Bitcoin Will Kill The Income Tax

[Barbut]

"This content is available to members only. Become A Member" I don`t wish to become member just to read your article. I was interested to learn how can bitcoin kill the income tax, even I`m sceptical about it I wanted to give it a try. Killing tax is almost impossible in my opinion, governments will always find some way to tax us cause that is huge income for them each year.
I wished to read article cause of that, to see what idea do they have. Only way to skip paying taxes is to live illegal way of life, and again that is tricky cause you can always be arrested and they will punish you for not paying taxes, like they punished Al Capone for that.

[Doms]

Income Tax has become part of our life. It has become a routine to pay tax every month. Everytime we buy something or eat in restos and fast food chains or etc. there's always a tax to pay.I think its really impossible to kill income tax. Where will the government get money to spend on local expenses if Income tax will be eliminated or killed. At the first place we know that the country will really be affected if it  happens.

As they say, death and taxes are inevitable. The sad thing about income tax (for those who are employed) is that it is already deducted from your income before you receive it. And as far as I am concerned, I can't really feel that it's worth it paying all those taxes with the government having very little to show for it. I am estimating that I work for the government for about three months because that is the equivalent that I pay on a yearly basis. All these talk about not having to pay taxes with bitcoin would be shot down by the government the moment you even mention it.

[Carlsen]

First of all taxes are necessary.
There are so many things he consider to be just given, but they all come from somewhere and have to be payed as well.
And most of that money comes from taxes.
Then, if it would really happen that taxes are avoided through bitcoin in a bigger number, that would be quickly the end of the line for bitcoin.
The governments would suddenly find a way to cooperate and stop the possibility to exchange bitcoin into fiat and back anywhere.
No, I do not see bitcoin to become a tax killer.

[Zadicar]

First of all taxes are necessary.
There are so many things he consider to be just given, but they all come from somewhere and have to be payed as well.
And most of that money comes from taxes.
Then, if it would really happen that taxes are avoided through bitcoin in a bigger number, that would be quickly the end of the line for bitcoin.
The governments would suddenly find a way to cooperate and stop the possibility to exchange bitcoin into fiat and back anywhere.
No, I do not see bitcoin to become a tax killer.

It could be only considered as tax killer if all people on the world is already using bitcoin and as you said tax should be paid for the progress of a certain country and all the expenses for development are came from tax which is really play an important role.

[savioroshan]

At present scenario, its not going to kill income tax. But it will definitely kill sales tax in my opinion. Because government always deducts income tax before paying the salary and at present  I think everybody gets paid in their fiat currencies. Since most of the people uses bitcoin for buying goods, it will affect the sales tax .

[Reid]

At present scenario, its not going to kill income tax. But it will definitely kill sales tax in my opinion. Because government always deducts income tax before paying the salary and at present  I think everybody gets paid in their fiat currencies. Since most of the people uses bitcoin for buying goods, it will affect the sales tax .

Largely if only a lot of employers will use it.
But this could become a crime that might end up in jail time.
It will be the CEO first if he is the one who will be implementing payment through bitcoin to his employees.
Maybe looking for someone to work online for the company will be the deal. This will not be questioned especially when there is no facility that you are using.

[deisik]

First of all taxes are necessary
There are so many things he consider to be just given, but they all come from somewhere and have to be payed as well.
And most of that money comes from taxes.
Then, if it would really happen that taxes are avoided through bitcoin in a bigger number, that would be quickly the end of the line for bitcoin.
The governments would suddenly find a way to cooperate and stop the possibility to exchange bitcoin into fiat and back anywhere.
No, I do not see bitcoin to become a tax killer.

Everyone using fiat (i.e. virtually just everyone) already pays inflation tax

And at the lowest end of the range across different countries it already amounts to a few percentages every year. That basically means that you pay that percentage on any amount of fiat that your fingers ever touch (metaphorically speaking, of course) calculated per yearly basis. And that seems to be the real price that governments should be worth if we throw away huge military expenses and similar things as well as total corruption. Do ordinary people want to wage wars? They don't since it is governments and leaders (kings and emperors in the past) that are actually looking for wars

[e-coinomist]

First of all taxes are necessary
There are so many things he consider to be just given, but they all come from somewhere and have to be payed as well.
And most of that money comes from taxes.
Then, if it would really happen that taxes are avoided through bitcoin in a bigger number, that would be quickly the end of the line for bitcoin.
The governments would suddenly find a way to cooperate and stop the possibility to exchange bitcoin into fiat and back anywhere.
No, I do not see bitcoin to become a tax killer.

There are some niches where dodging taxes might work out at a first glance, seemingly a bright idea, for example remote work in the IT industry. But employees will soon have to recognize that labour relations always are unballanced and employer will "price it in" inciting a rat's race to the bottom and even below the former bottom. The bottom will drop out. Labour mobility increases indefinitely and there will always exist 1 human beeing on mars, saturn or earth that seems willing to undercut your offer.

People need time to understand like that Uber driver who's run into personal bancrupty.

[deisik]

First of all taxes are necessary
There are so many things he consider to be just given, but they all come from somewhere and have to be payed as well.
And most of that money comes from taxes.
Then, if it would really happen that taxes are avoided through bitcoin in a bigger number, that would be quickly the end of the line for bitcoin.
The governments would suddenly find a way to cooperate and stop the possibility to exchange bitcoin into fiat and back anywhere.
No, I do not see bitcoin to become a tax killer.

There are some niches where dodging taxes might work out at a first glance, seemingly a bright idea, for example remote work in the IT industry. But employees will soon have to recognize that labour relations always are unballanced and employer will "price it in" inciting a rat's race to the bottom and even below the former bottom. The bottom will drop out. Labour mobility increases indefinitely and there will always exist 1 human beeing on mars, saturn or earth that seems willing to undercut your offer.

