Bitcoin Will Kill The Income Tax

[Paxful_Marketing]

May relate:
http://www.resilience.me/basicincomeco---a-peer-to-peer-basic-income-network.html

[1714991418]

1714991418

[canhchuacaro1]

Tax if very important to the government as it is its lifeblood, without taxes they cannot make infrastructures and maintain it
This is exactly the main reason why did the European government like the united kingdom did adopt and studied bitcoin right away because of that certain potential that you've stated(there is only a certain problem with comes to identifying its taxpayers tho, they should have to find a way about that certain matter
But if I were to have my salary, I would prefer it in bitcoins. If Bitcoins managed that, it would be helpful. It would benefit the people but not the government. I hope the future of Bitcoin would be brighter than it ever was before.

[saqibmunir]

yes somehow it will kill income tax and it will become a problem when more or more people get into this business but i think in future bitcoin organisers and developers change their policies and make a way for that to overcome this problem........

[erickkyut]

Bitcoin will kill the income tax? Well, for me it is possible but I think bitcoin still has a long way to go. Besides, bitcoin is still not acceptable worldwide. And also, the government cannot continue all their project if there will be no income tax! We need to take that into consideration.

[yhlsqj]

Bitcoin will kill the income tax? Well, for me it is possible but I think bitcoin still has a long way to go. Besides, bitcoin is still not acceptable worldwide. And also, the government cannot continue all their project if there will be no income tax! We need to take that into consideration.

It may kill the income tax, because government hardly enforce the tax law with our bitcoin revenue, we don't need to report it, there are many other countries that do not charge income tax on capital gains, making bitcoin is no need to pay the tex, would be very happy life.

[JC btc]

Bitcoin will kill the income tax? Well, for me it is possible but I think bitcoin still has a long way to go. Besides, bitcoin is still not acceptable worldwide. And also, the government cannot continue all their project if there will be no income tax! We need to take that into consideration.

It may kill the income tax, because government hardly enforce the tax law with our bitcoin revenue, we don't need to report it, there are many other countries that do not charge income tax on capital gains, making bitcoin is no need to pay the tex, would be very happy life.

Bitcoin has no negative impact yet in our country since almost only 1 % are just using or has known in our place, so our government is not yet focusing on this matter and I don't think that amount would kill the income tax. There are lots of taxes which the government can sustain for the needs of one country.

[savioroshan]

yeah definitely bitcoin will kill the income tax. Because none of the goverment can regulate it because of its anonyous nature. Actually its going to be a threat to all governments in the world where taxes are there. Since bitcoins are anonymous it will be difficult to get the income tax from the people. If government doesnt get income tax, how will goverment function properly. How salaries will be paid for government officials. How government is going to survive.So definitely all governments will ban or regulate the usage of bitcoins in future. Definittely they will find a way to regulate it. Otherwise it will affect the economy of the country.

[deisik]

for record, sell crypto and not declare the profits to the IRS is a criminal or any the less criminal act and so reprehensible. Just to say that bitcoin, as precious metals, is a good way to not be harrassed by the State.
taxs evasion  is a national sport. do not get caught it is imperative. lol

It is not a national sport. Tax Evasion is an illegal thing that people do to avoid paying their taxes. For starters taxes are created to mitigate the evil arising from being rich which means they are actually avoiding what is right to keep them in balance. There is a bigger picture than you as an individual avoid taxes. Think about half of your population avoids taxes what will happen to your national budget?

Am I the only one who thinks it heavily smells like socialism here?

First, I don't quite understand why being rich is evil since this is what you imply here. What is the evil arising from being rich exactly? If there is nothing wrong in that after all, why should the rich necessarily pay more taxes than generic humans? Second, what about legal tax avoidance? I refer to using legal means to lower your tax burden. Further, what national budget are you talking about? Income tax paid by individuals makes only a tiny part of the national budgets of most countries, and I guess it is more than offset by an inflation tax alone. And what about the latter? Are you okay with it too?

[wxa7115]

I wish people wouldn't support taxation of marijuana so strongly.

Do they realize their legalized weed would be much cheaper if it wasn't heavily taxed?

Bitcoin is the same.

 

I think you misunderstood the topic. It's not about taxation killing Bitcoin but rather the other way around. With Bitcoin it's easy to evade taxation, but since most people don't use it yet it shouldn't be a big problem for the governments, for a while at least.

Believe me governments take notice of developments like this, it is no wonder why governments are all over tax havens and pressure them to give up banking secrecy or to raise their taxes or change their laws so you have nowhere to run, bitcoin has opened a new way to do it and it is not something they can destroy very easily.

For us money earners we could really saw that tax do really affects us too much but thinking it on a good way it does really help for a nation to grow even more specially when your government using it on a proper way and not on the corrupt ones.Bitcoin could really kill income tax but it would really give effect to the economy of a certain country.

But unless you live in a first world country you can be sure politicians are stealing a significant amount of your taxes and that is when a dilemma occurs, do I pay my taxes even if I know they are going to steal it? Or do I refuse to pay them knowing this will affect the whole country?

