Bitcoin Will Kill The Income Tax

[hiscall]

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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this is one of the main reason that government / countries never support bitcoin.

bitcoin kill income tax and all other taxes  

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[elie_s]

Maybe this is one of reason not all governments are allowing bitcoin trade sure it will kill tax but I Thu k it's gonna take a long time to arrive there

[Schirer]

this definitely is a problem . But I do not think that Income tax will be killed all together. Because government can have some control by making law for information requests regarding crypto traders which is already going on now. Coinbase in US. With this information they can enforce some level of tax.

[Avdotiy]

Taxes are the main income of modern state and Income tax is one of the most important. I believe nothing will kill it. Bitcoin itself will die, more likely 

[asha18]

The main income of the government's income is income tax. On the other hand, there is no need to make any type of income tax for Bitcoin transactions. So, considering this, Bitcoin will destroy income tax.

[ripti]

To manage the country, pay government bureaucrats and the country's self-interest expenditure, the government has to earn income tax. Bitcoin cannot be trace online and there is no trace of transactions because the government can not make income tax from Bitcoin. But some countries are trying to set the income tax on Bitcoin.

[Domenc]

If regulations are are not taken into consideration, then Bitcoin will surely Kill Income Tax. But wait things are not going to end here is something happens to treasury of government they are likely to take some steps to resolve such conditions but then they will be left with 2 choices either imposing a ban or implementing regulations and both of which can curb the freedom of crypto users. Because a decentralized system is made in such a way that there is no need to pay any taxes or something else.

[cava95]

Now the influence of bitcoin is very small because market is not developed yet but in furture we can expect tax in many countries because if people start to use hugh numbers  of bitcoin.

[John Langut]

If regulations are are not taken into consideration, then Bitcoin will surely Kill Income Tax. But wait things are not going to end here is something happens to treasury of government they are likely to take some steps to resolve such conditions but then they will be left with 2 choices either imposing a ban or implementing regulations and both of which can curb the freedom of crypto users. Because a decentralized system is made in such a way that there is no need to pay any taxes or something else.

Regulations are already happening. Governments are fueled by tax, anything that threatens their income is going to be investigated. There are more and more articles for example on CoinTelegraph about governments cracking down on Bitcoin and other cryptocurrencies. Get used to it, cryptocurrencies have come from the underground into the broad daylight.

[Mr.Anonymous]

If regulations are are not taken into consideration, then Bitcoin will surely Kill Income Tax. But wait things are not going to end here is something happens to treasury of government they are likely to take some steps to resolve such conditions but then they will be left with 2 choices either imposing a ban or implementing regulations and both of which can curb the freedom of crypto users. Because a decentralized system is made in such a way that there is no need to pay any taxes or something else.

Regulations are already happening. Governments are fueled by tax, anything that threatens their income is going to be investigated. There are more and more articles for example on CoinTelegraph about governments cracking down on Bitcoin and other cryptocurrencies. Get used to it, cryptocurrencies have come from the underground into the broad daylight.

The government are trying to tax Bitcoin. As far as I know, in next week, exact day is 12/10/2017, CME will add Bitcoin on their market and this is the first time Bitcoin can add in a stock market. This is really a good way to help the government have chance to approach Bitcoin users.

[Japinat]

If regulations are are not taken into consideration, then Bitcoin will surely Kill Income Tax. But wait things are not going to end here is something happens to treasury of government they are likely to take some steps to resolve such conditions but then they will be left with 2 choices either imposing a ban or implementing regulations and both of which can curb the freedom of crypto users. Because a decentralized system is made in such a way that there is no need to pay any taxes or something else.

Regulations are already happening. Governments are fueled by tax, anything that threatens their income is going to be investigated. There are more and more articles for example on CoinTelegraph about governments cracking down on Bitcoin and other cryptocurrencies. Get used to it, cryptocurrencies have come from the underground into the broad daylight.

The government are trying to tax Bitcoin. As far as I know, in next week, exact day is 12/10/2017, CME will add Bitcoin on their market and this is the first time Bitcoin can add in a stock market. This is really a good way to help the government have chance to approach Bitcoin users.

It's a big news actually and one of the reason of the price surge now, we have a lot of big news in the last quarter so we can expect the price to rise even more, as bitcoin getting more popular, it will make people trust and invest on it and I know the government want their fair share, they will impose taxes on us but only up to the establishment that they covered.

[Iceblast]

bitcoin can kill taxes because a country that does not legalize bitcoin can not do more about bitcoin users. a person could have a substantial income from bitcoin but it would be safe not to be taxed if the state does not have a permit for bitcoin.

[pathapoddo]

Yes, bitcoin will kill income tax. That's why government banbing bitcoin in their country. When we cross our country's givig income limit, then we have to give income tax on our additional income. But who are income by bitcoin they don't give tax so, government deprived of income tax and it is causes country badly. It's true bitcoin killing income tax

[redsuncrypto]

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

this vision so far. I think the goverments never allow this could be happened

[godrey123]

I think this is one of the reasons why bitcoin are being banned to some countries, because they cannot collect income tax!  bbitcoin are bery hard to track and if the government cannot track it then how they can collect tax.

[randyg29]

I think there is nothing will kill bitcoin like income tax, bitcoin just remove a small amount of people who are using fiat to use bitcoin in the real world and make it a online transaction to pay things better.

[newguy05]

Bitcoin absolutely will effect the income tax gain of each government but I am sure that the blockchain system will destroy the centralized institutions and structures

[Geoll29]

Yes it will kill it. Bitcoin is well evaluated and no need for third person to process transaction between traders and only transaction fee applies no more high taxes needed to be paid.

[jzone23]

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

As you said there just a "tax avoidance" made by using cryptocurrency. Yes, as of now it's very easy not to report income derive cryptos due to anonymity of transactions and tax bureau would hard hard time of tracking each transaction but I don't think it could kill income tax. It's much possible that government can make another law/bill with regards to reporting of crypto income and paying tax due.

[Kotone]

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 a way it might as because it is able to bypass the income tax laws bcause this is a profit that are not yet being properly regulated. SO all pur costs are more into transaction fees and processing payments but we are still gaining kore because there is no tax