Bitcoin Will Kill The Income Tax

[bitorama]

No income tax will make governments kill bitcoin

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[adzino]

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

Even if everyone starts using bitcoin, in order to impose income tax they will have to regulate bitcoin which then causes bitcoin to loose its key feature - decentralization. The government will also find it difficult to track each and every users, so they will have to find alternative ways to get around and cover/replace income tax with something more suitable.

[Finestream]

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

Even if everyone starts using bitcoin, in order to impose income tax they will have to regulate bitcoin which then causes bitcoin to loose its key feature - decentralization. The government will also find it difficult to track each and every users, so they will have to find alternative ways to get around and cover/replace income tax with something more suitable.

The decentralized factor will not be affected as we, individual who earn money are required to pay the tax due.
When they regulate bitcoin it's not the technology that is regulated but only those exchanges and maybe people who are earning bitcoins through mining and it's not hard for us to comply if we want to still see the progress of bitcoin continues.

[CryptosapienZA]

Taxation is theft. Personally I think income tax deserves to be killed. I can't wait for that to happen. I really wish and hope it happens in my lifetime. I am sick and tired of politicians using our taxes to go to war while poor people go hungry.

[carlisle1]

Taxation is theft. Personally I think income tax deserves to be killed. I can't wait for that to happen. I really wish and hope it happens in my lifetime. I am sick and tired of politicians using our taxes to go to war while poor people go hungry.

its not the only way where taxes went its used for infrastructures and highways improvement, its not only for buying weapons for wars but also to provide
services from your countries without taxes I guess there's nothing we can see inside an existing countries.

[NerdYale]

I dont think this will happen. There is no way government will rely on bitcoin for salary of government employees. Government employees are one of the main contributor of taxes so this is one reason bitcoin will not kill tax. Another is that businesses cannot rely on bitcoin just to avoid taxing because they issue receipts to their customers, so unless customers skip receipt and pay bitcoin to services of products, bitcoin will not hurt tax.

[Shreek]

i do not know ,, is this a problem or not ,,, that's because a country does not legalize bitcoin, ,, if the state legalizes bitcoin, it will certainly be the biggest income country ,,, i hope all countries can legalize bitcoin as a tool legitimate transaction ..

[pitiflin]

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

Income tax is one of the best sources of revenue for any government ,so if most people start using crytpo currency what the government might do is that they will try to ban exchanges and crypto sites and make sure they are regulated and the exchanges instead might,might have to pay taxes on the transactions. I am not sure what exactly governments can do but they will do something or the other ,which will be in their powers.

[twicezeroiszero]

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

Even if everyone starts using bitcoin, in order to impose income tax they will have to regulate bitcoin which then causes bitcoin to loose its key feature - decentralization. The government will also find it difficult to track each and every users, so they will have to find alternative ways to get around and cover/replace income tax with something more suitable.

The decentralized factor will not be affected as we, individual who earn money are required to pay the tax due.
When they regulate bitcoin it's not the technology that is regulated but only those exchanges and maybe people who are earning bitcoins through mining and it's not hard for us to comply if we want to still see the progress of bitcoin continues.

Yeah, only exchanger directly Bitcoin can avoid the taxes fee of the government.
Miner and exchanges are subjects affected by them, because they need to public business establishment if they do not want to break the law.

[harbin55]

Here at Philippines 🇵🇭 there's no excuse on income taxes our government
As long there is money involved no one is excused

[yhan2x]

yes maybe bitcoin can kill the income tax, if all the people in the world know how to use and get income in bitcoin income tax will die but depends on the person.

[Hasbro27]

for now in my country, do not have to make tax payments because bitcoin is still illegal. maybe if bitcoin is legal can set income tax.

[jatin729]

I don't think so, because when we converted btc into cash currency than we paid some taxes from amount.
One thing more govt. is not fool , maybe maybe govt  make some rules for exchanges and apply some taxation policy for converting btc into cash through exchanges,

[aldrian09]

Here at Philippines 🇵🇭 there's no excuse on income taxes our government
As long there is money involved no one is excused

I don't think bitcoin earner in the Philippines are paying tax to their government so I dont think its right to say that " if there is money involved no one is excuse" there are a lot of people who are having business without paying tax in Philippines because they don't have legal permits like for example online seller and all.

[CGPA]

Yes, I think so too.Because Bitcoin transection system only wallet to wallet.this transaction  fee take it only bitcoin.But government not getting vat.So this cause bitcoin will kill the income tax.

[Taylorw]

I don't think that absence of tax is good for society. What will be the source of income to government budget? As for me, I prefer to leave in a country where taxes are high and live conditions are high. I believe it's related to each other

[entebah]

I don't think that absence of tax is good for society. What will be the source of income to government budget? As for me, I prefer to leave in a country where taxes are high and live conditions are high. I believe it's related to each other

Taxes are very important because they are still a source of funds for the construction of infrastructure and other government projects.
People should be aware that the government is doing its best for the welfare of its people.

[TheMuppet]

Governments would declare WAR against crypto if that really happens.

And it could DEFINITELY HAPPEN.

But until there's a full developed crypto economy, this isn't possible or viable.

Right now the governments can:

1. Stop the banks from taking it.
2. Make it illegal to trade
3. Take down centralized exchanges

If they did that, of course it would create a crypto black market.

But unless I can: buy food, pay my bills, hire people, buy a car, buy a house etc... with crypto.

I don't see it happening.

That being said, there is a crypto economy starting to emerge.  We've all read about houses and cars being bought with crypto.
It's just the beginning.

[Jake052478]

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

This might be probably right for now, but if you are buying bitcoins, then probably the money you used in buying was already tax deducted. But if the transaction in buying or rendering service goes through the used of bitcoin,  you might avoid the tax... only until your gocernment found out about it and the possibility of regulating this cryptocurrency will be imposed... this might not be for now as the use of cryptocurrency was not yet fully embrace but the moment it will be discovered. I believe 100 percent, they will regulate it by imposing tax against it...

[Ilegendph]

I don't think that absence of tax is good for society. What will be the source of income to government budget? As for me, I prefer to leave in a country where taxes are high and live conditions are high. I believe it's related to each other

Taxes are very important because they are still a source of funds for the construction of infrastructure and other government projects.
People should be aware that the government is doing its best for the welfare of its people.

The only source of government's fund is tax. If this has been abolished, it would start a chaos since military, peacemaking agency and other services that maintain peace and order in the country and to the transactions are solely funded by the tax paid by the citizen of that country