Bitcoin Will Kill The Income Tax

[ophyrim]

When governments understand that bitcoin can decrease the tax income, they will change the laws before this decrease or just after the start of the decrease. They will try to control bitcoin when the amount of bitcoin in circulation rise. Even now they are following cryptocurrencies.

[iMaster]

well; We can say that but still people are prefer and using the fiat currency and also use the bank system, and majority of the people are here who don't know about bitcoin. Even many countries are not allow the bitcoin in government level. So may be in future, when bitcoin would be used in all over the world than might be possible bitcoin kill the income tax.

[clickerz]

When governments understand that bitcoin can decrease the tax income, they will change the laws before this decrease or just after the start of the decrease. They will try to control bitcoin when the amount of bitcoin in circulation rise. Even now they are following cryptocurrencies.

That is why,some are banning bitcoin but they can not totally banned the bitcoin Its happening already that, but not really killing income tax but lessen it. That is why, some government are trying to tax online income like in the case of freelancers and other online money making activities and that includes payment in bitcoin.

[hardtime]

I love how people here go ahead and say that bitcoin will kill the income tax, cause that is so untrue it is disgusting. Governments will just require people to pay the income tax either way, be it when you're using bitcoin or not.

Governments love money and will track it down until the end.

[NEWGOODOUBLE]

If your investment stay at bitcoin it can be anonymouse at many website below a limit. For example this limit is 2000 dollars daily withdrawal at Poloniex. If you want to withdraw more than 2000 dollars you have to confirm your account. When your investment is high is not easy to stay anonymouse alltimes.

I think the government can do cooperation with third parties such as exchanges to give taxes to each user, by applying data verification, the government can give to an individual tax

[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

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. 

Well as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.

[Kasabus]

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. 

Well as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.

Probably the government will make a drastic measures just to tax bitcoin users properly, they know our system as it's open to all. There is nothing we can hide that they wouldn't know. Always think that they are in power and we are not, they can do anything that will make us force to comply with.

[topesis]

In my countrry for now they careless about income tax because the government is not even doing much for the people. so what do they expect to tax? but the way things are going they would likely look into it because I was told the last month trade volume of Bitcoin across exchanges in my country is more than $1 million and if the trend continued they would likely follow the money

[erickkyut]

The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.

[diegz]

The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.

Actually, what comes into my mind is it won't kill the income tax "if" all countries has local exchanges, people has no choice, to survive they will cash out to their local currency and with that said, the bitcoin they earn could even help the economy, and to those who are not exchanging to local exchanges, they are only small compared to the number of people who are using exchanges to cash out their bitcoin to fiat.

[Fredomago]

The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.

and governrment will not allowed that, it will also affect the country itself what would happen if theirs no collected taxes how the government will run and those projects i know most of us really wants to be free regarding to our own earnings but we also needed to think about our community we need to be part of everything.

[Harlot]

The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.

Actually, what comes into my mind is it won't kill the income tax "if" all countries has local exchanges, people has no choice, to survive they will cash out to their local currency and with that said, the bitcoin they earn could even help the economy, and to those who are not exchanging to local exchanges, they are only small compared to the number of people who are using exchanges to cash out their bitcoin to fiat.

Then what will the local exchanges use the Bitcoin for? if they are stuck only using Bitcoin? It won't be possible because local exchangers won't survive in that kind of platform. Even if they Buy low and sell high they won't profit from it from the strict rules you will implement on them. Also Local exchangers have the power to manipulate the price which is an unethical practice. 

[diegz]

The possibility of bitcoin to kill income tax is maybe one of the reasons why some countries banned it. The government has no control over bitcoin so if ever it will be more well known, many people will prefer for it to be their currency or mode of payment because it is more convenient to use and with lesser transaction fees. There is really a possibility that bitcoin might kill the income tax in the near future.

Actually, what comes into my mind is it won't kill the income tax "if" all countries has local exchanges, people has no choice, to survive they will cash out to their local currency and with that said, the bitcoin they earn could even help the economy, and to those who are not exchanging to local exchanges, they are only small compared to the number of people who are using exchanges to cash out their bitcoin to fiat.

Then what will the local exchanges use the Bitcoin for? if they are stuck only using Bitcoin? It won't be possible because local exchangers won't survive in that kind of platform. Even if they Buy low and sell high they won't profit from it from the strict rules you will implement on them. Also Local exchangers have the power to manipulate the price which is an unethical practice. 

Nope, they won't stuck it or just pile it in their stash. I am sure they are earning from it, and probably trading it on larger exchange sites. They won't survive if they would just keep the bitcoin, they need to utilize it to earn too. But, as I've said, they are local exchanges, where will they find money to be used for their daily living and for the expenses on their manpower, of course they will transfer their dollar earning to local currency thru banks, that alone is helpful.

But that's true, income tax will be hard to find when no one is declaring it correctly and as many said, bitcoin is not regulated, so imposing the right income tax would be impossible for bitcoin earners, but that's not the only tax the government is collecting from us. 

[warwar]

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. 

Well as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.

Probably the government will make a drastic measures just to tax bitcoin users properly, they know our system as it's open to all. There is nothing we can hide that they wouldn't know. Always think that they are in power and we are not, they can do anything that will make us force to comply with.

