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Author Topic: Bitcoin Will Kill The Income Tax  (Read 29862 times)
Yakamoto
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December 13, 2016, 03:53:25 AM
 #81

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.
And they'll make up for what they lose in income tax in sales tax, property tax, wealth taxes potentially, and so on and so forth. There is no limit to what they can tax, and as long as you can see it (which is everything you own essentially, or everything tangible) or buy it they can tax it at whatever percentage they want.

Bitcoin is great for an anarcho-capitalist society, no so great for much else.
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December 13, 2016, 03:59:32 AM
 #82

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.

Even they will not make a way because they can just simply ban bitcoin to stop the people for using it. So, for those people who are enjoying bitcoin in their country its number is going to be regulated and limited. Because of it, that is going to make their income tax higher again and also it is going to help if they will make usage of bitcoin as illegal.

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December 13, 2016, 11:14:09 AM
 #83

May be government will do some trick to get tax from bitcoin like force the merchants to increase the price and force them to pay tax of their business. By that way I think government will still can get tax income from every legitimate transaction. Thats my opinion.


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December 13, 2016, 11:36:21 AM
 #84

Uh I don't think that the government will allow this.  A tax is a really important part of the government so they will probably regulate bitcoin or the worst case they might ban it,  They will certainly think of a new way to tax people. We should just think of how to lessen tax not to avoid it cause it will be impossible and might give arise to a more problematic problem

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December 13, 2016, 11:58:04 AM
 #85

Uh I don't think that the government will allow this.  A tax is a really important part of the government so they will probably regulate bitcoin or the worst case they might ban it,  They will certainly think of a new way to tax people. We should just think of how to lessen tax not to avoid it cause it will be impossible and might give arise to a more problematic problem

Yes! And tax was given by the people so government can use it for providing something good in return for the country so tax is given to the government by us normal citizen that is the payment for the government, and yes it can never be avoided Tax exist for government to work and bitcoin can not go beyond that boundary of taking out tax because that could make it only worst.
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December 13, 2016, 04:34:32 PM
 #86

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.

it will surely happen, they will make other ways to impose us a large tax especially to all bitcoin users and imposing a very large tax to indirect taxes will be their great move so it seems killing income tax will only bring a big problem to the tax payers if ever this became a reality .
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December 13, 2016, 04:40:36 PM
 #87

May be government will do some trick to get tax from bitcoin like force the merchants to increase the price and force them to pay tax of their business. By that way I think government will still can get tax income from every legitimate transaction. Thats my opinion.

Bitcoin is the open ledger where you find the all the transaction under the one bitcoin address or more. if bitcoin adopt by the any government. They can't cheat every body by putting unwanted tax on them and even business people not able to scam the government by the non tax payment.  However, bitcoin will be the trusted network in future.
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December 13, 2016, 05:22:42 PM
 #88

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.

Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government. And bitcoin in the first place was not made to help the poor people but to create a platform in which you and your self should have to freedom to handle your finances.
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December 13, 2016, 05:33:04 PM
 #89

Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government.

That is an incorrect statement. Only a small fraction of the government revenues are now spent on education and social welfare. The rest is being spent on other expenses, such as employing government servants, defense, re-capitalizing bankrupt corporations.etc.

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December 13, 2016, 05:39:06 PM
 #90

May be government will do some trick to get tax from bitcoin like force the merchants to increase the price and force them to pay tax of their business. By that way I think government will still can get tax income from every legitimate transaction. Thats my opinion.

If for bitcoin use tax is imposed, it won't be cent percentage perfect. When bitcoin helps gain power against the government and private sectors, people have the hope  of increased usage and need to learn much about the issues generated and the solution to overcome those issues of taxation.

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December 13, 2016, 05:41:25 PM
 #91

Uh I don't think that the government will allow this.  A tax is a really important part of the government so they will probably regulate bitcoin or the worst case they might ban it,  They will certainly think of a new way to tax people. We should just think of how to lessen tax not to avoid it cause it will be impossible and might give arise to a more problematic problem

how can a government ban bitcoin if people can still mine it with their pc gaming computer? i think it's impossible to do that for them and they know this, they will not ban it they just enforce more control and require more id on exchange, and it's the only way for them to regulate bitcoin

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December 13, 2016, 05:55:14 PM
 #92

