Bitcoin Will Kill The Income Tax

[lalabotax]

that's the advantage of bitcoin. but over time the countries that legalize bitcoin make up the law on the law that involves bitcoin, from usability and to taxation. but I dont know too, because in my country bitcoin still confusing, not legal and not illegal.

[1714318457]

1714318457

[XbladeX]

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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once you need to go fiat money you won't be able to dodge taxation on HIGH transaction value.
There will be solutions to that offfshorecompanies / residency in  tax heaven and stuff like that.
You need anon bank acc and you will be happy.

[Sahabat_]

that's the advantage of bitcoin. but over time the countries that legalize bitcoin make up the law on the law that involves bitcoin, from usability and to taxation. but I dont know too, because in my country bitcoin still confusing, not legal and not illegal.

there are still many countries that do not or have not legalized bitcoin even countries around the world there are only a few that legalize bitcoin, and each country must have their respective understanding so not willing to legalize bitcoin

[georgiyfo]

Rely on place policy for bitcoin. For case in point, my nation even now forbid bitcoin but if they even now legalize, they will not influence local tax at all considering that bitcoin have different mechanism based mostly on my constitution.At the very least my goverment do for our people's excellent !

[ProGamerJojo]

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

[matuson]

In today's environment governments are no problems to collect taxes from the users of bitcoins. We all pay this tax. Only we don't think about it. In order to make purchases we have to change the bitcoins to Fiat. The cost of each item includes tax and the buyer pays them.

[ramsdaj28]

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

Well, I don't think, that will be the case all the times. Actually, there are only few people in every country who use bitcoin. Another thing, it doesn't give a great impact in terms of taxation. There are only few establishments and business that accept bitcoin, and that doesn't share a huge part for the income tax. In my opinion, that shouldn't be a big deal for the government unless ALL people uses bitcoin in their daily transactions. And the worst thing that might happen is that when the government will start banning the use of bitcoin IF PEOPLE WILL NOT PAY TAX FROM USING IT.

[OMGyasuo]

If that happens I'm sure that the government will come up with regulations to restrict or ban btc in the money market. There is another possibility that they will open btc transaction centers under their management, but perhaps it will not be attractive to users due to the focus and charges. I think so.

[deisik]

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

Well, I don't think, that will be the case all the times. Actually, there are only few people in every country who use bitcoin. Another thing, it doesn't give a great impact in terms of taxation. There are only few establishments and business that accept bitcoin, and that doesn't share a huge part for the income tax. In my opinion, that shouldn't be a big deal for the government unless ALL people uses bitcoin in their daily transactions. And the worst thing that might happen is that when the government will start banning the use of bitcoin IF PEOPLE WILL NOT PAY TAX FROM USING IT.

The government may be too late with their countermeasures

Like it happened in Zimbabwe when people finally abandoned the hyperinflating Zimbabwean dollar in favor of the American dollar. And the government had been forced to eventually abandon their national currency as well since no one was giving a fuck about it anymore. Indeed, this is unlikely to happen in any major countries or unions like the US, EU or China, but this is what already happens in Venezuela. In other words, there may come a time when banning Bitcoin will be of no effect whatsoever since the government itself may be no longer relevant alongside the fiat currency it happens to issue

[Budening]

Sorry in advance, what do you come from? Because in my country bitcoin does not yet have a strong legal foundation and my government has not legalized cryptocyrrency, so when I earn income from bitcoin I am not cut by income tax

[Hipster999]

Bitcoin will not kill taxes as this will be unprofitable for the government. If the government sees that the payment of taxes will be sharply reduced, they will simply prohibit the crypto currency.

[Cavyanpo]

yeah absolutely bitcoin will eliminate the earnings tax. Because none of the goverment can regulate it simply because of its anonyous nature. Truly its heading to be a threat to all governments in the planet exactly where taxes are there. Since bitcoins are nameless it will be tough to get the income tax from the men and women. If government doesnt get earnings tax, how will goverment function effectively. How salaries will be paid out for authorities officers. How authorities is likely to endure.So absolutely all governments will ban or control the usage of bitcoins in potential. Definittely they will locate a way to regulate it. Normally it will have an effect on the economic system of the place.

[Rinder]

I dont know how many people did declared they had bitcoins, but im pretty sure the most of them are hiden their portfolio, i do know a lot p2p traders wich i do believe just mooves some volume of money wich they had already leaving their profit into bitcoin already, soo they are avoiding the taxes already. I do believe one day countries will legalize bitcoin and without any tax over it, soo we will be able to cashout our coins without have to pay the big tax over the profit, thats just 35% from the profit actually.

[tailwate07]

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.

It is likely possible to see this thing happening in Philippines. As far as Bitcoin and income tax is concerned, I think it is very much possible that Bitcoin and all other Crypto Currencies will kill this income tax from most of the countries. The only reason behind getting so much fame is this idea of getting a tax free income.

[Ewinsane]

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.

We cannot escape from income tax. Indirectly, we will be still paying it to the government and honestly, I think it is also necessary for the survival of a country.

We are living in our states and we need to save money for it so that in case of any bad time, there won't be financial crisis. However, no government can place direct tax on bitcoins. Our bitcoins are not deducted but our salaries do.

[helars2008]

As of today i think this assumption is totally impossible from happening.  This could only happen if both the employer and employee will agree that bitcoin will be the means of their compensation which will then effectively reduce income tax gathered by government.  But this kind of situation will not happen right now since only a few or close to no one would accept bitcoin as salary because of its price volatility.

[shinratensei_]

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.

It is likely possible to see this thing happening in Philippines. As far as Bitcoin and income tax is concerned, I think it is very much possible that Bitcoin and all other Crypto Currencies will kill this income tax from most of the countries. The only reason behind getting so much fame is this idea of getting a tax free income.

It's always happened in so many third world countries where the taxing is kinda have a low level of strictness. but, actually there's so many way for the government to tax the bitcoin earner through exchanger or such, therefore the bitcoin earner already paying the tax which merged with the exchange fee.

[Rishabh riyz]

Bitcoins may kill income tax ,as we all know that bitcoins are decentalised and also have an anonymous nature.
The transaction are anonymous no one can actually track the traders.
The government won't be able to look into our accounts like they do in banks and charge income taxes, this could also be a major reason why the countries are not accepting Bitcoins as a currency.

[acpr23]

The government will not let that happen imo, income tax is one of the major source of government's funds, government will be alarmed with what bitcoin can do and they will absolutely make some laws or regulations regarding taxation of cryptocurrencies, also bitcoin fees should be fixed by the devs asap or bitcoin will really have a serious problem.

[vandvl]

thats why in my country the bitcoin is easy to become legal to escape the tax and goverment not introduce to other because imagine whole country use bitcoin then what happen to the country if theres no tax?