Bitcoin Will Kill The Income Tax

[Gotomoon]

People are taking more and more interest in crypto currency it is because they have no tax in crypto currency because a lot of countries are taking a large income tax due to which more familiar have a great difficulties in paying because of their weak financial problems.

When cryptocurrency was become popular people use to involve in bitcoin. And become interested to use into it because the freedom to use without knowing of the government. Especially when every transactions that has no tax to be collected by the government. However, this is possible to kill the income tax started when massive adoptions increasing.

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[KevinSutrisno]

I think it is less accurate to say that killing tax revenue is more accurately said to reduce it because taxes can access through bank accounts or recorded assets but when people using bitcoin can no longer be accessed by any institution in the world because it is a decentralized and independent currency. but in this world everyone will continue to use the banking for other activities so that it can still be tracked by taxes.

[0t3p0t]

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 yeah but I don't think if Bitcoin would totally kill income tax because everytime we withdraw our funds especially here in my country it will be automatically deducted by tax since exchanges here are regulated by central bank. We are free of tax when it is only a peer to peer transactions. What actually kills our wallets is the super high transaction fee because as price goes high fees also is rising. I am not worried about taxes on our local exchange but only transaction fees. I know that we are not putting eggs in one basket so I think fees are more alarming than taxes. But unlike fiat everytime we pay bills and buy goods tax is applied. Our Bitcoins stored in our wallets are sometimes converted to fiat for personal and emergency use so we cannot espcape taxes in general.

[MS.LAWLIET]

Bitcoin will truly affect the taxation issues, but right now users were converting to flat through bank accounts and using it. This possibly help government to some extent to levy taxation based upon the banking transactions.

I agree with you, bitcoin will surely affect the income tax, if you earn money in bitcoin the government will not notice it because of the privacy given by the bitcoin. But most of the bitcoin users still paid income tax because they are employed so i believed it will not totally kill the income tax unless bitcoin will be legalized worldwide.

[MoneyIsDebt]

Are you sure with bitcoins we all peoples get rid from these income tax ?  First of all bitcoin should famous same as money which maybe possible only in future. Second governments have all rights they can give commands to bank to cut some satoshi as income tax after ever transaction. So there can be two fee, one the bitcoin tx fee (deducted by the miners) and secondly the tax which government can take on transction with bitcoins.

I think it is happening and it is quite possible that it will be use or may be used in the past as to eliminate income tax but i think news sounds more like a publicity stunt and it seems like they are trying so hard to keep their users and don't lose their share of the bitcoin exchange market they currently have established. i think more of it there are some drawbacks of bitcoin and it is one them and need to be solved.

[silent17]

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

I Agree with you, because as of the moment, bitcoin doesn't have any tax law. You will just have money without government interference.
I think this is a good thing for people who want to earn more but its but for their country. Because without tax, we will no way of building Bridges and Highways.

[Mulavad]

There are some ways to collect taxes (directly at exchange) maybe it would be a unique percentage for all exchange. But with cryptocurrency this a very tough job. I think that world will be changed after crypto and for me it is a nice change.

[kiddeon123]

I think that this will not happen because the government will be the first one to stop this if they see that it will afffect the income tax. All goverment projects come from our income tax and this is very important.

[ictin]

There are some ways to collect taxes (directly at exchange) maybe it would be a unique percentage for all exchange. But with cryptocurrency this a very tough job. I think that world will be changed after crypto and for me it is a nice change.

I think government will have their own way to collect tax from bitcoin so we dont need to care about this

[elewton]

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

I Agree with you, because as of the moment, bitcoin doesn't have any tax law. You will just have money without government interference.
I think this is a good thing for people who want to earn more but its but for their country. Because without tax, we will no way of building Bridges and Highways.

I dont think so, man! Bitcoin, in a certain sense, like stock. The government will find the best way to control and charge income tax.  

[sammrheza]

imagine everyone save their money on bitcoin , goverment will didn't get income from tax at all , will government let that happen ? I think so , another civil war lol , unless government want to coorperate with bitcoin 

[Greenrace]

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

The tax is calculated from the amount of property not where it may be, so if we have lots of bitcoin will still be taxed if bitcoin is reported to the country, if not reported, let alone the house bitcoin can not pay taxes

[creame]

It may kill the income tax but the tax will only be shifted somewhere else. For sure in this global/crypto economy, they will know less about one's income.

[btcprospecter]

I think this is the biggest problem governments have with bitcoin that potentially people can avoid taxation. However most people will buy bitcoin with money that they have already paid tax on. So until more and more people are paid solely and spending bitcoin it should not be a problem.

[inevertell]

People are taking more and more interest in crypto currency it is because they have no tax in crypto currency because a lot of countries are taking a large income tax due to which more familiar have a great difficulties in paying because of their weak financial problems.

[Rj Manik]

Of course, it killed the Income Tax.Take care of one thing, When you take the Bitcoin transaction, you have to pay a fee,It only gets Bitcoin authorities.It does not get anything from the government and income tax of that country.So I think Bitcoin  completely killed Income Tax.

[pushups44]

I agree and think this is one reason, perhaps the main one, why governments are wary of bitcoin. However, I think decentralized currencies are inevitable and cannot be stopped. Governments will have to find newer, more creative ways to gain revenue.

[salihno71]

Well it will definitely change the income tax the way we know it now. New approach will be needed also from the governments side if they want to keep getting the funds.

[kr105]

Bitcoin will not kill the income tax. According to me, absolutely in the near future the government will resolve the ways of collecting taxes from Bitcoin.

[assyla]

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

You have a point that killing income taxes is a good idea but Bitcoin and the Government are not the same and different people are involve to it. And if tax will gone the country has no fund  to do projects.