Bitcoin Will Kill The Income Tax

[VclDm]

It is very difficult to apply a bitcoin tax because it is impossible to trace the anonymity behind transactions, which is the most important feature of bitcoin. However, I think that in order to be able to develop steadily and permanently, there are still legal rules to help bitcoin stay firmly in the market and bring more efficiency to people around the world.

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[UrosViewly]

It is most certainly possible because when people adopt Bitcoin in their everyday life they will use it the entire time. Unless the governments puts out some regulations that must be followed to pay for taxes, but I do not see them tracking everybody's record easily.

[zabjerr]

bitcoin is such a tax exemption so in our country our government is looking for a way to get them in bitcoin but we have not banned the bitcoin in our country, but our president is fine as he understands the welfare of his people.

[mornabo]

Tax collection is robbery. By and by I think salary impose should be executed. I can hardly wait for that to happen. I truly wish and expectation it occurs in my lifetime. I am tired and tired of government officials utilizing our expenses to go to war while destitute individuals go hungry.

I think you're wrong, the taxes the government gets are not allocated for one thing like the war fund only, but the government's taxes are allocated for many things like state infrastructure (roads, bridges, etc), for the poor and the progress of the country of course, if all people do not want to pay taxes certainly state finances will collapse and bankrupt

[amuckrule]

Since online transaction doesn’t have other party included, they won’t ask for tax, which can be a bit problematic since taxes are used for common goods like roads and other infrastructures.

[RakknRoll]

Maybe it will kill the income tax, because in bitcoin you earn profit but you doesn't pay any taxes to your government that's why it is possible that bitcoin can kill the income tax.

[realsteve]

IF it were to kill the income tax, you can be absolutely assured there will be a new tax put in its place.

[biboy]

IF it were to kill the income tax, you can be absolutely assured there will be a new tax put in its place.

We cannot kill the income tax, since bitcoin was still just an ordinary contributor of tax right now unless the country will put bitcoin in their respective countries just like other countries are doing. If ever that the government will have no choice and imposed tax on it let us abide it.

[venkateshbk9535]

Bitcoin will never kill the incometax. Because worldwide almost people using banking and legal currency's. Only small amount of people only know about Bitcoin. It is doesn't a matter it won't kill the income tax. Bitcoin is not accepting in all shops also. It is not a big issue for government.

[abutingting]

It is not possible the Bitcoin will totally kill the Income tax. As Bitcoin arises nor known Income tax will remain as it is a part of governments strategy to keep funds for plans.

[adriaymati58]

But if the government implements a sort of VAT on Bitcoin transactions (for services and products offered by businesses) I think everyone can benefit

[killthebanks]

We really need decentralized exchanges and atomic swaps and segwit lightning network. This will put all the power back in the common peoples hands. Then people need to start demanding to purchase everyday items with crypto. What we are seeing is regulators and governments seeing what is coming down the pipe line and they shitting themselves in a scramble to maintain power. "Give me control of a Nation's money supply, and I care not who makes its laws." Rothschilds

They want to keep us in chains!

[xiaohao111]

I think it will be conducive to the development of the currency, if so, did not pay income tax, countries will not tax income, the government is not good, don't support the development of the currency, without the support of country, the development of the currency becomes more difficult

[shesheboy]

I think it will be conducive to the development of the currency, if so, did not pay income tax, countries will not tax income, the government is not good, don't support the development of the currency, without the support of country, the development of the currency becomes more difficult

no. tax does not help the development of a currency. only people that supports the developer or a project of the developer is the one that matters the most. tax only helps the government to be more powerfull and become more greedy because government are known to be corrupt and the taxes that it gets from the people are not actually use on the right way on which it must be used to improve the economy of country.

[Christian13]

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 when all people are using Bitcoin and focus to it and don't want to work in any job anymore you were right if this happened. since the world change by technology maybe Bitcoin can only  change that income tax Not kill or Bitcoin can be taxable now if government notice that they don't have any worker available because they are all here in Bitcoin.

[GeorgeEden]

well im sure its doing some dmg to the goverments and stuff but im SURE 100% that if its gonna keep like that and making countrys lose money they will do something immidietly they aint gonna stay there with crossed hands. im sure they are gonna ask for taxes and try to control them.

[ABIR HASAN]

There is no circulation of Bitcoin in many countries yet, for which. For which many problems will be lost. I hope this problem should be a solution.

[teejaymuna]

Yes it will kill income tax and in my opinion, this is the biggest reason why many governments are against it. But I think if they become to BTC , they sand to gain more than loose. But again the founder(s) of BTC is not known and a possible crash could mean a countries investment going down the drain.

[Borisov]

the government is not really concerned about the tax as the percentage of transactions is still small! when everywhere will accept payments in bitcoins, then it will reflect. it is still early!

[zhelis74]

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 when all people are using Bitcoin and focus to it and don't want to work in any job anymore you were right if this happened. since the world change by technology maybe Bitcoin can only  change that income tax Not kill or Bitcoin can be taxable now if government notice that they don't have any worker available because they are all here in Bitcoin.

Maybe it doesn't really kill the income tax but it really affects the country's income taxation since there are many people who are in favor of being a self employed as
they see that there are good opportunity in bitcoin so they will resign from their stable job but still there are people who have not yet believe in bitcoin.