Bitcoin Will Kill The Income Tax

[Elain A.]

Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption.

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[fanita]

all that is not true, bitcoin will not pay taxes because of this simple thing there is no tax on bitcoin and its use. bitcoin is only digital money through the internet to enter the forum, so bitcoin does not pay taxes. and that will change if bitcoins start becoming more popular for payments and salaries of its users. so bitcoin will make revisions to the employee income tax, all of that will happen.

[ejhayehm]

That is why the government are very angry about bitcoin and that is also why people prefer the use of bitcoin rather than fiat currency. The government is also spreading FUD about bitcoin so the potential user of bitcoin will become discouraged of using it.

[Sean25pogi]

maybe it will kill but now, it cannot because many of the users still working and paying their taxes and even in claiming bitcoin they pay taxes for it conversion fee and transfer fee.

[bctm]

I don't think so, because when we converted btc into cash currency than we paid some taxes from amount.

[Ozero]

States have great powers to introduce new taxes and change existing ones and will surely find methods for levying their income from employment with crypto-currencies. If the state sees that their taxation is ineffective, and besides, money in digital currency will go outside the country, it will simply prohibit the use of crypto currency, and if it is used, it is insignificant and under penalty of criminal responsibility. Therefore, bitcoin can not kill the profit tax, most likely the state will make bitcoin small and illegal if users ignore the profit tax from operations with crypto currency.

[moonshoot]

Most people don't want to go to jail for tax evasion. Most of those are willing to pay their taxes and want to do what's right. The ability to evade taxes does not mean that everyone will choose to break the law. There are so many things people could "get away with" on a daily basis that they don't, because it's not the right thing to do.

But even for the scofflaws, law enforcement and the taxing agencies I think have a lot of effective ways at catching them, bitcoin or no bitcoin.

[bctm]

let's hope so.

[Zigzagkuy]

Bitcoin only kills income tax because it is not a regular currency, if the government considers bitcoin as a legal currency then it will definitely impose a tax and will actually collect a good income tax from bitcoin income.

[gamechain]

This will only be the case if people actively work for bitcoin and pay with bitcoin, so there is no need to enter the banking system at all. We need to close the circle and stay 100% within bitcoin for true freedom to happen. Also, we must guarantee that people can keep running their nodes on their basements, if we depend on corporations to run nodes then we are screwed (big blocks problem)

Due to the lack of a legal currency position within any jurisdiction, IRS treats Bitcoin as property for tax purposes. This identification is likely to create difficulties, especially when Bitcoin prices fluctuate, transaction volumes continue to grow, and other tax compliance issues are considered.

[ronremsey25]

Hopefully Bitcoin does kill the income tax, because it is a pain in the pocket. We are full off taxes and here is the income tax that is a cancer to the earner. Taxes is being made by those who are corrupt in the government. Even though there are many taxes that is being paid, here in my country I cant see the development and the progress. I thought taxes are meant for development but I cant see but only those officials that are getting rich.

[myhometalk]

Hopefully Bitcoin does kill the income tax, because it is a pain in the pocket. We are full off taxes and here is the income tax that is a cancer to the earner. Taxes is being made by those who are corrupt in the government. Even though there are many taxes that is being paid, here in my country I cant see the development and the progress. I thought taxes are meant for development but I cant see but only those officials that are getting rich.

Some taxes are good, but some of them are just stupid and make no sense. And you can't do nothing about it because it's the law. So we can only hope for at least one tax to die. Very good.

[bryant.coleman]

Some taxes are good, but some of them are just stupid and make no sense. And you can't do nothing about it because it's the law. So we can only hope for at least one tax to die. Very good.

I used to oppose taxation. But lately, I have realized that the government may not be able to function properly without taxation. Still, I want the taxes to be reasonable. They should not be like the case in Germany, where individuals pay an income tax of almost 50%, on top of extremely heavy indirect taxes.

[moonshoot]

Some taxes are good, but some of them are just stupid and make no sense. And you can't do nothing about it because it's the law. So we can only hope for at least one tax to die. Very good.

I used to oppose taxation. But lately, I have realized that the government may not be able to function properly without taxation. Still, I want the taxes to be reasonable. They should not be like the case in Germany, where individuals pay an income tax of almost 50%, on top of extremely heavy indirect taxes.

The insidious thing about taxes is that providing more and more services always sounds like a great thing, and taking them away always sounds like you're suggesting we start killing babies or throwing old people into the streets. Tax rates therefore grow quite organically until the society cannot bear them anymore.

[RakknRoll]

No,  the bitcoin cannot kill the income tax since taxation is very essential in the government and they have no authority to do that in the government side.

[jeepuerit]

Bitcoin may not have tax but it does not mean that tax will be lost, because there are still a lot of money in the transfer of money.
Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.

[Kasabus]

Bitcoin may not have tax but it does not mean that tax will be lost, because there are still a lot of money in the transfer of money.
Subsequently, people would be able to donate "taxes" for what they think are the most relevant projects.

You cannot tax bitcoin alone because it's just a system that can be use for online transaction.
When we are getting benefit by using bitcoin like getting money then maybe that is the right time where we will be tax, however bitcoin is not that
popular so there are still countries who haven't regulate bitcoin and people are maximize the benefit by not paying taxes.

[jimrome]

maybe it will kill but now, it cannot because many of the users still working and paying their taxes and even in claiming bitcoin they pay taxes for it conversion fee and transfer fee.

The income tax is not about conversion fees and transfer fee,you have to file the income tax for the profit you are making through trading and if you want to be on the good book of the law you have to file the taxes properly,if not you might end up in trouble.

[Sate Jamu]

maybe it will kill but now, it cannot because many of the users still working and paying their taxes and even in claiming bitcoin they pay taxes for it conversion fee and transfer fee.

The income tax is not about conversion fees and transfer fee,you have to file the income tax for the profit you are making through trading and if you want to be on the good book of the law you have to file the taxes properly,if not you might end up in trouble.

All this depends on our intentions, as long as there is good faith to pay taxes then bitcoin can contribute greatly to donate taxes, but for those who have no good intentions then bitcoin is a heaven to eliminate taxes.

[Pancheng]

I think it will go backward, Income tax may not kill bitcoin if it fires back but it will affect all the BTC transactions if the tax is implemented on BTC, but, same as others I was hoping also if BTC will be recognized as digital currency globally so that we can escape from tax.