Bitcoin Will Kill The Income Tax

[kiddeon123]

I think that this will never happen because the first organization that will prevent this from happening is the government itself, I think that they will find a way to control bitcoin because of their greediness over money.

[1714291966]

1714291966

[1714291966]

1714291966

[1714291966]

1714291966

[1714291966]

1714291966

[Bakemat]

Personally, I think that it is a good idea for a bitcoin and other cryptocurrency to kill income tax. The death of income tax will open up a wider opportunity for the users of bitcoin to have bigger income. But honestly, i think this isn't possible because income tax is primarily the source of budget of the government. It is our own contribution to the country.

Yes and I think they will never let it because tax is always part of our lives small amount you can buy in the grocery have tax how about for some that earn a lot in crypto currency so they will make a move about it government wont let it to dont have tax anymore.

yes i think it will be possible, because at first of all they cant trace bitcoin because it is anonymous and they cant even know it, governments are the one who implemented the tax on its citizen so if they cant trace it and know it they cant put taxes on it, so i think it is better to use bitcoin, because we can get the amount of money that we have all of it, without any taxes and i think it is good.

[k@suy]

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

I agree that this growing use of crypto will actually diminish the tax revenue to a significant level. Transactions using Bitcoin for example does not have to go through any central agency anymore, thereby removing the possibility of being tracked for tax purposes. But if you say that taxation will have to be repositioned as voluntary, it will effectively kill the government. It is not good. Only 1 of 100 might do the voluntary payment. 

It will diminish the tax, but when you used bitcoin but when you convert it to fiat, then tax again is applied. It is good that with this new  cryptocurrency, it brought many changes the way we transact online with convenience and ease.

[Harlot]

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

I agree that this growing use of crypto will actually diminish the tax revenue to a significant level. Transactions using Bitcoin for example does not have to go through any central agency anymore, thereby removing the possibility of being tracked for tax purposes. But if you say that taxation will have to be repositioned as voluntary, it will effectively kill the government. It is not good. Only 1 of 100 might do the voluntary payment. 

It will diminish the tax, but when you used bitcoin but when you convert it to fiat, then tax again is applied. It is good that with this new  cryptocurrency, it brought many changes the way we transact online with convenience and ease.

What you are talking about diminishing your own taxable income is completely an illegal thing to do and you know that. What is up with you people? Thinking that it is good that you are not tax by your government? To keep it straight we all have our own obligation to pay each of our taxes that is burdening us, and if we don't do it we might be suffering the consequences like a stricter taxing system or even a higher penalty for people who evade taxes, Bitcoin earnings are still taxable and we still need to help our country.

[dieselmeister]

I dont think so. Gov have many way to make you pay tax even you use bitcoin or not.

[Japinat]

I dont think so. Gov have many way to make you pay tax even you use bitcoin or not.

Indeed, in fact they are planning to tax us for using bitcoin and I would say it's just right since tax is the where the money coming from to improve our government. We can hide our income with bitcoin, that is the greatest advantage but it's a general rule that you will have to pay taxes when you make income. They have a lot of tools and if we will not comply on the law, they might ban bitcoin for sure.

[Cressco]

Do not forget guys that government institutions will never use non-fiat money so cryptocurrency will have only little effect on economics.

[IamAltcoinfan]

But for me its not as a ordinary user because i always take my profit and convert into fiat using Exchange where complete KYC is given so at the end of year i have to pay tax for that . May be big Wales using and Not paying tax by doing huge transaction but normal person alewys end upto paying tax.

[N@p$t3r]

It may take a long time, but hopefully bitcoin will kill income tax, we are already paying a lot of taxes, the government is giving a lot of tax exemptions for businesses but not for the earner, i just this would happen, or just even lessen the tax percentage, we all need a break from taxes, and now that bitcoin is here,  bitcoin is giving us hope, for all of us to ahieve what we wanted. Right now, it is hard for you to do what you want, since we are always thinking of security and the wage we are earning, it will also destroy corruption in the government since those who are in politics, who are corrupt and greedy, would certainly step down since, they will have no other soufce of income, aside from their salary, and we all know, that income tax gives more revenue to the government, than the tax impose on businesses.

Damn its you again, retard gringo! Can somebody do me a favor and report this user because he sounded like a spammer bot created in Python and C++. Honestly, i want to kill you more than i want bitcoin to kill the taxes. jajaja! Nah, i'm just teasin you gringo.

You know people, nobody can stop el gobierno from getting money from their people. We all must live with it, that's how the system worked many centuries ago and that is how its gonna work for the next cien años. Bitcoin will not kill the tax but it will definitely make a good excuse for you not to pay el gobierno.

Por cierto, mi retardar ivrynx you must work on your thoughts before posting in this forum... you bring headache to the readers.

