Bitcoin Will Kill The Income Tax

[DoublerHunter]

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. But, If the government accepts bitcoin then they will not allow bitcoin to be free because they will use it to generate income by doing tax.

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[ophyrim]

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.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

[danherbias07]

Its all happening now. Do you know that we are all criminals here if we are really going according to law?
We do a lot of transactions that would not go with any taxable thing. We send money that is greater than what it should be normally without even getting a lot of tax which should be. Try sending a million dollars thru Western Union and let us know what will they say.
If every transaction is unusual they are being reported and that is an example, a million dollars.

[bravehearth0319]

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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If we are going to base the situation the reality things happen now was the entire people so far majority is that many people still using banking system and fiat, but some of them are also shifting to used bitcoin too, or some of them could shifted already into the system of bitcoin. Meaning there is a possibility that income will be kill bitcoin.

[romero121]

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.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

Yeah that's true. Governments are much awake watching every moment of bitcoin. So if they are in plan to Levy taxes sure in a short will make regulations and make people get adopted to it. Recently one country have added bitcoin to the taxable assets list. Bitcoin killing taxes will not be much effective.

[fullypak]

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.

You are not paying tax to governament. You are paying transaction fees to third party site. They will charge that amount to send your coins to another person. This is the third party site income. If you pay the tax directly to governament, then they will not disturb Bitcoin, and they will allow Bitcoin as legal currency in your country.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

Yeah that's true. Governments are much awake watching every moment of bitcoin. So if they are in plan to Levy taxes sure in a short will make regulations and make people get adopted to it. Recently one country have added bitcoin to the taxable assets list. Bitcoin killing taxes will not be much effective.

Maybe the least country will entertain this Bitcoin. Already existed countries will not entertain this Bitcoin.

[alisus]

Actually it was not for Bitcoin Tax, Wealth Tax actually is! Whoever they are, either Individual or Business Performer, and any currency used required to pay property tax or income according to the number owned and regulated by each state. but if there is someone willing to avoid taxable, may be the only way Bitcoin does not switch to local banks (Currency apply). But it's bad behavior to be avoided

[deisik]

Its all happening now. Do you know that we are all criminals here if we are really going according to law?
We do a lot of transactions that would not go with any taxable thing. We send money that is greater than what it should be normally without even getting a lot of tax which should be. Try sending a million dollars thru Western Union and let us know what will they say.
If every transaction is unusual they are being reported and that is an example, a million dollars

I think you shouldn't say that

Maybe, you are a criminal (I don't really know, just assuming) but doing a lot of transactions has nothing to do with taxes. You can send (and receive) fiat all day long (and at night too), but that doesn't in the least mean that you should pay taxes on transactions. Financial authorities may in fact get interested why you are sending money that often, but if you have a legitimate reason for that and are not participating in some criminal activity, in most jurisdictions you have essentially nothing to be afraid of. Most likely, you refer to paying an income tax on profits earned from Bitcoin operations, but then again relevant tax codes are different across countries and in some of countries these profits are not taxable. So this is neither criminal nor otherwise illegal either

[salmanahmedone]

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.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

[Bitcoinsummoner]

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.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment..  or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

[BingoDog]

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.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment..  or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

Yes,in the future governments could consider tax for bitcoins because by now they realize that could be good source of income for their budgets and they don't want to lose that. Hope this will not happen but this also depends how much the bitcoin will be involved in economy and financial system of each country.

[youdacapt]

Income tax is not controlled by government policy, but applied for a bitcoin exchange market in their country, they are subject to income tax for each transaction and management of buildings and permits company. We actually taxed through transactions on exchange market (VAT) on all of our transactions. personal income tax will be imposed if there are companies that pay you with bitcoin in the future.

[PanZerrr]

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.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment..  or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

Yes,in the future governments could consider tax for bitcoins because by now they realize that could be good source of income for their budgets and they don't want to lose that. Hope this will not happen but this also depends how much the bitcoin will be involved in economy and financial system of each country.

I also hope that this will not happen. But it is impossible completely to guess the government's actions in this field. It seems to me that if this happens, the popularity and anonymity Bitcoins are lost

[mornabo]

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.

