Bitcoin Will Kill The Income Tax

[cava95]

No soon bacause small number of peoples use Bitcoin or some criptocurrencies,when large number  peoples use bitcoin I think many countries will created tax system,for now tax on Bitcoin don't exis .

[Japinat]

No soon bacause small number of peoples use Bitcoin or some criptocurrencies,when large number  peoples use bitcoin I think many countries will created tax system,for now tax on Bitcoin don't exis .

Bitcoin cannot kill income tax because it's not possible as the government is very powerful, they will control everything so their power will remain and we know that tax is the lifeblood of the country so it's impossible it will be eliminated, tax is already implemented even in the early stage of this world.

[fogocut21]

This is juat nonsense. Even in the extreme case of everyone using bitcoin, the goverment can, and most likely will tax your income. Yes it might be easier to hide income, but when it comes to taxes, goverments usually find a way to enforce it.

[King Sastro]

I think it's fair, the right of everyone to put their money into bitcoin and if the presence of bitcoin kill the tax I think it is the duty of the government to immediately make a rule about bitcoin.

[Derflatures]

How I wish! if this is possible, this will simply make every ordinary working people like me who hates my job, love working.... everyday...

[elie_s]

True that's why governments of some country are fighting

[senin]

What a silly reasoning? How can bitcoin destroy the profit tax? The fact that someone will try not to pay it, because in some cases such a possibility exists? Well this is ridiculous. The state has great opportunities to force citizens to pay taxes, including under the fear of criminal liability, and it will do so.
       Not bitcoin will kill the tax, and the state will prohibit bitcoin and drive it into the underground if it poses a threat to it.

[Lingqingyi]

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 really want to know how to tax, when you make money you need to tax, so when you lose money? This is an interesting question.

[dante golo]

Indeed,the tax is very compulsory if there is someone who does business such as investing.In addition,with taxes imposed by the government able to provide benefits between employers and the state can make progress At a later time.

[ace4549]

 Hmm. In my own opinion bitcoin has no any legimite claims or authority that they can eliminate he income tax in whole world.
Taxaation is very essential in all governments operation and it is the source of funds to build a systematic organization. Through this it is impossible to happen that they can do that such thing.

[lestariptr]

Bitcoin already kills when transaction costs are too high and confirmation time takes too long. But until now I still enjoy my bitcoin without worrying it.

[KwizatzHaderach]

Not really, in my opinion, it is the rich that can evade the taxes through crypto investments but normal people will still be taxed on their income from jobs.
Taxes are currently the major source of income for the government. Sooner or later the gov't will surely tax gains from crypto investments.

[cryptopussies]

Governments will face this problem its just a payback from their greediness,our taxes werent put into good things but they are making us fools and taking our hardship by using it in their personal lives.

[DARKANGEL6415]

Let us get one thing straight and that is the fact that taxes will never go away in any country. It dont matter if it is the vat taxes like in england or sales tax like in the United States.  Goverments will always need funds to pay for infrastructure and maintenance.  Even if bitcoin replaced all currencies in the world there eould still need to be a way to fund infrastructure.

[ohlawdy]

You will need to be able to pay everything with bitcoin. So you won't have to put your money in your bank.
But if this happens it isn't a good thing necessarily , taxes need to be paid.
The government will always find a way to make you pay.

[spinno]

In my own opinion bitcoin has no any legimite claims or authority that they can eliminate he income tax in whole world. Taxaation is very essential in all governments operation and it is the source of funds to build a systematic organization. Through this it is impossible to happen that they can do that such thing.
I think it's fair, the right of everyone to put their money into bitcoin and if the presence of bitcoin kill the tax I think it is the duty of the government to immediately make a rule about bitcoin.

[bribed]

Well, this would be great if we witness this, but so far I dont see that this is likely to happen. As income tax is mostly screwing over the "normal" people that have to pay a lot of their hard earned wages in form of taxes, while big corporations are avoiding taxation in the billions, its just about time to disrupt this unfair system and force the governments to focus on taking their taxes from these big corporations while normal people will be relieved. Thats the right development in my opinion.

[Shikaina]

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 is but it is just fair since tax is also killing individuals with their incomes. The fact that most regular employees are not earning much but the tax deduction is too much for them hurts the financial situation of the person. And the worst is, in corrupt countries taxes are just going into pockets of crocodile government officials.

[missyqt29]

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

The government shouldn't complain of having bitcoin as non taxable because in the first place, most of them don't even recognize us or the system itself. I'm not that knowledgeable in other country's taxation system but ours have high product and services tax so income tax is least of my worries.

[kwabeedat]

what you are saying is true though but it'll be very difficult for the cryptocommunity to bypass tax sine we still depend on crypto/fiat conversion. If a time comes that everything you do and wherever you becomes crypto, then surely or likely we'll be independent of tax