Bitcoin Will Kill The Income Tax

[taiwww]

Bitcoin will kill the income tax, good topic to discuss but hard to come into existence.
Its quiet easy for any government to collect tax on income, when all citizens are using the same currency and using banking services.
It is not the case with bitcoin. Bitcoin is not used in all countries and also in all parts of the country.
Its an additional currency, so its contribution to income tax is limited. to govern a country government needs money, income tax is the big source of income of any government.
Even if bitcoin become the only currency in operation it is not possible to avoid income tax.
Government will allow Bitcoin to function only under some regulations.

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[peter1]

If Bitcoin is completely tax-free, sooner or later bitcoin will be hit, because bitcoin will never be legal unless it is tax-deductible.
 

[Mrengage]

Yes it should be possible ones the government works with wallet company's or so there should be a way so far there is proper audit

[equator]

I dont think that this is right, because if the government properly legalize crypto currency and make income tax arrangements then they can earn nice tax on all transactions that is going to happen in trading and other outputs, just like gold and silver trading tax and other trading tax. So here their is no point of Bitcoin killing the Income Tax. This can be said only if government dont legalize it and the users are using without any law due to no detail on it.

[patriziobtc]

In my country, Italy, bank accounts, securities, real estate and consumer goods are all traced. The use of bitcoin will affect taxation only in completely secret and illicit exchanges. In regular transactions there will be no strong effects on taxation.

[Vaskiy]

For each and every country the income got through taxation contributes big. Bitcoin has got features that help users get rid of tax. In the past large volume fist holders used this a way to stay away from tax. Now this has changed a lot. People prioritize as an investment than an way to escape tax.

[Kokoy]

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

Before for this to happened do you thibk will allow this? Tax is one of the best way for an individual to contribute in his or her part in their country, tax is part of the development it can upgrade local services that will also made for us I dont think this is a good idea.

[ansh_848]

There is nothing like cripto currency is going to kill income tax. Yes its your income but it comes under other sources for now it is negligible. But as to gain from bitcoin you need to register your pan card, so that will increase your income and you need to pay your taxes.

[skyflakes88]

i guess this is the reason why government is regulating bitcoin they can't tax bitcoin so they tax the one buy and selling bitcoins it applies in the transfer fee of the third party where you buy and sell bitcoin they already seen this so they took measures in the one providing the market bitcoins

[Psyloc9302003]

Bit coin will not affect taxes for it is necessary or need by the government..it is the right of the government to do so..it is more likely that there will be a tax for bitcoin process than removing income tax because of bitcoin hahaha..for it will follow the law of supply and demand..more supply of bitcoin the more chances of taxation..

[dreamer81]

yes SOME can avoid taxes, but 99,99% will still pay their taxes. It's the way the system works, and if it doesn't work, the government will just adjust it so they can collect.

Our income tax will be payed by our companies before we even get a hold of the money. So they can deduct our salary from their earnings. It's a bloody smart system if you are government.

[annanava]

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

An important change made to the taxation issue, is this. How people use cryptocurrency to avoid taxes. However I don't think this will last forever, at some point government will start putting restrictions to cryptocurrency transactions which means possible taxes. Overall this problem hasn't get, so let's use crypto as much as we can, like in projects as propthereum.io

[PORN_coin]

Only if bitcoin is actively used around the world and will get maximum legalization and application

[Xervo]

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 this is very good news. Why do you need tax, if there is decentralization in products, platforms, shops and much more? It's very cool if taxes disappear. A new step in the modern future.

[DARKANGEL6415]

Don't think it will kill income tax.   Just another new thing in a long line Uber, internet, online, that the governments have to apply tax to.   

Frankly I wouldn't mind paying 30% tax if facebook, google and amazon, monsanto, big pharma etc. are also paying their 30%.   That's one of the things so great about bitcoin is that you can follow the money trail.

In all honesty i personally do not think the government will loose on taxes. While the USA government does not see bitcoin as currency they do tax capital appreciation in the same category like art work. I know the IRS has been asking on tax forms since 2014 or 2015 " if you traded bitcoin " in that year.

[Cryptozond]

The idea is certainly good but I think the government will think of something to bite off some of the pie)

[mldmkripto]

yeah... and i think in my opinion as long as the crypto currencies are affecting the govt in the future because no one will ever care anymore with taxes if they're pretty educated with this one... the government will surely come into play..

[nightways]

it is very excessive if bitcoin is asked for taxes, because surely the tax drawn is very large because bitcoin income is also very large. taxes may apply if the state has made a formal statement to legalize bitcoin.

The main reason behind investing of money by so many people was none other than this that they were having nothing to pay in the form of tax. It is because of the reason that bitcoin does not have any such kind of restriction on its investors.

I must say that this is really a good thing and is serving in the favor of investors in a significant manner. Bitcoin is very much capable of killing income tax.

[diegz]

The idea is certainly good but I think the government will think of something to bite off some of the pie)

So true. They won't just let anyone get away with their obligation. Maybe this time we can't feel it as they are not declaring that they are putting a tax in each transaction we make. But sooner or later I am sure that they will slowly crawl into the exchanges and other legal entities used by bitcoin, and there, they would start on planning on where they should put tax.

yeah... and i think in my opinion as long as the crypto currencies are affecting the govt in the future because no one will ever care anymore with taxes if they're pretty educated with this one... the government will surely come into play..

So what's your point really?

[mammoniter]

Thats hard to happen nowadays. Most people worldwide still using fiat and banking systems and few number of them know about Bitcoin and crypto currencies and deal with it. So may be Bitcoin will kill the income tax if it will become the first used currency worldwide, but that's not yet the case.

And even if bitcoin is not taxable , people who mostly earn bitcoins converts their bitcoins to regular currency to buy basic needs and commodities which most in every country have value added tax so I don't see bitcoin as so much of a threat to tax in any country in the world, even the countries in southeast asia embraced bitcoins with open arms.