcoin is not a realistic option.

[wxa7115]

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

It does not matter if the government is vigilant or not, there is no way to taxing you directly in bitcoin unless they change the code of bitcoin and the miners accept the change, which is not going to happen and if for some reason it happen we will just move to another coin that does not.

[bitcoinblog]

Taxes are running a nation , otherwise how a nation will run ? Roads , Hospitals .. Bcoz not every nation accepted Privatization. And even if Privatization is accepted in whole world .. Then why we need a Government ?

Government means someone having Authority to deal with things on citizens behalf , When citizens will not pay Tax then why do someone show there interest in taking that responsibility. That is the first drawback in corruption inside Politicians. Due to privatization .. Almost all Elections are funded by these Private Firms and in return they got Permissions which normal businessman can not get.

I think to run a proper nation , Taxes are required.

[bitbob82]

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.

Well, the truth is, there are taxes from the transactions of bitcoins though we are not feeling it. Though I am thinking that maybe they can do ways to make bitcoin a currency in their country, it is really efficient and it is really not hard to obtain. It can be accepted wholely by a country as secondary currency of that country. It is hard to make bitcoin currency of a country because it has many many transactions that we don't know, if they want to make it a currency, they must monitor these transactions.

That's what the government wants. Always want to be in control and having full knowledge of Citizen's activities which is not something Bitcoin supports. Bitcoin provides Fast & Swift Payment while ensuring that Privacy is maintained. So If any government in any country intends to make Bitcoin an official currency, Then They'll want to monitor our transactions and I don't see such happening with bitcoin, Not anytime soon.


One way or the other, Bitcoin and tax wouldn't work together

om fact bitcoin is not going to kill the income tax. but government is doing so. why they do not want to recognize bitcoin as legal currency. if they will accept bitcoin i think then they will  certainly collect good amount of income tax from bitcoin. but first they need to consider bitcoin as legal currency.

[deisik]

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

It does not matter if the government is vigilant or not, there is no way to taxing you directly in bitcoin unless they change the code of bitcoin and the miners accept he change, which is not going to happen and if for some reason it happen we will just move to another coin that does not

The tax system doesn't work this way (as you seem to mean it)

They still can adopt a law according to which every transaction can be taxed (say, you will have to pay 1% of the transacted amount). Will it count as directly taxing Bitcoin? I guess that certainly will as long as they have tools (and they do have such tools) which allow them to catch you and make you pay this tax or put you in jail if you disagree. If you still disagree, think about, for example, an income tax. If someone has successfully evaded this tax in the past (and continues to evade), does it mean that income earned is not taxed directly?

[agamasrori]

Taxes are running a nation , otherwise how a nation will run ? Roads , Hospitals .. Bcoz not every nation accepted Privatization. And even if Privatization is accepted in whole world .. Then why we need a Government ?

Government means someone having Authority to deal with things on citizens behalf , When citizens will not pay Tax then why do someone show there interest in taking that responsibility. That is the first drawback in corruption inside Politicians. Due to privatization .. Almost all Elections are funded by these Private Firms and in return they got Permissions which normal businessman can not get.

I think to run a proper nation , Taxes are required.

I agree for some countries that have no profitable state owned enterprises, taxes are required. I think the government can take taxes from sellers who accept bitcoin, by monitoring business.

[lol3c]

Taxes are running a nation , otherwise how a nation will run ? Roads , Hospitals .. Bcoz not every nation accepted Privatization. And even if Privatization is accepted in whole world .. Then why we need a Government ?

Government means someone having Authority to deal with things on citizens behalf , When citizens will not pay Tax then why do someone show there interest in taking that responsibility. That is the first drawback in corruption inside Politicians. Due to privatization .. Almost all Elections are funded by these Private Firms and in return they got Permissions which normal businessman can not get.

I think to run a proper nation , Taxes are required.

I agree for some countries that have no profitable state owned enterprises, taxes are required. I think the government can take taxes from sellers who accept bitcoin, by monitoring business.

I do not think so.  If they work anonymously,  how can the government collect tax  from them?  BITCOIN is decentralized and it is hard to control the number of Bitcoin users in order to have the income tax.  Therefore,  bitcoin will truly destroy the whole centralized  system and the income tax of the government

[iqlimasyadiqa]

the current problems we have to take a decision. because in fact the use of bitcoin can not generate taxes for the government. there should be a regulation as soon as possible to arrange this. as a good citizen would want his country to be better.

