Bitcoin Will Kill The Income Tax

[Xervo]

I think this is good news. After all, at the moment the tax authorities collect very high interest from the wages of ordinary hard workers. People hope for a happy future in old age, for large pensions and benefits. But in fact they receive a mere penny. If bitcoin will help solve this problem, it will be very cool. But on the way, he will unequivocally meet with resistance from the authorities.

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[Mumbeeptind1963]

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?

income tax has a good side too, it helps the poor children to have a good education for free here in my country, but sometimes those who are popular, those who are in the goevernment they are to leader to not paying the taxes, so for me it is good to kill tax but bitcoin earners must put some to the budget for the education of the children.

[SidharthMalhotra]

Income tax is an idea from past.
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT.
Amassing of wealth in form of property movable, immovable can be taxed at inheritance. So, if people will be deterred from amassing and passing to next generations.
This will create a perfect society.

[Latviand]

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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I think there really is a distinct reality that this is a possibility as there is no current income tax regulation for cryptocurrencies or electrical money if you will. It bypasses a large amount of checks and balances that happens in regular currency and money as is so evident in salaries and many more. Bitcoin can bypass this by being technically money yet not yet money as this is still in the system and not yet encashed however given a chance the gocvernment is sure to jump on this.

[carlisle1]

Income tax is an idea from past.
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT.
Amassing of wealth in form of property movable, immovable can be taxed at inheritance. So, if people will be deterred from amassing and passing to next generations.
This will create a perfect society.

well we cant change everything in just a split of seconds but if crypto succeed this concept of taxation will be change and I guess it will
be improved we just needed to wait for the system to be well adopted and accepted by most government.

[deisik]

Income tax is an idea from past.
Tax should be based on spending and if individual or entity has more resources then they will spend. The spending can be taxed with GST/VAT

I couldn't disagree more with this view

If taxes should be levied on expenditures, people would be disincentivized from spending altogether. This is one of the most dangerous things that could happen in modern day economies which are built on and around spending. Right now, the reverse is true, people are actually made into spending by small interest rates, i.e. they spend more than they earn. This may not be a good thing (though opinions vary), but this gives boost to the economy

[GoodForGood]

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

In your opinion, is it a good idea to deliberately avoid taxes in your country? And thereby destroy it. In my opinion, this is extremely irresponsible and immoral.

Because of such pazitsy as your, bitcoin and other crypto-currencies are considered as a cover for criminals.

In addition, not everything is so simple. It is always easy to replace the income tax with the value-added tax.

[MFahad]

There's no way for that to legally happen. If someone wants to do something to get around their taxes they will eventually get caught. Taxes serve a purpose and despite the fact that we have overlooked a few criminal acts during our clients lives we would never Overlook tax evasion. If we do one of our clients was attempting to evade taxes we would personally wash them down to the courthouse and throw them through the front door.

[drm]

Be prepared to see every country/government try and do anything they can to stop this from happening.

[Cindy1983]

This is what happening in my country nowaday ). There are a lot of people whom earn about 10k$ - 20k$ per month with Bitcoin but they don't have to pay any pennies for tax for government because Bitcoin is not legalized in my country so it's not considered as good or money so they don't have to pay tax for income from it. But the government in my country realized the profit of Bitcoin so they are trying to legalize Bitcoin in next 2 years

[Karimeen]

          


             Normal case it will not be possible to kill the income tax because at present the bitcoin operator can do his transactions freely but whenever one who is generating cash to one country that income can be taxed. Now only 10 ti 15 % of the people  knows about bitcoin and its operational advantages in my country. Bitcoin can not invest for an asset.In that case I have to transfer bitcoin to local currency then only it can invested and that time it will be taxable.

[josucoin]

I believe that at the moment this is very difficult, but in the future the income tax has some change because of the BTC. Now, how and when exactly this can happen is difficult to know.

[Finestream]

I believe that at the moment this is very difficult, but in the future the income tax has some change because of the BTC. Now, how and when exactly this can happen is difficult to know.

The government will not allow to lessen their tax collection, it's their lifeblood so they will do necessary things to address this possible problem.
Bitcoin is just a system that we can use to pay but the it will always end up with exchange sites then to our bank accounts, with that flow they know what to do in order to enforce collection to us, because if they cannot there is no reason of supporting bitcoin and they can easily declare a ban on bitcoin.

[Flomo]

I strongly agree with the tax on cryptocurrency, but of course it all requires a strong legal foundation, the tax will provide security invest with cryptocurrency because the state has protected it on the basis of law.

[shawn995]

there should be some tax on crypto currency because when there is tax on crypto currency then most countries will start to involve bitcoin in their national currency due to which rate of bitcoin is increased quickly and also the security will also increased which can give more better future to bitcoin.

[Loopper]

I strongly agree with the tax on cryptocurrency, but of course it all requires a strong legal foundation, the tax will provide security invest with cryptocurrency because the state has protected it on the basis of law.

That's how I like bitcoin because bitcoin does not have a state tax that must be paid to the country, I like bitcoin because it is free and broad

[Theb]

there should be some tax on crypto currency because when there is tax on crypto currency then most countries will start to involve bitcoin in their national currency due to which rate of bitcoin is increased quickly and also the security will also increased which can give more better future to bitcoin.

Bitcoin and any other cryptocurrency is still taxable whether or not it is considered as a currency on your country or not. The problem here is people that evade their taxes or who does not record their Bitcoin earnings as taxable and I don't know where they get the idea that cryptocurrency is not taxable. If the government sees people that evade taxes woth their Bitcoin they might take legal action with it.

[pushups44]

Governments will always find a way to generate revenue. If people stop paying income taxes due to technology facilitating tax avoidance, they may start imposing hefty taxes on the sale of cryptocurrencies and other assets to make up for income tax loss.

[Japinat]

there should be some tax on crypto currency because when there is tax on crypto currency then most countries will start to involve bitcoin in their national currency due to which rate of bitcoin is increased quickly and also the security will also increased which can give more better future to bitcoin.

Bitcoin and any other cryptocurrency is still taxable whether or not it is considered as a currency on your country or not. The problem here is people that evade their taxes or who does not record their Bitcoin earnings as taxable and I don't know where they get the idea that cryptocurrency is not taxable. If the government sees people that evade taxes woth their Bitcoin they might take legal action with it.

The general law is you pay taxes when you are making an income but when there is no clear ruling about bitcoin in your country then I guess you are allowed not to pay taxes. Eventually when the government is ready to make a law about bitcoin and on how to manage the taxing requirements then that is the time that you have to comply, for now just enjoy the lack of law with bitcoin and keep all your income.

[dipok07]

Bitcoin transactions have not been recognized in many countries anymore. Since the transaction is always online, it does not have to go to the bank. That is why the government does not pay taxes. This may cause some damage to the country.