You are right. I attended a seminar about income tax or sort of tax here in my coutry well as they said government have a power to tax all of the things and you cant stop it . Well that bi think if they know our system them they will do that

[deisik]

If you don't know something, it doesn't mean that it doesn't exist. I can give you a link to an official letter of the tax agency of my country where they unambiguously declare that they have nothing to do with Bitcoin altogether since it is neither legally accepted nor regulated (though they don't say that it is illegal, either). What else do you need as a proof? What weak theories are you bumbling about if this is reality which I basically live in? Effectively, the government openly states that it is not to be held responsible if people lose their money with Bitcoin...

And why are you now desperately trying to talk this question away given that it was you who raised it in the first place, wtf?

I did not raise any questions, so i have nothing to talk away. Unless you can prove that nobody (whether it is a nurse, a clerk, a businessman or any employee of some kind) in your or any other country has to pay income taxes, i have nothing to add.

What are really talking about? It is not me who should first prove that Bitcoin is going to kill any (income) taxes. If someone has to prove anything here it is you who should first show how that could ever happen at all in the first place. Or do you actually come to think if I'm not going to prove that bullshit, your point will become any more valid? Nevertheless, here is the list of countries which have no income tax. Obviously, Bitcoin has nothing to do with that...

And then you talk about "weak theories"

[Victorycoin]

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

You are not correct on this

A few governments are essentially doing something to that tune. You obviously miss one important thing, i.e. that it cuts both ways. More precise, if a government openly declares Bitcoin as a taxable asset, it inadvertently but unequivocally admits that Bitcoin is perfectly legit since you can't possibly tax something which is illegal. And the governments in question are not going to do this (at least, not until there is wide-scale adoption among masses), and thereby Bitcoin might remain factually tax-exempt in these countries

Certainly the governments cannot have their cake and eat it! If they are bent on seeing Bitcoin as illegal, why would they be bothered to gain from it? They are interested in protecting their fiat currencies against Bitcoin, knowing fully well that Bitcoin stands better chance, so it is actually their funeral.

By the way, income tax isn't the only form of taxation governments imposes taxes on people, actually we are paying one form of tax or the other as we go about our daily lives, like consumption taxes, property taxes. The governments in fact, are their own problems, because putting the cart before the horse gets anybody nowhere!

[deisik]

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

You are not correct on this

A few governments are essentially doing something to that tune. You obviously miss one important thing, i.e. that it cuts both ways. More precise, if a government openly declares Bitcoin as a taxable asset, it inadvertently but unequivocally admits that Bitcoin is perfectly legit since you can't possibly tax something which is illegal. And the governments in question are not going to do this (at least, not until there is wide-scale adoption among masses), and thereby Bitcoin might remain factually tax-exempt in these countries

 Certainly the governments cannot have their cake and eat it! If they are bent on seeing Bitcoin as illegal, why would they be bothered to gain from it? They are interested in protecting their fiat currencies against Bitcoin, knowing fully well that Bitcoin stands better chance, so it is actually their funeral.

By the way, income tax isn't the only form of taxation governments imposes taxes on people, actually we are paying one form of tax or the other as we go about our daily lives, like consumption taxes, property taxes. The governments in fact, are their own problems, because putting the cart before the horse gets anybody nowhere!

These are the taxes which are still called taxes

But there are other taxes which are not even officially acclaimed as taxes. Before all, I refer to the so-called inflation tax which is levied on anyone who receives their wages in fiat. Since these make up a majority of population, this tax is imposed on almost everyone, and it seems that it is overall as unavoidable as any other tax out there. This should always be remembered by those who advocate in favor of taxes. The government is already heavily taxing the population through inflation, and it can be loosely considered as a form of income tax too. Ironically, Bitcoin allows you to avoid being taxed by inflation

[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

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. 

Well as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.

Probably the government will make a drastic measures just to tax bitcoin users properly, they know our system as it's open to all. There is nothing we can hide that they wouldn't know. Always think that they are in power and we are not, they can do anything that will make us force to comply with.

I would agree to you about that, since bitcoin is an open source then the governments would know about it. Being a part of the government, we must need to follow their rules. The government has the power to impose a rule to banned bitcoin, but we have also the have the power and freedom to talk and defend about it.

[Zadicar]

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. 

Well as you said, we have different opinion, but i guess your right and i agree to you that it would not really happen. Maybe it can lessen it but it would never totally kill the income tax. People either a user for a bitcoin or not, they paid income taxes because it is required.

Probably the government will make a drastic measures just to tax bitcoin users properly, they know our system as it's open to all. There is nothing we can hide that they wouldn't know. Always think that they are in power and we are not, they can do anything that will make us force to comply with.

I would agree to you about that, since bitcoin is an open source then the governments would know about it. Being a part of the government, we must need to follow their rules. The government has the power to impose a rule to banned bitcoin, but we have also the have the power and freedom to talk and defend about it.

Even bitcoin would be banned by the government but still people would really use it no matter what specially on those who hardly believe on its potential and usefulness  since bitcoin transactions are untraceable we could able to make transactions cant be noticed by the government.Bitcoin would really kill income tax if all people of certain country would use it.

[Blawpaw]

I don't think so... Governments are vigilant with all this industry, so I don't believe this will go on much further. They will certainly find a way of taxing Bitcoin and all the other cryptos