Bitcoin Will Kill The Income Tax

[Fappanu]

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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I think this is true, because a lot of people are quitting their jobs to earn bitcoin. Bitcoin can provide you a lot of income that your job can't provide you even if you work your ass out for 8 hours a day and six days a week. Bitcoin income is not subject for income tax, so that's why I think bitcoin can kill income tax. Let's just hope that the government will not find out.

[alani123]

I think the case for income tax in the following years would be that it'd get some increased ease of use but definitely not be killed. It's an integral part of state structures and bitcoin isn't necessarily an enemy of states. Thing is, bitcoin can peacefully co-exist with FIAT money, with each system drawing from the benefits of each other.

[wantjokull]

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

But don't you think that it's great to have it taxed for betterness of economic system. The economy of nation as well as circulating economy of crypto world itself. The taxing won't be bad if it's levied by the government. Im actually hoping that most of the government applies the tax on bitcoin and we get it as more trusted crypto and use it in real life.

That's bitcoin won't kill tax if applied.

[Didle1938]

For what is taking place now to our technology the community in the entire globe are most typically employed the banking program and some in some other countries they utilised fiat. Exactly where these two are centralized and we know that. So I guess if occasions occur that bitcoin will become the currency of all international locations the taxes or income tax will entirely vanish.

[tmaleha]

For time being it is not possible, to kill the Income Tax Bitcoin has to be used for salary payment through bitcoin and which is not possible. If Bitcoin will officially accepted by all country government we can expect this can be took place.

AT Present It is not possible.

[madwica]

the only thing can effect income tax of the government if more people got unemployed and focus on bitcoin, but most of the people are treat bitcoin as other source of income that is why it will not give big effect on the income tax. and i think bitcoin will not be subjected to tax because it is decentralized currency which government can not do some laws on it that is why for me much better that bitcoin will be not legally adopted in my country and continue to increase the income of the people who are earning in bitcoin.

[NelfiNovita]

personally I cnat with for that to happen. Thats the only way we will get a balanced budget.

of course because the income from bitcoin is not taxable, therefore this will have a big impact on income tax, if more and more bitcoin users will be very influential on income tax.

for the foreseeable future the rules may change.

[migolmigol]

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)

I agree. Bitcoin, even if its been existing for several years now, has a lot to prove as the government still sees it as a mean of transacting illegal drugs. So now, in our country, tax is not yet imposed for Bitcoin. But in the future if Bitcoins continues to provide income to the users, they might even impose a tax solely for it.

[rivercityjon]

I could see the minority of people earning tax free income through bitcoin, but still paying income taxes through their jobs. As it becomes more prevalent, central governments will see trends of decreasing income and will begin to introduce additional tax policies which may not be income tax based, but will make the difference of lost income tax revenue and then some.

Two sure things in life are death and taxes... income tax might be avoided by some, but taxes will ALWAYS go up.

[Gasotard]

Bitcoin may not have the right amount of pull to get tax out of the Government. It would require an enormous pump and have that pump on going so more people can make money without worrying about taxes.

[Mihho]

Bitcoin may not have the right amount of pull to get tax out of the Government. It would require an enormous pump and have that pump on going so more people can make money without worrying about taxes.

Bitcoin is capable of completely changing the world economy. But they hold him back. The government is afraid of the distribution of bitcoin, because it will lose control over the incomes of citizens

[Gasotard]

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

It would require a lot of effort for bitcoin to get rid of tax..

[Caelanpelley]

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

Yes, the bitcoin source is not forever, it has a certain amount. For those who are still students or students, I do not think it is a reliable source of income. The amount of bitcoin you get is not stable and sometimes it takes a long time to wait.

[carrie_white]

yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically

[GreenBits]

yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically

i think its more "will income tax, or the lack of ability to collect it, kill bitcoin?"

and im thinking yes.

there is no need to try to attack bitcoin via its protocol (restricting web access; monitoring traffic). we need fiat to exist in this world at the moment if a government simply outlaws the conversion of bitcoin to fiat, thats pretty much it. people would be much less likely to accept bitcoin, knowing they would have to break the law AGAIN when they convert to fiat to pay a bill, or live. this doesnt even consider if the government understands how to read the chain ; if they do, catching one person is catching all the people they have transacted with, in an ever broadening web.

so there WILL be a way to collect tax from bitcoin, or bitcoin simply wont be

[1NV3ST0NM3]

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

Why only income tax I think every tax will evade. All what we will pay is the miner fees. Common guys grow up this would really never happen. No tax means no govt. And no govt. Means a civic war. This type of society is absolutely non existent and just imaginary.

[Netnox]

yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically

If you convert a large amount of fiat to Bitcoin all of a sudden, then the chances are that the tax authorities may trace that transaction. And in many of the nations, Bitcoin is very much associated with tax evasion and hiding of wealth.

[joebrook]

yes I strongly agree, bitcoin will kill the tax, people who have a lot of money must choose to save it in the form of bitcoin, instead of buying a house, car or other valuables that have high taxes, so the state income from taxes will be reduced drastically

If you convert a large amount of fiat to Bitcoin all of a sudden, then the chances are that the tax authorities may trace that transaction. And in many of the nations, Bitcoin is very much associated with tax evasion and hiding of wealth.

That's why most countries are regulating bitcoins and other cryptocurrencies so that they could prevent that from happening and i think it's actually the right move so that criminals are stopped using what makes us money into a criminal enterprise.

[thesavoyard]

Libertarian lol, Bitcoin is not, and never was a Libertarian coin. It is a currency to replace 3rd party trust.

[BossMacko]

That is one thing i like in Bitcoin, tax free it is really a good opportunity for an extra income besides having a daily job. This is also the reason why lots of Bitcoin users are doing full time Bitcoin because they control their time and of course they are getting the result of their hard work.