[LLec]

The way it is looking now with these tax havens being controlled now by their countries governments that is looking highly unlikely now.
You do know that in Switzerland they are making it law to allow them to tax those who hold bank accounts who were tax-free for the longest time. It has already happened a year now to those from Canada who held any money in these such accounts.
http://business.financialpost.com/personal-finance/taxes/for-canadians-with-a-secret-swiss-bank-account-time-is-running-out
And I recently heard they are doing this for all other countries too. Including residents who reside in  Dubai of UAE and other billionaires who have accounts held with them.

[saqibmunir]

yeah definitely  will kill the income tax. Because none of the goverment can regulate it because of its anonyous nature. Actually its going to be a threat to all governments in the world where taxes are there. Since s are anonymous it will be difficult to get the income tax from the people. If government doesnt get income tax, how will goverment function properly. How salaries will be paid for government officials. How government is going to survive.So definitely all governments will ban or regulate the usage of s in future. Definittely they will find a way to regulate it. Otherwise it will affect the economy of the country.

yeah you are right but i think organisers of bitcoin will change there policies and makes a way out for this also as it proceed because taxation is the very important department  for every country and every country needs tax it to run the country ........ so i think oorganizer may think about it.......

[positivezero]

I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.

Yeah i agree to you. As they said, there are 2 types  that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true  , we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to wait

[KennyR]

Several countries have tax free financial ecosystem, with those countries taxation is not a big issue. Recently Israel have partially regulated bitcoin mentioning it to be the taxable asset. Though they cannot find the user related to transaction, they'll initiate strict regulations to get the accurate information regarding the identity. So taxation can be made based on need, but when taxes were levied on bitcoin sure it'll loss lots of users.

[Senor.Bla]

I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.

Yeah i agree to you. As they said, there are 2 types  that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true  , we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to wait

This will not happen. No government will say "oh look there is this thing called Bitcoin, we should forget about all the millions income taxes bring us and let it be a thing of the past". So there will always be an income tax. Generating income and not paying that is and will be in the future illegal. If you think Bitcoin might help you to not pay it, then this is your opinion, but it is still not allowed and pleas tell nobody anything else. 

[jamyr]

I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.

Yeah i agree to you. As they said, there are 2 types  that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true  , we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to wait

This will not happen. No government will say "oh look there is this thing called Bitcoin, we should forget about all the millions income taxes bring us and let it be a thing of the past". So there will always be an income tax. Generating income and not paying that is and will be in the future illegal. If you think Bitcoin might help you to not pay it, then this is your opinion, but it is still not allowed and pleas tell nobody anything else. 

Why are most of guys here talk about evading tax-responsibilities? We need to help our government no matter where we live. Evading tax is like stealing money from more people. Shame on people evading taxes.

[t2yax]

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

[JC btc]

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

There is nothing wrong with imposing tax in bitcoin, if they did imposed that means that bitcoin is now legal and will be part of our life and will exist for the rest of your life. So, for me it is okay as a bitcoin user it is okay for me to pay taxes rather than not allowing to have bitcoin transaction here in our country.

[szpalata]

I think this cannot be, because, if our local governments will handle bitcoins, it will implement bitcoins to have tax, we know that local government always that thought of having additional fees on it. We know that kind of additional fees will be going to affect on us. We should think about what will gonna happen on it

I beg to differ, Bitcoin can actually kill income tax because the populace within a particular jurisdiction can avoid it completely; there are no names attached to transactions and if companies decide to pay workers via the blockchain I don't think it can be traced unless maybe there are improvements on privacy issues associated with bitcoins which I doubt will materialize because if decentralization.

[savioroshan]

I think it won't happen as long as bitcoin user keep use legal services and government ask every legal services which accept bitcoin to include tax as well which automatically converted to their fiat currency.
The real problem when bitcoin user spend their bitcoin which don't take taxes at all such as non-registered online shop and black market.

Yeah i agree to you. As they said, there are 2 types  that we can never be avoided, the death and the taxes, but some also said that "Death can be avoided but tax can never be avoided" it is quite funny since it is true  , we can't avoid by paying taxes or even the death. Yes maybe bitcoin can kill the income tax but when? for sure it would take a long years to do that. Theres no harm to wait

This will not happen. No government will say "oh look there is this thing called Bitcoin, we should forget about all the millions income taxes bring us and let it be a thing of the past". So there will always be an income tax. Generating income and not paying that is and will be in the future illegal. If you think Bitcoin might help you to not pay it, then this is your opinion, but it is still not allowed and pleas tell nobody anything else. 

Why are most of guys here talk about evading tax-responsibilities? We need to help our government no matter where we live. Evading tax is like stealing money from more people. Shame on people evading taxes.

Yes you are right. In my opinion its our responsibility to pay the income tax. just imagine if nobody is  paying income tax then  the government wont have money for giving salaries for the people or without money government itself wont sustain. The economic conditions of the country will get worse. Its everyone's responsibility to look after their own motherland. Nobody will come for deputation to take care ofthe motherland. Motherland is our identity. Taxes are kept for the development of the country.

[BeGoods]

think, countries are earning revenue from taxes. and when the whole population of the country using bitcoin, where bitcoin is anonymous and decentralized, of course it will not get revenue from taxes