Bitcoin Will Kill The Income Tax

[bitalive]

russian regulators already found way to identify, tax, and license crypto Miners, how long it would take to find a way to tax on every bitcoin transaction? https://www.bitcoinmarketinsider.com/russian-regulators-found-way-to-identify-tax-and-license-crypto-miners/

[esatceza]

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.

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Cryptocurrency investors always know that investing in cryptocurrency will never be taxed, so gradually, taxation becomes voluntary because they can slip the tax. So whether I want or do not want to, I think taxation is necessary for state agencies to operate just as if you had to pay a fee for every transaction.

[e-coinomist]

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

Cryptocurrency investors always know that investing in cryptocurrency will never be taxed, so gradually, taxation becomes voluntary because they can slip the tax. So whether I want or do not want to, I think taxation is necessary for state agencies to operate just as if you had to pay a fee for every transaction.

On the other hand the bolded part, ripe for disruption. Taxations are developing into one direction only. Historical example: The taxation of champagne in Austria ordered in 1902, by the Austrian Emperor to fund the naval forces. They are located on the mainlands! We are in 2017 today. Guess what, this tax prevailed. That fleet got grounded in the meantime.

Taxation should not be a one way road, and prevail forever without the underlying reason to exist no more.

No living beeing can excape death, nor taxes. The state will always know where someone keeps a living, location of your home, and using which funds, by blockchain analysis. The avoidance accusation is overstated. The opposite is true, taxes darely need to be disrupted.

[deisik]

russian regulators already found way to identify, tax, and license crypto Miners, how long it would take to find a way to tax on every bitcoin transaction? https://www.bitcoinmarketinsider.com/russian-regulators-found-way-to-identify-tax-and-license-crypto-miners/

I've never heard anything like that

The title of the article is misleading. What the Russian authorities are actually going to do is to heavily regulate Bitcoin mining since issuing private money (the so-called money surrogates in the Russian Central Bank's parlance) is strictly prohibited by the Russian law under the threat of severe criminal punishment. Obviously, Bitcoin (and its mining) is different (given that everyone is welcomed to mine it on their own), so they intend to create a "registry" of Bitcoin miners (and likely that of miners of other cryptocurrencies as well). But this is nowhere close to "finding a way to identify cryptocurrency miners". I guess no miner in his right mind is going to enroll in this registry

[bravehearth0319]

Because of decentralization, taxes in every transaction in the blockchain has no space in bitcoin. That's the good thing about in bitcoin, I guess this things will still remain. Because we all knew once it become centralized, there going to have a restriction for sure.

[senin]

After the crypto currency has declared itself to the states with great force and they realized that it already can not be ignored, as before, most states began to study its nature and possible methods of influencing it. According to the results of such a survey, no state could prohibit the circulation of the crypto currency in its country and it is only natural that they decided on a certain regulation of the crypto currency. One of the methods of regulation is the establishment of profit tax on operations with crypto currency. This is quite natural and is the right of every state. Most citizens will pay such a tax under the threat of sanctions. A certain part of the users of the crypto currency, it is possible, will evade the payment of tax. However, this will not affect the very essence of this process, and therefore the crypto currency, even in principle, can not kill the tax.

[webwakko]

Goverments WIlL find a way to be able to get their taxes, don't forget... there are a lot of different taxes, not only on the cash money people own, but also on houses, use of roads, cars, etc..
So.. getting rid of taxes never happened before and won't happen in the future..
The thought of not having to pay taxed no longer would be nice offcource, but it will stay a dream

[Pumapipa]

This will only be the case if people actively work for bitcoin and pay with bitcoin, so there is no need to enter the banking system at all. We need to close the circle and stay 100% within bitcoin for true freedom to happen. Also, we must guarantee that people can keep running their nodes on their basements, if we depend on corporations to run nodes then we are screwed (big blocks problem)

This is possible because of the potential huge number of users, some will prefer to earn with bitcoin. Decentralization will be a main factor why peiple will choose to join forums here. The people will enjoy their salaries fully with no taxes involved. In the future, the goveenment will soon smell that Bitcoin had already snatched part of the governments revenue and might soon shut bitcoin from whatever country they belong to.

[Cherylstar86]

Yeah I already see that coming. If bitcoin has already popular or common to the industry,  I mean every person are doing bitcoin then it means that their income has no tax. They can earn so much money without thinking that they have tax to pay. That is also the reason why some government is threatened in bitcoin.

This would be a big challenge for the government now, they control they create the law and therefore they have the power to regulate or make a law that will favor to them. However, as the decentralized tokens are now more popular, this will minimize the collection of income tax by the government as anyone can under declare or hide their real income, let's just wait and see what they can do.

Sounds interesting and worry free at the same time. I think it will only happen if government allows bitcoin to operate in the economy but the chance in my country is too low. I don't even think that bitcoin won't work at it for I know it has something bigger view than what I expect. In doing so,I become more mature in using bitcoin. My idea avout taxes in the society seems clearer and clearer to me now. I guess bitcoin will kill the income tax and I guess everybody will be happy with that especially those who have children. It such a greta idea. And,if that happens,it's an honor from bitcoin.

[Bitcoinjheta]

Yeah I already see that coming. If bitcoin has already popular or common to the industry,  I mean every person are doing bitcoin then it means that their income has no tax. They can earn so much money without thinking that they have tax to pay. That is also the reason why some government is threatened in bitcoin.

