Bitcoin Will Kill The Income Tax

[cokkapaga]

No, If the government is makes a regulation about of bitcoin to get the income tax
it can partnership with an exchanges to get the income tax in the country income.

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[Mr.Dick]

I would like to rad the articel but : error 404.

Anybody can repost from somewhere else?
cheers

[ericbrown]

Well, in the short run taxes are going to increase due to the fact that governments try to overcome the deficit caused by lack of being able to print valuable money. 

[ademily]

Yes, there are high chances that it will kill the income tax. It is because when buying and paying is done through bitcoin, there is no need to enter the bank details etc. So, yeah, bitcoin has the potential of killing income tax in the future. 

[Becase]

I think I would never kill income tax or other government services if the government authorizes bitcoin for their affairs and provides different facilities for bitcoin use in the state, especially countries need to start their own wallets so they will run their duties for bitcoin currencies and they should let the bank use bitcoin.

[laravuemaster]

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.

Those people who use banking system does not really know about cryptocurrency or maybe, there are also black propaganda about bitcoins in their country to less the investors of bitcoins but if they know the truth then probably they will really invest on cryptocurrency as well.

[Kulafu]

Not really its up to the government how they regulate the btc so it can be taxed. The government can do it in the payment. they can ax the tax in their.
In my country they do that, the bank deducted the tax when you withdraw your money which come from cryptocurrency.
For me it is okay to be taxed than to be banned.

[datodota002]

That is the one of other reason why goverment affraid to bitcoin. just imagine when every country in earth have accept bitcoin and every merchant and shop accept bitcoin. once people turn all his money to bitcoin all taxes will hard to record and bank will be useless. and when a person want to disappear. he can disapear easily. can move to other country easily with out convert his money

[Genosx]

maybe it will kill the income tax, because earning in bitcoin doesn't require paying taxes thats why i said that it may kill the income tax.
When you earn in bitcoin your money is in you and no one's requires or pushing you to pay your income tax not like in other business or job you are required to pay your income tax.

[Tuyul Gupies]

I think it's hard if crypto will be in taxes, because the user alone is anonymous, so hard to track it, but if the in use is income tax then it can only

[ashfer]

As you said i don't that all the tech savvy users are dealing with bitcoins most of them won't be even having much idea on what it maybe they might come to know some like it is good investment and it was not much popular even though now it became famous in the globe it will still take time for all to start using bitcoins as far as tax is concerned it is not going to affect the tax system as people will normally cash out their bitcoins when they find it profitable and while cashing btc out the money will be going to their bank and when the money reach the bank if the amount is high as per the rules of the nation they will automatically get taxed for the amount that comes in the bank so i don't that the tax will be dried because of btc.

[Bonakid]

Bitcoin is design as decentralized system it does not require any payment of tax.The government cannot imposed tax on it or any rule the can give.I think the charges or fees it serves as tax for us who are bitcoiners.I think someday it will kill the income tax fornits popularization many people are now deal with bitcoins I think it will implement as long government did not banned it.

[jacob161]

That is the one of other reason why goverment affraid to bitcoin. im sure they are gonna ask for taxes and try to control them

[teoco162]

Bitcoin is not going to kill the income tax but for a small segment of the population it will allow them to avoid taxes with bitcoin, this is not good news for the rest of us since that means that governments are going to treat bitcoin users as criminals that deserve to be watched so the actions of a few will affect us and the regulations we are going to face.

[teoco161]

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

[boddy.dy]

I doubt bitcoin can kill the income tax, we can say that it can have an impact on it but killing it or making it vanish? Maybe a no no. This is one of the many reasons of some countries why they ban or not allowed bitcoin in their country. It is because they cannot regulate it, they cannot put tax on bitcoin. On for those country that accept bitcoin, the stores or the remittance centers are the one who are paying the tax not the bitcoin itself; therefor there is still a tax. Bitcoin is the one who is exempted to tax but the goods, services, stuffs or what so ever being bought using bitcoin is taxable.

[icanscript]

In some countries, income tax is paid and calculated by the citizens themselves. This is a very correct practice. When a good tax service is organized, this will not lead to a significant reduction in taxes.

[stampeditor]

Since Bitcoin acts independently, they don't require to have tax at all because if they do, it will increase the fees and other transactions at least two folds, eating up majority of your savings.

[cryptojoe]

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

Taxes drying up is a problem? Do you work for the government?

[Rosa Paula]

I think, this topic is true.Bitcoin Will Kill The Income Tax.Because bitcoin transaction user identity always hidden.So government can't find all bitcoin user and can't get Income tax.