I think you are wrong because the governments are aware about bitcoin and they will adapt the tax system. This is not very difficult for them cuz everything is under their control. 

No, Government cant control Income tax via bitcoins because there is no record with government about that.
What they can least do is that they will apply taxes as soon as that bitcoins are converted into Fiat.

For now bitcoin has no government involve to control income tax for bitcoin.. but maybe in the future we will see taxes while we are using bitcoin just like other payment methods..
Look at the vcc's they are also asking for taxes online payment..  or credit card visa they are automatically deducting taxes that i think it can be also happen in bitcoin in the future..

Yes,in the future governments could consider tax for bitcoins because by now they realize that could be good source of income for their budgets and they don't want to lose that. Hope this will not happen but this also depends how much the bitcoin will be involved in economy and financial system of each country.

I also hope that this will not happen. But it is impossible completely to guess the government's actions in this field. It seems to me that if this happens, the popularity and anonymity Bitcoins are lost

I think for bitcoin is still on decentralization and anonymous then in the future even if the government will not be able to provide a tax on bitcoin. as long as you do not join the government as bitcoin bank. You do not have to pay taxes

[mace15]

Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the  income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.

[Natalim]

Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the  income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.

Bitcoin has a threat to kill income tax if it will not be regulated by the government, the progress of bitcoin now means there are plenty of people who are adopting to it and as a result the demand increases. If in that point that we will have the freedom to spend our money without government regulation, we can easily do away on paying taxes and we can easily launder our money online.

That reality has alarm the government and with that, they will certainly regulate bitcoin as they cannot afford to ban it as well since it's increasing the tax collections once regulated.

[Indrawan77]

Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the  income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.

Bitcoin has a threat to kill income tax if it will not be regulated by the government, the progress of bitcoin now means there are plenty of people who are adopting to it and as a result the demand increases. If in that point that we will have the freedom to spend our money without government regulation, we can easily do away on paying taxes and we can easily launder our money online.

That reality has alarm the government and with that, they will certainly regulate bitcoin as they cannot afford to ban it as well since it's increasing the tax collections once regulated.

Yes it is a good thing for us, but not for the country,  that is the reason why the government keep on finding way to regulate bitcoin, because if everyone doing transaction using bitcoin then the country will lose a lot of money from income tax and actually that is bad for the country

[deisik]

Income tax is not controlled by government policy, but applied for a bitcoin exchange market in their country, they are subject to income tax for each transaction and management of buildings and permits company. We actually taxed through transactions on exchange market (VAT) on all of our transactions. personal income tax will be imposed if there are companies that pay you with bitcoin in the future

You've been misinformed

Income tax as the phrase itself suggests is a tax which is levied on your income, though the use of the word income here is ambiguous itself. It should rather be called a profit tax since your income just shows how much you earned but it doesn't reveal how much you spent to earn it. In certain situations it doesn't matter, in others does. But in any case this tax has nothing to do with transactions, you obviously refer in your post to other, so-called indirect taxes. Income tax is a direct one which is "levied on the income or profits of the person who pays it, rather than on goods or services"

[dunfida]

Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the  income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.

Bitcoin has a threat to kill income tax if it will not be regulated by the government, the progress of bitcoin now means there are plenty of people who are adopting to it and as a result the demand increases. If in that point that we will have the freedom to spend our money without government regulation, we can easily do away on paying taxes and we can easily launder our money online.

That reality has alarm the government and with that, they will certainly regulate bitcoin as they cannot afford to ban it as well since it's increasing the tax collections once regulated.

Yes it is a good thing for us, but not for the country,  that is the reason why the government keep on finding way to regulate bitcoin, because if everyone doing transaction using bitcoin then the country will lose a lot of money from income tax and actually that is bad for the country

It would really a bad thing for the economy for a certain country when tax would be affected because of bitcoin.This is actually the disavantage of using bitcoin transactions since we all know theres no tax involved because of the peer to peer system.

[betlord90]

Income Tax has become part of our life. It has become a routine to pay tax every month. Everytime we buy something or eat in restos and fast food chains or etc. there's always a tax to pay.I think its really impossible to kill income tax. Where will the government get money to spend on local expenses if Income tax will be eliminated or killed. At the first place we know that the country will really be affected if it  happens.