Uh I don't think that the government will allow this.  A tax is a really important part of the government so they will probably regulate bitcoin or the worst case they might ban it,  They will certainly think of a new way to tax people. We should just think of how to lessen tax not to avoid it cause it will be impossible and might give arise to a more problematic problem

how can a government ban bitcoin if people can still mine it with their pc gaming computer? i think it's impossible to do that for them and they know this, they will not ban it they just enforce more control and require more id on exchange, and it's the only way for them to regulate bitcoin

What they can do is to discourage people to get into btc which is like what china is. However, that still would stop the enthu to continue to farm btc. Some china people even setup mining factory just to mine btc. But if the government wants to go all the way, they can ban you from accessing, just like what north korea is.
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December 13, 2016, 10:36:42 PM
 #93

Governments cant do jack if the transactions are 100% anonymous.  I see tax revenues collapsing.
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December 13, 2016, 11:05:10 PM
 #94

I think in the future there will be some serious changes in how governments collect taxes, if they even do at all, there will need to be a radical rethink about this.
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December 14, 2016, 12:27:48 AM
 #95

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.
Some of the richest men in the entire world pay less tax than you or me, what bitcoin will do is to give the average person the possibility, if they want to, to avoid paying taxes if they choose to like all those rich men.
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December 14, 2016, 03:45:15 AM
 #96

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.
Some of the richest men in the entire world pay less tax than you or me, what bitcoin will do is to give the average person the possibility, if they want to, to avoid paying taxes if they choose to like all those rich men.
They pay less because they are tax evader but with bitcoin we are not tax evader since it's a different situation here, it's not regulated and we have no obligation to pay taxes to the state.

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December 14, 2016, 04:25:39 AM
 #97

Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government.

That is an incorrect statement. Only a small fraction of the government revenues are now spent on education and social welfare. The rest is being spent on other expenses, such as employing government servants, defense, re-capitalizing bankrupt corporations.etc.

But how can the government possibly do that when they cannot function properly if it happens that there would be no more in coming tax pays from its citizens. We all do know that what keeps the government alive is the tax funds it self
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December 14, 2016, 04:30:32 AM
 #98

Well, that's good to hear. Killing tax does not actually kills the government but the people who are under the government.

That is an incorrect statement. Only a small fraction of the government revenues are now spent on education and social welfare. The rest is being spent on other expenses, such as employing government servants, defense, re-capitalizing bankrupt corporations.etc.

But how can the government possibly do that when they cannot function properly if it happens that there would be no more in coming tax pays from its citizens. We all do know that what keeps the government alive is the tax funds it self
If the government cannot collect taxes we cannot enjoy good infrastructures and they do not have money to corrupt, it happens in our country. But in relation to bitcoin, I guess they will take the necessary actions to tax people transacting online as it already give them an alarm and we are abruptly growing, imagine how much they can collect if they can impose taxes. But for now, we have to enjoy the tax less system.

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December 14, 2016, 04:40:44 AM
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If the government cannot collect taxes we cannot enjoy good infrastructures and they do not have money to corrupt, it happens in our country. But in relation to bitcoin, I guess they will take the necessary actions to tax people transacting online as it already give them an alarm and we are abruptly growing, imagine how much they can collect if they can impose taxes. But for now, we have to enjoy the tax less system.


See? There is really no point of bitcoin killing our tax because this is the primary thing that a certain country needs. Tax(is a contribution from the citizens)

The services which your government offered were exist because of the Tax. if you don't want to pay the tax then better go off your country because it's actually the same as refuse to do the obligation which was given to you from your birth until death and because of that you may be don't have the rights to accept the service your governments were offered furthermore. Think that if you really hate those taxes so much

Exactly to those people who dont want to pay taxes should live alone in a certain island. Atleast they dont have to worry much about paying their taxes.

The only thing here is that it is being abused by most of the government tax collectors
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December 14, 2016, 07:46:51 AM
 #100

Are you all mad? Bitcoin will make collecting tax easyer as tax can be collected at source when you earn and when you spend.

UK Government (Science Office) seem to be pro crypto as you can see fron this gov doc - distributed ledger technology.pdf
An interesting read, quote....
"Distributed ledger technologies have the potential to help governments to
collect taxes, deliver benefits, issue passports, record land registries, assure the
supply chain of goods and generally ensure the integrity of government records
and services. In the NHS, the technology offers the potential to improve health
care by improving and authenticating the delivery of services and by sharing
records securely according to exact rules. "

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

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