Bitcoin Will Kill The Income Tax

[error08]

this is not entirely true because first of all bitcoin is mostly an investment not our salary or day to day money to spend. and also it is because of this simple thing that there aren't taxes yet on bitcoin and its usage. and that will change if bitcoins starts to become more popular for payments and for salary.

Yes it is for now, as bitcoin become more famous and more adopted by people around the world which you could choose to receive your salary in bitcoin. If the trend of bitcoin as salary increases, government may consider to tax them. For now, I thought just in the US which IRS want to get tax from people who bought bitcoin as IRS believes that buying Bitcoin is probable cause for making an individual the subject of a tax evasion investigation.

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[CraigWrightBTC]

Blockchain technology, given the fact that technology is fundamentally destructive, causing it to accelerate the non-value-added administrative activities of intermediaries (taxes regulator). The essentials remove entire industries from the center(dictator), offering new levels of efficiency and cost savings through an intelligent automation contract.
Blocking the chain eliminates administrative processes, as well as 90 percent of additional non-value back office functions.
 

[rickadone]

I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.

Evasion of taxes and imposing taxes on bitcoin could be possible only by volunteer acceptance of a bitcoin user.

But holding bitcoin in our wallet is nothing but we are owning some property but in digital format. For owning property we never need to pay taxes, but only when we are going to use them/ sell them. I strongly believe this will be applicable for the case of bitcoin as bitcoin is also viewed as a digital asset.

possible. That is the reason people are viewing adopting bitcoin may kill collecting taxes and the governments. How many people will come forward themselves to pay taxes when they are using bitcoin. I doubt only very few people. So, in my opinion governments are going to face very big challenges in upcoming days.

[countryfree]

BTC won't change much for most people, because they have a fixed job with a fixed salary, which is lawfully declared to the tax authorities. So you may be paid in bananas or rubles, the government will still be aware of your earnings, and you will have to pay tax on that income.

If you don't want to pay income tax, actually, it's quite easy. I'm not paying any. I'm being paid by bank transfer, with transfers coming from a country where I've never been, going to my bank account in a country where I'm not living. You do that, you don't pay income tax.

But there is always a risk of being caught by doing that. How are you supposed to have a bank account opened in a country where you don't live? as far as I know you can't unless you live X amount of time on said country. Like 1/3 of the year you must live there to keep your account. If it was that easy and riskless no one would be paying, but the reality is, people get caught including famous rich people like Cristiano Ronaldo which by the way may be facing jail since he didn't pay like hundreds of millions. There can always be leaks and so on.

I see you're not familiar with these things. Tens of millions of people have bank accounts in countries where they don't live. But I forgot something, you need to avoid making any payment from that foreign bank account in the country where you live.

[Positid]

I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.

Evasion of taxes and imposing taxes on bitcoin could be possible only by volunteer acceptance of a bitcoin user.

But holding bitcoin in our wallet is nothing but we are owning some property but in digital format. For owning property we never need to pay taxes, but only when we are going to use them/ sell them. I strongly believe this will be applicable for the case of bitcoin as bitcoin is also viewed as a digital asset.

possible. That is the reason people are viewing adopting bitcoin may kill collecting taxes and the governments. How many people will come forward themselves to pay taxes when they are using bitcoin. I doubt only very few people. So, in my opinion governments are going to face very big challenges in upcoming days.

Maybe the more people who adopt with bitcoins the more the government will be losing tax income, it's a haven for us who wants to hide our real income and hope the government will not be strict on us now in the near future so we could continue to maximize our income.

[kryptqnick]

I think it is just a hypothesis and it's even not very likely to happen. There is a possibility bitcoin and will encourage companies to avoid taxations and other cryptocurrencies may strengten the process but if there are no taxes how can states exist? State is a treaty between people and the ruler. They give him resources and we guarantees some safety. Without taxes there won't the resources and so the anarchy will come.

[manbitcoinlover]

No it won't, unless you like breaking the law which is illegal and something I strongly recommend that you don't do. Bitcoin will have to be reported to the tax man but I am sure if you ask someone who has more information about this you will see that jut like fiat there are certain income generating ways that do not have to be taxed. But that depends on national law. 

[stark101]

Bitcoin kills banking, how it happens? why it will happen?
Bitcoin is the currency of the internet, a distributed, worldwide, decentralized digital money. They dont. This is just a myth or a form to scare the people. We do all know that every things or done here in the world have taxes, even in a small things, there are always have taxes, even the things you owned there is a tax already in it.

[darklus123]

My point to this certain issue is that taxation in the first place is a very good way contribution to your beloved country. If us people don't pay taxes then we are not given a rights to used that roads,bridges, or to that certain hospital for free, etc. 

   The only problem here is that it was being abused by the government(not all but most of them) IMO taxes should be voluntarily given by the citizens. So I am not in favor of allowing bitcoin to kill taxes but instead to give the freedom to its people.

[Gembul]

I think it could have happened, but bitcoin will not kill the country's revenue from taxes 100%. Because we know that not all items can we buy with Bitcoin. Just my opinion, thanks

[Xester]

My point to this certain issue is that taxation in the first place is a very good way contribution to your beloved country. If us people don't pay taxes then we are not given a rights to used that roads,bridges, or to that certain hospital for free, etc. 

   The only problem here is that it was being abused by the government(not all but most of them) IMO taxes should be voluntarily given by the citizens. So I am not in favor of allowing bitcoin to kill taxes but instead to give the freedom to its people.

Yes, as i have commented on the previous page, you have the same outlook as me. Killing tax is killing the government. Without the government there will be no services there will be chaos again. The poor will be again marginalized. Bitcoin is not made to kill the government and to overlook poor people but instead bitcoin is seen to help poor people overcome its financial instability and to leave the slavery of banking system.

