Bitcoin Will Kill The Income Tax

[Mehedi72]

 Bitcoin  Makes my life amazing that i have ever think. But nowadays many countries are banning bitcoin and  As my opinion,  due to bitcoin kill  income tax.  Thus a county face economical pproblem and so government  trying to provide it and they banned bitcoin to solve this problem

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[Delarock]

Bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

[MiF]

Bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

well in my country it bitcoin is really helpful and it cant really kiill the income taxes because government can really collect income taxes in all bitcoin exchangers or converter wallet.and it is not a  small amount due to exchange they can collect almost one fourth way of the amount that you convert.government is really a government anything that without thier control will be banned and all businesses without taxes will be stop.i believe bitcoin has  a big help to our government because they wont stop it in fact they support it buy allowing some  online wallet to convert it into our money.

[diouf67]

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

I think there are already so many valid and easy ways to avoid income tax, yet many still do not do so, it comes down to both morals and willingness, governments will in time learn to combat the ease with which bitcoin can be used to avoid income tax.

[djgtr]

Bitcoin in some countries for example in my country the government does not specify a tax for bitcoin because bitcoin in my country has not been legalized by the government.

well in my country it bitcoin is really helpful and it cant really kiill the income taxes because government can really collect income taxes in all bitcoin exchangers or converter wallet.and it is not a  small amount due to exchange they can collect almost one fourth way of the amount that you convert.government is really a government anything that without thier control will be banned and all businesses without taxes will be stop.i believe bitcoin has  a big help to our government because they wont stop it in fact they support it buy allowing some  online wallet to convert it into our money.

well i agree on that  if bitcoin didnt also help my country maybe it will already banned by our government but at this point of time it will still running and we can gain through it .i believe that the government had get also a big benefit through all converter wallet all maybe in a way we cash out our btc to the proccess of convertion . Because if they wont get income taxes through coverter wallet maybe btc will marked as illegal buy government and it will be banned.

[7788bitcoin]

well i agree on that  if bitcoin didnt also help my country maybe it will already banned by our government but at this point of time it will still running and we can gain through it .i believe that the government had get also a big benefit through all converter wallet all maybe in a way we cash out our btc to the proccess of convertion . Because if they wont get income taxes through coverter wallet maybe btc will marked as illegal buy government and it will be banned.

Do not expect any country to ban anything outright,if a country thinks that bitcoin will be a parallel economy which could threaten the entire economy then any government will have the rights to ban from using it,but it might take some time and they would find a way like money laundering and terrorism funding as a cause if they ban bitcoin at all  but how can they kill the income tax,you have to pay your taxes once you convert them into fiat and there is no escaping that.

[coachhip]

No,  it won't,  bitcoin is just an alternate currency and when it's cashed out to fiatt the government will take what it wants of the income.

[kkofor]

I think Government knows this problem. And certainly, they will find out the method to solve it. Government never let we avoid income tax

[yusupjatigumilar]

Instead of killing the income from taxes, it will not be taxed because in some countries there are no rules governing bitcoin and taxes. There are even some countries that block bitcoin because it is considered to weaken the value of the country's currency.

[Om.monata]

it is very excessive if bitcoin is asked for taxes, because surely the tax drawn is very large because bitcoin income is also very large. taxes may apply if the state has made a formal statement to legalize bitcoin.

[yonjitsu]

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

Not only in taxes but also in other government services where digital currencies can disrupt them including banks as well. Digital currencies will do some damage to banks just the emergence of electronic mails (e-mails) did to the postal services. It really affect the postal services and even force some of these entities to closure.

[jdarren]

What I'm curious about is how the government will survive without taxes. the goal is to not pay any, but then we wouldn't have a government lol

[cherrymobile]

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

Not only bitcoin but other crypocurrency that will appeared because crypto or digital currency is no fee or tax than fiat money or example is bank have a high tax.

[misterj]

Bitcoin did kill the income tax because government cannot put their hands on it. That is why introducing bitcoin or other cryptocurrencies to the government would largely affect its economy and us. They could find a way to put their hands on it and us for them to have profit and steal our money. Luckily they cannot simply dive in here to do so but when it comes we are in great danger.

[sqid]

Don't think it will kill income tax.   Just another new thing in a long line Uber, internet, online, that the governments have to apply tax to.   

Frankly I wouldn't mind paying 30% tax if facebook, google and amazon, monsanto, big pharma etc. are also paying their 30%.   That's one of the things so great about bitcoin is that you can follow the money trail.

[Sithara007]

What I'm curious about is how the government will survive without taxes. the goal is to not pay any, but then we wouldn't have a government lol

Do you know that a large number of the world nations don't have income tax? The list includes countries such as Qatar, United Arab Emirates, Oman, Monaco, Cayman Islands, Bermuda.etc. These nations survive from other taxes, such as the GST and Corporate tax. I am not saying that income tax should be abolished, but just saying that the government can survive without it.

[komp1]

I feel bitcoin will not destroy earnings tax since transactions is occurring on the web , And the authorities will absolutely make a move in buy to stop the killing of earnings tax. Probably it is dependent on the nation.

[Finestream]

I feel bitcoin will not destroy earnings tax since transactions is occurring on the web , And the authorities will absolutely make a move in buy to stop the killing of earnings tax. Probably it is dependent on the nation.

If it will destroy income tax, it's like destroying the government because tax is the lifeblood of the country, the opposite maybe possible which is the government will destroy bitcoin to protect their income from taxes. That is how it works, we need to understand how powerful the government, they can make a law to ban bitcoin and that would hugely affect the value of bitcoin and its future.

[TomUyamot]

I feel bitcoin will not destroy earnings tax since transactions is occurring on the web , And the authorities will absolutely make a move in buy to stop the killing of earnings tax. Probably it is dependent on the nation.

If it will destroy income tax, it's like destroying the government because tax is the lifeblood of the country, the opposite maybe possible which is the government will destroy bitcoin to protect their income from taxes. That is how it works, we need to understand how powerful the government, they can make a law to ban bitcoin and that would hugely affect the value of bitcoin and its future.

Exactly. That is why Bitcoin has to toe the line. Or else, it might suddenly find itself isolated and barred from ever coming out again. Both have to make an adjustment. With the strength of Bitcoin's community support, governments are raising the green flag to Bitcoin already. But Bitcoin must also consider the existence and power of the governments. When the point comes that tax is seriously affected because of Bitcoin, the government--which is really a lot more powerful than Bitcoi-- will have to act.

[Afnan_faizah]

That's why federal government ought to control bitcoin in all trade and buying and selling site in order to have taxes! this really is good because we are able to help increase our economy.

Yes, government can collect tax of bitcoin by make regulation for legitimate exchange site, online shop and any other business. Bitcoin users can still avoid taxes by transacting in illegitimate places but that is risky. Help countries by pay tax is good as long as the amount does not incriminate us.