People need time to understand like that Uber driver who's run into personal bancrupty

That has always been the case since the rise of humanity

And taxes as such are irrelevant to the issue that you are raising. The bottom which you refer to is determined by the level of income required for mere subsistence (and likely reproduction, i.e. raising children). But some people choose not to reproduce at all (and some can't even mate at that) while others don't need that much for a living (in comparison with the competition), so we have always been in a situation you are describing. Taxes are mostly inconsequential to this process

[Xester]

Bitcoin is not yet controlled by the government and fiat is still the first use worldwide. If youre saying so bitcoin will kill the income tax, its not yet happen. Though our government has already have an idea about it but bitcoin is not allowing to kill the  income tax. We dont know yet in the future if this will be happen maybe in the future if government will collect income tax.

Bitcoin cannot kill the income tax. Income tax has existed a very long time ago to feed the societal needs of welfare services through the form of a government. Bitcoin on the other hand though it is decentralized cannot kill the income tax as it has no power over the government. In Switzerland the government is accepting bitcoins to serve as payment to government services and possibly that includes income tax.

[e-coinomist]

That has always been the case since the rise of humanity

And taxes as such are irrelevant to the issue that you are raising. The bottom which you refer to is determined by the level of income required for mere subsistence (and likely reproduction, i.e. raising children). But some people choose not to reproduce at all (and some can't even mate at that) while others don't need that much for a living (in comparison with the competition), so we have always been in a situation you are describing. Taxes are mostly inconsequential to this process

Oh pleeeease! Have some mercy! Aren't we all "Geeks" swallowed inside some haphazard of geekerization, uncapable of passing down our ingeniousity to the next generations?

[mmo_online_1981]

I think BTC can not kill Income Tax, I think have other way to caculater tax

[bravehearth0319]

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

Read The Full Article

We all know that bitcoin is a digital virtual currency, the system is peer to peer. In other words taxation has no space in it, because bitcoin was not a centralize type. That's why the community loved bitcoin so much.

[Vaskiy]

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

Read The Full Article

We all know that bitcoin is a digital virtual currency, the system is peer to peer. In other words taxation has no space in it, because bitcoin was not a centralize type. That's why the community loved bitcoin so much.

That's the reason why large number of people started using bitcoin. It's just to avoid taxation, but if governments make boards to regulate taxes for bitcoin sure it will gets implemented. Recently Japan created regulations to support bitcoin as a payment source which sounds good. In the same manner it also makes taxation acts when adoption is found much higher. So killing taxation with bitcoin is not possible for a long.

[Japinat]

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

Read The Full Article

We all know that bitcoin is a digital virtual currency, the system is peer to peer. In other words taxation has no space in it, because bitcoin was not a centralize type. That's why the community loved bitcoin so much.

We love it because we are risk takers and we live privacy with our transactions online, with banks that would not be possible since we are being monitored.
The community love this but majority of the people will surely not, they trust the government so much especially those who have big money which is security is their main concern and by putting their money in the bank it will ensure safety.

Bitcoin will not kill income tax but it can lessen taxes of a person who knows how to launder his transaction, besides bitcoin is not taxable since it's not a real currency but only a tool to give us a convenience for online transaction. The government know this and they have been making measures about it.

[deisik]

Bitcoin will not kill income tax but it can lessen taxes of a person who knows how to launder his transaction, besides bitcoin is not taxable since it's not a real currency but only a tool to give us a convenience for online transaction. The government know this and they have been making measures about it

I essentially agree with this approach

Though not without reservations and a few minor corrections and additions, of course. First, the fact that Bitcoin is not a real currency (even this is debatable per se) doesn't magically make it tax free. Your real estate property (if you have some) is not a currency either but it is still directly taxable (try not to pay a property tax and you will feel the pain). Further, even if Bitcoin itself is not taxable, that doesn't mean either that the profits earned off it aren't taxable. In most jurisdictions, any profit earned through operations with legal assets ("buy low, sell high") are fully taxable on their own, so you can't possibly claim that Bitcoin isn't taxable just because there is no law that explicitly and specifically establishes a Bitcoin tax

[franco123]

Hold your horses there, it may lessen the income tax but the government can alwayd find a way to tax your Bitcoin earnings. In my opinion, we are still lucky that the governmet is not yet fully knowledgeable about the Bitcoin and it's ability to provide a quite a big amount of money without being taxed. But sooner or later they will find out. And I am 100% sure that they will do something about it in order to get a portion of the Bitcoin earning from their people. And this is when the income tax will be revisited and adjustded up to the scope if income from Bitcoin.

[trippki]

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

I agree that taxes might dry up - I don't however see this as one of the biggest problems of our lifetime (unless you work for the tax office). I think this new form of private money will require Governments to draw up a new social contract, as the current one is failing people all over the world.
As well as ICO's, we could have IEO's (initial education offerings) or IHO (Initial health offerings).... The old system is dying. May it RIP.

[sandrun]

The bitcoin income tax may never be heard again. But some wallets use fees to pay their taxes to the government. Often we get a deposit or transaction fee deduction for bitcoin. May be used bitcoin wallet to pay taxes. I think it's true bitcoin will eliminate income tax but can not eliminate on for bitcoin wallet ..

[farhaan]

Bitcoin would kill the income tax.It is for this reason that governments feared about allowing bitcoins in their countries.Bitcoin earnings as long as it is kept in bitcoin itself will not be taxed.But most of people when converting their bitcoins in to fiat use their accounts in banks to cash out,governments could easily know the earnings of appropriate person and could levy taxes on it.Taxing is good for country's development but it should not exceed a limit.