[Xester]

My point to this certain issue is that taxation in the first place is a very good way contribution to your beloved country. If us people don't pay taxes then we are not given a rights to used that roads,bridges, or to that certain hospital for free, etc. 

   The only problem here is that it was being abused by the government(not all but most of them) IMO taxes should be voluntarily given by the citizens. So I am not in favor of allowing bitcoin to kill taxes but instead to give the freedom to its people.

Yes, as i have commented on the previous page, you have the same outlook as me. Killing tax is killing the government. Without the government there will be no services there will be chaos again. The poor will be again marginalized. Bitcoin is not made to kill the government and to overlook poor people but instead bitcoin is seen to help poor people overcome its financial instability and to leave the slavery of banking system.

[Sithara007]

I don't think that any of the governments will be happy with the death of income tax. They will never allow that to happen. In case the income tax becomes obsolete, then the governments are likely to make up for that, by increasing the indirect taxes such as VAT.

[Fatanut]

I think it could have happened, but bitcoin will not kill the country's revenue from taxes 100%. Because we know that not all items can we buy with Bitcoin. Just my opinion, thanks

That's not the reason why bitcoin cannot kill income tax. Not everyone's into this thing. The number of bitcoin workers is nothing compared to the number of people paid in fiat. There would always be people paying income tax even though they don't want to. And trust me, you don't want every single person to skip paying their income tax. A lot of public services that you use are from the tax that you're paying. Maybe your government is corrupt or something but you still have to pay your taxes.

[audaciousbeing]

Income tax will never go extinct and the only reason why some countries avoid it is because the cost of collection is more than the amount raised and in this case it serves as one of the surest source of revenue to government and if Bitcoin wuloo serve as a threat to that source, I see it being banned by government because I dont see government sacrificing that source of revenue for anything unless that find a way to tax Bitcoin itself.

[warwar]

I think tax can never be evaded because tax is the main source of governent to maintain and give salaries to government employers who helps to governs an entire country. Maybe bitcoin cannot imposed with tax but government will find a way. They will surely make a law to regulate the use of bitcoin. If they cannot regulate it, they will ban it.

Evasion of taxes and imposing taxes on bitcoin could be possible only by volunteer acceptance of a bitcoin user.

But holding bitcoin in our wallet is nothing but we are owning some property but in digital format. For owning property we never need to pay taxes, but only when we are going to use them/ sell them. I strongly believe this will be applicable for the case of bitcoin as bitcoin is also viewed as a digital asset.

possible. That is the reason people are viewing adopting bitcoin may kill collecting taxes and the governments. How many people will come forward themselves to pay taxes when they are using bitcoin. I doubt only very few people. So, in my opinion governments are going to face very big challenges in upcoming days.

Maybe the more people who adopt with bitcoins the more the government will be losing tax income, it's a haven for us who wants to hide our real income and hope the government will not be strict on us now in the near future so we could continue to maximize our income.

Nope! I dont thinks so because as of now bitcoin is not their jurisdiction well if they put tax on it we all know that they could add it into tax and in their corruptions! Well here in our country we are glad that bitcoin has no tax to we could maximize  our earning so it is reallyy nice and i hope that government will not put tax on it

[Zadicar]

Income tax will never go extinct and the only reason why some countries avoid it is because the cost of collection is more than the amount raised and in this case it serves as one of the surest source of revenue to government and if Bitcoin wuloo serve as a threat to that source, I see it being banned by government because I dont see government sacrificing that source of revenue for anything unless that find a way to tax Bitcoin itself.

It wont really happen that government could imposed or implement to tax bitcoin since it wont happen anytime soon because we know that bitcoin cant really be controlled by someone. Thats why some countries would really ban bitcoin because of this reasons other than that regarding on illegal things but mostly on taxation matters.

[The_Dark_Knight]

I will still maintain my position that Bitcoin cannot kill Income Tax so far we still have government and government will still need money to run its affairs which is largely generated through Income Tax what I see happening is government finding a way to either tax that income from Bitcoin and if that is not possible, ban its use all together. What we are still enjoying now is that the population still involved in Bitcoin and the loss of revenue involved, is not enough to call the attention of governments...

You have a point sir. Bitcoin cannot kill income tax and its simple, without income tax then the government will die since the government operates and fueled by income taxes. Without tax there will be no government and its services. Thus the if government sees that bitcoin has huge impact on the society, economy and governance it will look upon bitcoin and regulate it or possibly ban it.

Without income tax, big governments will die, but that could signal the coming of small governments, there are countries where you don't pay income tax from foreign income, and in the past many government did not have income tax at all.

[traderethereum]

I don't think that any of the governments will be happy with the death of income tax. They will never allow that to happen. In case the income tax becomes obsolete, then the governments are likely to make up for that, by increasing the indirect taxes such as VAT.

yes i am agree, the governments will make a way to prevent people using bitcoin and maybe will stop or will make regulation about bitcoin or maybe the governments will make separate tax for people which is using bitcoin as their payment or when they buy some product. i hope that the governments will make a research and make a wise decision about bitcoin so the economic and the bitcoin will walk together to give support for the economic of the country.

[gilangIDR]

I don't think that any of the governments will be happy with the death of income tax. They will never allow that to happen. In case the income tax becomes obsolete, then the governments are likely to make up for that, by increasing the indirect taxes such as VAT.

of course it is a loss for the country. they will lose substantial revenue. those people will not pay the tax they have. This is one of the weaknesses bitcoin, everything is not the visible.