[robotrobert]

It may take a long time, but hopefully bitcoin will kill income tax, we are already paying a lot of taxes, the government is giving a lot of tax exemptions for businesses but not for the earner, i just this would happen, or just even lessen the tax percentage, we all need a break from taxes, and now that bitcoin is here,  bitcoin is giving us hope, for all of us to ahieve what we wanted. Right now, it is hard for you to do what you want, since we are always thinking of security and the wage we are earning, it will also destroy corruption in the government since those who are in politics, who are corrupt and greedy, would certainly step down since, they will have no other soufce of income, aside from their salary, and we all know, that income tax gives more revenue to the government, than the tax impose on businesses.

Hopefully bitcoin will kill income tax because there is no limitation on bitcoin so that no one can interfere in its prices or in its trade it will give high benefit to the high taxpayers so that by using bitcoin they can get rid of it. Bitcoins are not ruled by anyone and that’s what make them tax free.

[Don Pedro Dinero]

I dont think so. Gov have many way to make you pay tax even you use bitcoin or not.

Indeed, in fact they are planning to tax us for using bitcoin and I would say it's just right since tax is the where the money coming from to improve our government. We can hide our income with bitcoin, that is the greatest advantage but it's a general rule that you will have to pay taxes when you make income. They have a lot of tools and if we will not comply on the law, they might ban bitcoin for sure.

I agree with both of you. Most people have replied that it will kill income tax but I think the government can take many actions to tax BTC, even when it is not converted in to FIAT. They haven’t done anything yet because the possible tax evasion is not significant for them but the moment BTC adoption and usage passes a certain point, they will take massive action to tax people.

Something similar happened with unregulated gambling sites. Ten years ago, the vast majority of countries didn’t have a regulation on gambling sites. Today there are quite a few that have passed laws to tax people, and they have succeeded.

They might enforce exchanges to get a license and pass data to the government if they want to operate in a certain country, as it happened with gambling sites.  You will still be able to evade tax if you receive BTC in a paper wallet you have created but don’t underestimate the ability governments have in order to implement taxation.

[bitcoinrays]

But for me its not as a ordinary user because i always take my profit and convert into fiat using Exchange where complete KYC is given so at the end of year i have to pay tax for that . May be big Wales using and Not paying tax by doing huge transaction but normal person alewys end upto paying tax.

When bitcoins will be directly used by people as a payment method for different services they avail in daily life, even then we cannot escape this trap od taxes as the product we buy or the service we avail already includes the tax in it. When we convert bitcoins to fiat, obviously we need to pay tax.

[tengek37]

Talk of taxes and bitcoin is still not found the exact intersection. Because bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

[Beparanf]

Talk of taxes and bitcoin is still not found the exact intersection. Because bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

There's no way bitcoin will have a tax,  transaction fees were already enough deduction for our btc transactions.  Having tax needs a more studies on how will it be implemented and it will take time to do so.

[irmasany]

now many countries have implemented different rules regarding bitcoin. so I guess if the country that has been legalized will still be monitored and will deal with the tax. there may be a tax waiting. but I dont really know about this.

[salihno71]

I'm sure government will find the way to get it's share. Similar threat comes from automation. It is expected that several milion jobs will be lost in the following years only due to the fact that more and more jobs are automated and people lose jobs. Eventually this will influence the cash flow, because if someone doesn't earn, he can't spend.

[daenarys_stormborn]

thanks for the article, very good, in my opinion this can only happen if everyone is working in bitcoin, and no more doing transaction in bank. but this is impossible because before this happens, surely the government has moved to anticipate this until it happens, because if this happens then a country that has no income from taxes, then the country will be chaos

[nicosey]

No, they will focus more on taxing the on/off ramp.  The infrastructure is already there.

[deisik]

I'm sure government will find the way to get it's share. Similar threat comes from automation. It is expected that several milion jobs will be lost in the following years only due to the fact that more and more jobs are automated and people lose jobs. Eventually this will influence the cash flow, because if someone doesn't earn, he can't spend.

But things will level out eventually

Since jobs lost in one sector due to technological advances necessarily lead to the creation of even more jobs in many other sectors and creation of even entirely new sectors. The automobile industry is a glaring example of just that. It basically destroyed horse breeding and the coachmen industry but instead gave rise to a whole bunch of entirely new industries (say, maintenance and repair jobs or the entirely new industry of filling stations). In other words, automation may indeed destroy a few million jobs but it will also create a few dozen millions of new jobs elsewhere

[RamBahadur.Gurung]

thanks for the article, very good, in my opinion this can only happen if everyone is working in bitcoin, and no more doing transaction in bank. but this is impossible because before this happens, surely the government has moved to anticipate this until it happens, because if this happens then a country that has no income from taxes, then the country will be chaos

There can be several scenarios. The government can tax the Bitcoins, when they are being converted to fiat. Also, the government can tax the exchanges as well as the users. The authorities can also implement a GST/VAT targeting services such as Bitpay and Coinbase.

In short, the government may lose income tax, but it will gain in terms of GST/VAT.