Bitcoin Will Kill The Income Tax

[GreenBits]

if you mean "kill" by largely allowing people to avoid paying taxes, you are sadly mistaken. first off, the bitcoin blockchain is clearly visible to everyone, including law enforcement. they will not stand idlly by and watch billions of untaxed dollars transact without getting their cut. it would be pretty easy to simply outlaw the remission of bitcoin; that would solve the problem pretty much over night, LOL. essentially, the government has too much control of the financial affairs of citizens to allow bitcoin to deny them tax basis. they will regulate it to dust before this happens

[1714271995]

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[xBitHodler]

I heard that goverments already have tools that make tracking Bitcoin transactions easier than ever before. I don't know if it's true. I can understand that Bitcoin transactions aren't safe if you don't take proper steps. Even if they could trace every transaction, what will happen if mixing services become more and more popular? If more people use them, it will be harder to track every single transaction made on Bitcoin network.

[bettercrypto]

if you mean "kill" by largely allowing people to avoid paying taxes, you are sadly mistaken. first off, the bitcoin blockchain is clearly visible to everyone, including law enforcement. they will not stand idlly by and watch billions of untaxed dollars transact without getting their cut. it would be pretty easy to simply outlaw the remission of bitcoin; that would solve the problem pretty much over night, LOL. essentially, the government has too much control of the financial affairs of citizens to allow bitcoin to deny them tax basis. they will regulate it to dust before this happens

I agree, Bitcoin blockchain being transparent is the best platform to implement taxes.  Plus government just need these exchanges and trading platform cooperation to take taxes from our profit.  Bitcoin Blochain will nit kill the income tax,  It will strenthen the taxation because people will see how much the Government is getting from these Bitcoin transactions and it is very visible to the eye of the people.  Corruption is threatened  with this blockchain transparency. .

[Coultan]

There is often a way to evade tax and Bitcoin is one of them, tax is not an concern in country, because people get little back from government so there is no need to do so, unless of course you want to go for political put up.

[margrettco62]

Government is, fundamentally, a monopoly on violence. Sort of like the freemen on the land, this assumes you can be tricky enough that the government will just sigh and give up. While they may not have access to your money, they will continue to have access to your self. And that self is going to be sitting in a cell for tax evasion if you think bitcoin is magically untaxable. Government will have way to get tx from you

[Bitcoincole]

Government is, fundamentally, a monopoly on violence. Sort of like the freemen on the land, this assumes you can be tricky enough that the government will just sigh and give up. While they may not have access to your money, they will continue to have access to your self. And that self is going to be sitting in a cell for tax evasion if you think bitcoin is magically untaxable. Government will have way to get tx from you

In some instances bitcoin kill the income tax for the country. They will lose the substantial revenue for those people who will not pay the tax they have. But in some aspect the government should have a laws to be implement.

[Sadlife]

Nope, government centralized currency is actually needed for our daily lives in fact crypto currency will not replace their currency but rather coexist with it or if they decide to create their own token is really up to them cause the blockchain technology is really amazing because of it's impenetrable security unlike the buggy and vulnerable banking system lik mpst people use. Without income tax there will be no government facilities provided for the poor such as hospitals, schools and project or programs thst will progress a country.

[Sithara007]

There is often a way to evade tax and Bitcoin is one of them, tax is not an concern in country, because people get little back from government so there is no need to do so, unless of course you want to go for political put up.

Taxes need to be paid, even if you are getting nothing in return. It is mandatory to pay the taxes. If you don't do that, then you will end up in jail. But there are legal loopholes out there, using which you can reduce the amount of taxes being paid. Or if you can afford, you can re-locate to another country, where the tax rates are quite low.

[DewiKirana]

I do not think bitcoin will kill the income tax as long as there are companies that have employees.
Income tax will not be imposed on a person working full time in bitcoin.

[Altas]

I do not think bitcoin will kill the income tax as long as there are companies that have employees.
Income tax will not be imposed on a person working full time in bitcoin.

In the past there are history that clearly describe how people used it as an store of value and get rid of taxation. Now this has changed a lot due to the regulated usage and restrictions in limitations if usage. So killing of income tax is possible, but now this has decreased drastically.

[MOTHIT]

Bitcoin will kill Income tax because it is not controlled by the government. Now who are working with Bitcoin not paying any income tax.

Still long way to run to get tax on Bitcoin.

[THAHIRHAJI]

Bitcoin will kill Income tax for sure. It is very difficult to impose tax on Bitcoin. What ever we earned with Bitcoin is not being business revenue so it is not possible to put tax on Bitcoin

[eann014]

Thats hard to happen nowadays. Most people worldwide still using fiat and banking systems and few number of them know about Bitcoin and crypto currencies and deal with it. So may be Bitcoin will kill the income tax if it will become the first used currency worldwide, but that's not yet the case.

Yeah, not all people known bitcoin already, it will not going to happen that income tax will kill if there are still fiat. But it is also good for me to have a fiat because not all companies are accepting bitcoin in there company and use it in their business. So fiat is still useful and bitcoin will still remain as it is. Bitcoin is now a good currency and can be use by anyone already.

[ajmapalo22]

Bitcoin will possibly kill income tax but not all the kinds of tax, there's still Value added tax that was imposed to goods we purchased but it is a big help for majority of people having no income tax imposed in our bitcoin earnings we don't have to worry losing so much due to tax and when bitcoin value drops. I hope the government will not do something to impost tax in our earnings.

[alexsamudra]

now still banyal people who use fiat system and banking they know bitcoin and crypto currency to overcome them.

[MineMax]

bitcoin will not kill anything, but the folks who discovered from bitcion and chains will make tons factors, it will kills items!

[VadikZimnyayaRezina]

Bitcoin will not lead to a lack of payment of taxes. If the authorities notice a decrease in the payment of taxes, they can simply ban bitcoin in the country or start controlling it.

[supercanada1]

Unfortunately, in my country you still have to pay taxes when you are cashing out your coins and also you cannot cash them all out you can only do in in a limit this way you have to pay a lot of taxes if you want to cash everything out.

That is, if you are going through the legal route. There are thousands of options out there to avoid taxes and it is up to you whether to use these methods or not. For example, you can order pre-paid Bitcoin debit cards from various service providers and withdraw fiat cash from the ATMs.

Yes bad luck but some countries are doing this. I think it depends on the country and the time of the constitutions; in my country the bitcoin is the one of the best thing of the bitcoin and holding by a lot of the people. The importance of the bitcoin will be higher in the future you just need to wait and hold for the long time. So it will kill the tax but need some time.

[Aganythe]

For what is taking place now to our technology the local community in the entire globe are most typically used the banking system and some in some other nations they utilized fiat. The place people two are centralized and we know that. So I guess if occasions appear that bitcoin will turn into the currency of all nations around the world the taxes or revenue tax will completely disappear.

[Harlot]

For what is taking place now to our technology the local community in the entire globe are most typically used the banking system and some in some other nations they utilized fiat. The place people two are centralized and we know that. So I guess if occasions appear that bitcoin will turn into the currency of all nations around the world the taxes or revenue tax will completely disappear.

Since you are a new member of this forum I will spare you with just a lesson about taxes and why you are wrong. Even if what you are expecting that  Bitcoin will be a dominant currency in the world it by no means will eliminate the income tax as Bitcoin earnings itself is still taxable in income tax and if you earn your Bitcoin through trading it will be taxable with a capital gains tax. Any person who thought you that Bitcoin earnings are not taxable are people who are just avoiding in paying their taxes.