This would be a big challenge for the government now, they control they create the law and therefore they have the power to regulate or make a law that will favor to them. However, as the decentralized tokens are now more popular, this will minimize the collection of income tax by the government as anyone can under declare or hide their real income, let's just wait and see what they can do.

Sounds interesting and worry free at the same time. I think it will only happen if government allows bitcoin to operate in the economy but the chance in my country is too low. I don't even think that bitcoin won't work at it for I know it has something bigger view than what I expect. In doing so,I become more mature in using bitcoin. My idea avout taxes in the society seems clearer and clearer to me now. I guess bitcoin will kill the income tax and I guess everybody will be happy with that especially those who have children. It such a greta idea. And,if that happens,it's an honor from bitcoin.

I agree with it, to specified only in bitcoin will kill the income tax  but there is the contribution happen behind those burdens of government, the people who earn through bitcoin are spending it a goods and every things for the financial aspect so economy will gain also even though the bitcoin kill the income tax.

[rodskee]

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

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

[Finestream]

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

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Working in regular day job is good but we will be force to pay taxes because the company we are working are the witholding agent so they can easily deduct taxes from our salary. However, if we want to increase our income bitcoin is the best answer because you can work online and earn bitcoin without any tax deduction, we do not have the responsibility to remit taxes since there is no law that requires us to do so.

[Gabb]

I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

[BeGoods]

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

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Working in regular day job is good but we will be force to pay taxes because the company we are working are the witholding agent so they can easily deduct taxes from our salary. However, if we want to increase our income bitcoin is the best answer because you can work online and earn bitcoin without any tax deduction, we do not have the responsibility to remit taxes since there is no law that requires us to do so.

Besides that many people also hide their money and assets in bitcoin. certainly their goal to avoid taxes from the government because the government will audit all your valuable assets and assets and then provide taxes. so do not be surprised if the government is afraid the development of bitcoin because there are many people hiding their assets in bitcoin due to tax avoidance and of course it will hurt the government

[phpartisanmaster]

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

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Bitcoin will be having a hard time accepting that bitcoins does not have a tax and it will be a huge advantage to an employee because it was really hard to work in the corporate world and earning just a minimum wage.

[Hamstead]

I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

You right, the numbers of bitcoin holders are not enough to wipe out taxes imposed by the governments. But it could certainly affect it's collections as number of bitcoin holders are increasing, it will automatically decrease unless the government will imposed mandatory to pay taxes. And it could be possible to happen if bitcoin and other cryptocurrencies will become legalized.

[Harlot]

I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

You right, the numbers of bitcoin holders are not enough to wipe out taxes imposed by the governments. But it could certainly affect it's collections as number of bitcoin holders are increasing, it will automatically decrease unless the government will imposed mandatory to pay taxes. And it could be possible to happen if bitcoin and other cryptocurrencies will become legalized.

You are right but Bitcoin is gaining popularity everyday and some day in the future it will have a massive effect on the income tax if people with businesses and even inidividuals abuse the untraceability of Bitcoin. The only solution I see is the government taking action by regulation such as identifying yourself as the owner of your Bitcoin address so that the government can monitor the transactions you are having.

[ab007]

Yes its an age of crypto currency as every one is possibly to have peer to peer transaction so there will be no such sort possibly income tax or stuff like that and the online trading will be flourished and every one will making their bitcoins greater in number.

[criz2fer]

I do not think that this will happen in a massive way, because in fact the users of bitcoin are only a minimal part of the formal economy, therefore this lack of payment of income taxes will never significantly affect public finances.

You right, the numbers of bitcoin holders are not enough to wipe out taxes imposed by the governments. But it could certainly affect it's collections as number of bitcoin holders are increasing, it will automatically decrease unless the government will imposed mandatory to pay taxes. And it could be possible to happen if bitcoin and other cryptocurrencies will become legalized.

You are right but Bitcoin is gaining popularity everyday and some day in the future it will have a massive effect on the income tax if people with businesses and even inidividuals abuse the untraceability of Bitcoin. The only solution I see is the government taking action by regulation such as identifying yourself as the owner of your Bitcoin address so that the government can monitor the transactions you are having.

I think it would take a few more years to tax bitcoin because how can the government identify all the addresses used by one person? I think it was enough to tax the business present in the country for the supply of their finances. If the bitcoin will be taxed, i think it should not because we are paying fees for every transaction we are making which depends on the platform that we use.

[deppil]

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

thats truly correct working in bitcoin are have no taxes give to the government thats why people choose to work in bitcoin because if you work in the traditional job the income you can get almost 10 to 12% goes to the revenue of the government, but u believe working or using of bitcoin are giving taxes to the government in the way to used by foods or any goods.

Working in regular day job is good but we will be force to pay taxes because the company we are working are the witholding agent so they can easily deduct taxes from our salary. However, if we want to increase our income bitcoin is the best answer because you can work online and earn bitcoin without any tax deduction, we do not have the responsibility to remit taxes since there is no law that requires us to do so.

yeah it happens to me too, i work in a company and when I get a salary every month, my salary is always cut by the company to automatically pay income tax, thats right if you want to avoid taxes then you can try to work and earn money in bitcoin, nobody will ask you any taxes, maybe even anyone including tax officials like IRS will not know you're a bitcoin user,,