[diegz]

the current problems we have to take a decision. because in fact the use of bitcoin can not generate taxes for the government. there should be a regulation as soon as possible to arrange this. as a good citizen would want his country to be better.

The farthest that the government can reach when it comes to taxing is the exchanges and transaction going in and out of fiat. The rest, well, they will have a hard time following tax evaders. Unless they want to take over bitcoin and starts to tax each transaction which is very highly unlikely possible. Taxing the money from exchanges is enough, too bad if they take advantage on it and put a bigger tax compared to earning fiat. 

[GamNoob]

Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.

Yes, very long way to go for the gov to accept bitcoin.

[btcdiggingmaster]

Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.

Yes, very long way to go for the gov to accept bitcoin.

Very long to go to accept bitcoin by the governments, really to adopt this new technology will take lot of time. But before that many people should start using bitcoin, we the community people should get more awareness to people who don't have any hope on bitcoin.

[Xester]

Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.

Yes, very long way to go for the gov to accept bitcoin.

You are wrong. There are already governments that has seen merits on bitcoin they are CHina, Philippines and Switzerland. China has already declared that it is the right of the citizens to own bitcoins. While the Philippine Central Bank has already announced that bitcoin is a good form of financial payment. Switzerland on the other hand has its government accepting bitcoins. With these at hand it is only a matter of time when countries will accept bitcoin as tax payment.

[Natalim]

Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.

Yes, very long way to go for the gov to accept bitcoin.

You are wrong. There are already governments that has seen merits on bitcoin they are CHina, Philippines and Switzerland. China has already declared that it is the right of the citizens to own bitcoins. While the Philippine Central Bank has already announced that bitcoin is a good form of financial payment. Switzerland on the other hand has its government accepting bitcoins. With these at hand it is only a matter of time when countries will accept bitcoin as tax payment.

However that will not happen easy, the government are aware of the weaknesses when using bitcoin, they are fully concerned with the Anti Money Laundering. If you see the recent price has drop, my opinion is because of the People's Bank of China (PBOC) directing exchanges to enforce Anti Money Laundering, they are aware of the risk, and sooner or later we can feel that exchanges will be more strict in complying with government laws and regulations and will compel us to follow.

[avikz]

I don't agree with you. Bitcoin will not be able to kill taxes in any way. But it can create a parallel economy and we are heading towards that way only. Most of the governments are not bothered with bitcoin at this moment, but they will start taking actions on bitcoin some or other day for sure.

As of now, bitcoin is pretty underground currency as they don't have any central regulator. But one day will come when government will step up to impose tax on bitcoin transactions. But killing the income tax is far beyond the power of bitcoin.

[Vikingr]

Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.

Yes, very long way to go for the gov to accept bitcoin.

When I look at the acceptance rate of bitcoin I realize that it is not longer away that governments will also accept it sooner. But still it will not kill the income tax as the government will create a way for themselves to collect the tax from their devised rules. It is also expected that the income tax will not be that much higher than what we earn with bitcoin.

[ReLieD]

No. It won't kill income tax. The taxes we have to pay for purchases is a lot.
Even if I have to give 0.01$ to my friend , including the fees and all I will have to pay around 0.15$.
That's a lot of fees/tax. But in the near future if this problem is solved , then it might kill income tax.

[PhilPrime]

No. It won't kill income tax. The taxes we have to pay for purchases is a lot.
Even if I have to give 0.01$ to my friend , including the fees and all I will have to pay around 0.15$.
That's a lot of fees/tax. But in the near future if this problem is solved , then it might kill income tax.

There were transactions that have transaction fees , thus this fees refer also for taxes, this fees deducted were deducted also for the tax of the apps,companies or banks that were using our btc, like on sending money and cashing out. Those in built organizations pays our taxes in our behalf.

[Soul Reaper]

I don't think that it will kill income tax.
As even for very minute transactions we have to pay transaction fees.
All kinds of taxes are included in this transaction fees.
Including the income tax I think.
Income tax is very important,
Because if some part of your money doesn't go to the governing authorities,
There would no maintenance taking place.
As a result the places we live in will be a total mess.
Thus with bitcoins or without them income tax can't be avoided.