Bitcoin Will Kill The Income Tax

[Siddela Sarat Kumar]

Yes. Once it's full accepted  it will bring an end to tax system. Because bitcoin allows you to trade peer to peer which takes off the middle man. And these would eventually mean there is no one looking after all these transactions. Which eventually will take down the government and tax system.

[boyptc]

Really don't know about that considering the decentralization of bitcoin

Regulation will takes place as the government is going to see the potential of bitcoin. And it's even happening now, tax will be there and basically that's going to show that they are supporting bitcoin and want to benefit from it.

Yeah,so far so good if that will prevail someday. If bitcoin will kill the income tax,many of us will be at ease on payments such as the goods,electric bills,water and the like. That support from bitcoin also that you mention will definitely be useful in the economy that we are involved. I think it's better if there's no income tax and it's up to the person if they'll give some amount that is reasonable for them to share.

Time will come that bitcoin profits will be taxable but right now we just have to enjoy that we are not being taxed by the government. But if they are showing no interest with bitcoin, there will be no income tax to all of us who are earning bitcoin.

Right, We need to enjoy it now while no Tax are charge. Because the time will come that our government will see a way to tax us.

That time will surely come so while they are still not that considering bitcoin as something serious so don't liquidate your bitcoins. It's good to hold but see to it that when the time of bitcoin has crazy amount government will be using their position to tax those citizens that are into bitcoin.

[Zubayer]

Yeah, bitcoin will kill the income tax if bitcoin makes them popular in the world and every sector of people's life.
But this is not so easy to kill income tax, bitcoin have to need longer services,.

[jhonnydeep87]

For the current problem we have to take a decision because in fact the use of bitcoin can not generate taxes for the government. There are rules as soon as possible to arrange this event as a good state waga certainly wants his country to be better for the future. 

[fedora8]

For what is taking place now to our technology the local community in the complete entire world are most frequently used the banking technique and some in some other nations around the world they employed fiat. The place those two are centralized and we know that. So I guess if moments arrive that bitcoin will grow to be the currency of all countries the taxes or income tax will entirely disappear.

[MrDakota]

No, it isn't feasible. Do fiat cash get rid of the tax? No. For most of us, they will still be working for big corps, and they will not be avoiding tax. You will find tax dodgers right now taking cash payments as income, but they are and not the mainstream, it's no impact on killing the wages taxes.

[Alok_Yadav]

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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No, it won't.

If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.

For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.

Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.

[Mistafreeze]

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

Thats not true.Bitcoin and blockchain will make lots of things easier and if it become mainstream,there can be some ways developed to take them into account for tax payment

[childish]

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

i think no. because in my countries bitcoin user have to pay a tax because in my country people use bitcoin as livelihood, its make have to pay a tax

[PrimeBlackBelt]

If income tax goes away, watch other taxes go up.

[grermezter]

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

No, it won't.

If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.

For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.

Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.

I am sure that the IRS always get happy when people don't pay their taxes because they know that they are going to make them pay even more than what they owe when they come back to get them and that makes even more money for the government.

[podrick17]

Sooner or later government will realize that they can get a lot of funds in bitcoin by imposing tax, many form of tax can be impose on cryptos like your gains you get from holding and selling it, unrealized gains from closing periods so i dont think people earnings from cryptos can easily escape tax.

[boyahos2018]

Sooner or later government will realize that they can get a lot of funds in bitcoin by imposing tax, many form of tax can be impose on cryptos like your gains you get from holding and selling it, unrealized gains from closing periods so i dont think people earnings from cryptos can easily escape tax.

I think so government will took over taxation against bitcoin, and you'll notice how it will be controlled by the authorities in generating more regulations to implement.

[FaithETH]

Very plausible that this will eventually become a problem, and it won't be good for bitcoin as it will earn it a bad reputation for being a tool for tax evasion. It will probably pave way for a new era of governments either becoming more liberalized or intrusive regarding tax and citizen invigilation. We'll have to see what happens, I see it as a good thing as it may lessen the leash that central banks have on people and in general will question the power that they possess and if it's good that they do.

[HoneyCakeMunchkin]

I believe BTC can not destroy Tax, I think produce other way to caculater tax

[darefreads]

Yeah when all people are using Bitcoin and focus to it and don't want to work in any job anymore you were right if this happened. since the world change by technology maybe Bitcoin can only  change that income tax Not kill or Bitcoin can be taxable now if government notice that they don't have any worker available because they are all here in Bitcoin.

[tobs]

Actually bitcoin in a way can develop very transparent taxation system. I mean as everything is stored on the blockchain, there is no chance of any tax frauds other than just simply not declaring it, but the rules could be just as simple as, to receive any payment in bitcoin if you are a company or worker, you need to register an official bitcoin address that would be just watched by the government. The privacy and anonymity can remain in your own personal wallets that you don't have to show to anyone, but just the "working" wallet would be officially signed to your name.

[babysweetTiger0401]

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

As long as the decentralization exist in the characteristics of bitcoin, taxes has no longer be apply in any form of cryptocurrency and bitcoin.
but once it become centralize there will have a restriction for sure to be happen and changes which they will implement it to apply, and once it happen bitcoin users will be the number one thing affect by it.

[RainbowKitty]

I do not believe that it'll kill income tax.As for really minute transactions we have to spend deal charges.All kinds of income taxes are included in this transaction fees.Such as the tax I think.Income tax is essential,Simply because if some part of your hard earned money doesn't go to the governing government bodies,There'd no upkeep happening.As a result the locations we reside in is a complete mess.Thus with bitcoins or without one tax can't be prevented.

[darewaller]

For what is taking place now to our technology the local community in the complete entire world are most frequently used the banking technique and some in some other nations around the world they employed fiat. The place those two are centralized and we know that. So I guess if moments arrive that bitcoin will grow to be the currency of all countries the taxes or income tax will entirely disappear.

Yes all this if happened then the credit will go to bitcoin allowing people to earn more pay less taxes. But i think banks will still retain their importance because there is no competition among bitcoin and banks, and if the citizens of a country are getting benefited and able to raise the standard of their living then the country will be benefited also. But i think it will be a plus point for the mass because their earnings will increase than the amount they loss