Bitcoin Will Kill The Income Tax

[RaymanC.]

Bitcoin will never kill income tax. Once you converted your bitcoin to a fiat currency it is already subject to income tax.

[jman0war]

Bitcoin will never kill income tax. Once you converted your bitcoin to a fiat currency it is already subject to income tax.

No not income tax, capital gains tax

[ClementManuel]

Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the  income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.

[Marucya]

Bitcoin or another crypto currency can not destroy the profit tax. In the near future, most states will indeed establish such a tax. This will be either anonymously automatically when exchanging for ordinary currency and other operations with crypto currency, or it will be necessary to identify for the tax authorities. Without this, it will be impossible to exchange the crypto currency, buy something for it, or enter into an official deal that is fixed by government agencies. Therefore, such a tax will have to be paid. Only minor transactions and transactions between citizens without intermediaries can circumvent the payment of taxes, if such a tax is generally established. In the US, for example, a deal below $ 600, I read, is not taxed.

[RautK]

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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Or the other way around! I hope not.. Governments have problems with crypto currencies as they are unable to track the transactions to individuals and therefore unable to tax individuals.. This has got them so worried and messed up that they are giving the users a bad name... I don't mind the tax on the profits as per applicable laws. Why run! when you can look them in the eye.

[w5pn73]

Bitcoin will never kill income tax. Once you converted your bitcoin to a fiat currency it is already subject to income tax.

Yes, this. And as most people do convert their btc to fiat and eventually cash out anyway.
On top of that governments will make sure they will remain top dog somehow.

[H1X360]

Interesting, I have actually been following news relevant to my countries income tax and I was pleasantly surprised at the developments in that direction.
I actually agree with the sentiment of this post... In a way. As long as people use cryptocurrencies to pay for things then things will continue to get taxed. But it would be rather hard for the government to proof your ownership of any cryptoassets unless you convert them back into fiat.

[ihsanskanzaone]

I agree if bitcoin can kill the tax because what if there are entrepreneurs or officials who have enormous wealth if deposited in the form of bitcoin then the government will not know because the bitcoin system is very privacy. But on the other hand also people expect freedom of transactions without having to think of the distance between the state and society also want the ease of investment provided by bitcoin. then this is the impact of the free economy provided by bitcoin and this could be an added reason for the government to ban bitcoin. I believe that bitcoin has a good impact on the world economy but bitcoin also has a devastating effect on governments in regulating the country's economy but it all depends on the individual because all technological advances must have a positive and negative impact.

[saeron-ssi]

As for now, there's no tax in bitcoin, but we cannot see the charges fee when we converted bitcoin to flat money, as well as the transaction charges that we had incounter in withdrawing the said cryptocurrrency. But time will.come that the government will take advantage for its popularity, it's either to ban bitcoin, or add taxes.

[Creating N Action]

  It's good for all the netizens  here lots my country, especially in other country men. The people avoid too much problems to encounter if the government will no longer to collect for the income taxes for all the businessman and woman. It will be effective for the other country because there are lots of people who have their own business unlike here in my country. Here in my country it has low numbers of businessman and woman.

[deisik]

Bitcoin will never kill income tax. Once you converted your bitcoin to a fiat currency it is already subject to income tax.

Yes, this. And as most people do convert their btc to fiat and eventually cash out anyway.
On top of that governments will make sure they will remain top dog somehow.

There are no statistics on this

To draw any reliable inferences and conclusions in this regard. Obviously, most people do cash out occasionally, but we don't really know how many and how much. I mean most of the people involved in trading cryptocurrencies (let alone just holding them) don't necessarily convert all of their cryptocapital into fiat all the time or for most amount. I for one am more interested in injecting more fiat into the system than taking from it, i.e. my cash flow is in fact negative (in this sense), and I guess I'm not the only one

[Harper6]

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.

And even if bitcoin is not taxable , people who mostly earn bitcoins converts their bitcoins to regular currency to buy basic needs and commodities which most in every country have value added tax so I don't see bitcoin as so much of a threat to tax in any country in the world, even the countries in southeast asia embraced bitcoins with open arms.

I don’t think so bitcoin will kill income tax because some countries make bitcoin legal and I’m sure that they will start income tax and I think tax is very important for any country because it run country economy and if bitcoin start giving tax so it will give more strength and energy to bitcoin and its users will also be increased.

[rasmadisulaiman]

Maybe for a country that has not legalized bitcoin will definitely kill income tax from bitcoin itself. Because a country that has not legalized bitcoin definitely will not make income tax rules from bitcoin.

[John Langut]

Lacking privacy features, Bitcoin transactions can be traced even though at some points it would be tricky: exchanges will have to cooperate and offline transactions will prove very difficult to trace. At some point you will have to explain how you earned the wealth you spent and that is where they catch you. 

[ace4549]

No, actually bitcoin will helps the government to gather more funds for government projects from the taxes imposed to the company. Through this it is a win-win situation which every sector in the society will be benefited in the success of bitcoin.

[DrYe5]

No, actually bitcoin will helps the government to gather more funds for government projects from the taxes imposed to the company. Through this it is a win-win situation which every sector in the society will be benefited in the success of bitcoin.

Of course. Bitcoin has a great impact on unemployment in the countries concerned and develops the economy. I believe that it also greatly affects other aspects of life of people living in well-developed countries.

[Chanock]

I think it is case to case basis that bitcoin will kill income tax. It is depend on the state and country policies on taxation. Here in my country tax is apply when you transact through remittances and exchange or convert your bitcoin to real money. Yes may be some points is correct because bitcoin is invisible in different transaction because tax is not apply on it. Because cryptos' is undetectable it every transaction but if you exchange it in the bank transaction through cryptos' is identified and tax will apply to those person transact on it.

[thulisman]

The anonymity of bitcoin is the reason that most governments around the world prohibit the use of bitcoins for exchange. Currently, state-owned banks are trying to track bitcoin transactions in order to tax these transactions. I hope there will be a day when our government accepts bitcoin as a currency.

[chip211]

Investing in the crypto market is a profitable way of earning nothing from the nation, which is also a difficult issue for the government to control.

[hxk451]

I don't think this will happen. It is highly unlikely government will depend on BTC for compensation of government workers. Government representatives are one of the principle giver of taxes so this is one reason BTC won't kill tax. Another is that organizations can't depend on BTC just to abstain from exhausting on the grounds that they issue receipts to their clients.