Bitcoin Will Kill The Income Tax

[colvis]

the major reason why government want to control bitcoin is because they want to taxed the traders who trade with it.
for me Bitcoin will kill taxation because the market traded is not been monitored and the government or its agents don't know the exalt person who they are suppose to tax in any given time.

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[cizatext]

Bitcoin is technically design to defeat the income and the vat taxation system of our national government which is most time view with the aim of collecting from the people to enrich a few others who fine them self's in the corridor of power and leadership. But bitcoin as a peer to peer payment system will eliminate that and make payment of tax optional and base on service delivery.

[btsjimin]

I do not think so. Considering that taxes are only created by high ranking government officials believing the collection will proceed to the development and restructuring of a nation. But sad to say, its not Bitcoin that will fire out taxes. It's those dishonest and corrupt government officials.

[Eleanorjean11]

It will kill Income tax for sure. It is very difficult to impose tax on Bitcoin. What ever we earned with Bitcoin is not being business revenue so it is not possible to put tax on Bitcoin.

[Hasitha1001]

actually 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.

[ohkkstaaahp]

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

Bitcoin can not be taxed , maybe that is the only reason the government banned bitcoin

[rommelo24]

I don't think that bitcoin will kill the income tax. There are now a move by the government specifically the South Korean government are planning to tax the cryptocurrency exchanges.

[elkafee79]

Bitcoin only kills income tax because it is not a regular currency, if the government considers bitcoin as a legal currency then it will definitely impose a tax and will actually collect a good income tax from bitcoin income.

People get a little back from the government so no need to do it, unless you want to go for political office. There is always a way to avoid taxes and Bitcoin is one of them, tax is not a problem in the country

[Analea1]

Maybe,I don't have much dea

[sandybindra]

Countries are taking bitcoin seriously, they are following the KYC norms of banks. Once bitcoin transactions completes, money will be back in account which will be taxable. So taxes will not be dry or we can say that bitcoin transactions will help generating taxes on the money we will earn from long term or short term profits.

[ashekhirev]

Not sure bitcoin and income tax are in the same dimension and thus a realistic connection can be drawn between the two to make predictions: bitcoin is a type of value exchange mechanism, in other words it is an economic construct. Taxes, in turn, are primarily legal constructs, i.e. they are essentially rules enforceable in a specific country's court system. Bitcoins can be taxed or not, fiat currency can be taxed or not, any combination is possible and depends on the state of the specific legal system, imho.

In other words, here's a simple 2x2 matrix where any cell is a possible situation; the bottom left cell is the situation in most countries at the moment:

+------------------------------------------+--------------------------------------------+
| Taxes exist, bitcoin has legal status    | No income tax, bitcoin has legal status    |
+------------------------------------------+--------------------------------------------+
| Taxes exist, bitcoin has no legal status | No income tax, bitcoin has no legal status |
+------------------------------------------+--------------------------------------------+

Some examples: firstly, imagine a certain country decides to accept bitcoin as legal tender (i.e. equivalent to money), the necessary prerequisite for that to happen is that the banking system starts working with it on par with the national currency. If that happens, banks will do KYC and AML procedures on the incoming bitcoins, which essentially removes anonymity from the latter. And allows it to be taxed just like any other type of value exchange mechanism. Another example from the above 2x2 matrix is a country with no income tax (e.g. Estonia and Latvia don't charge corporate income tax unless you withdraw dividends) but no legal status for bitcoin or other cryptocurrencies. The remaining two cells of the matrix are also easily imaginable.

[wowbit123]

Bitcoin can kill income tax, in other words people and then using Bitcoin has no tax at all . It depends if they legalize in other country. And also I think it is not a problem.

[cryptohacker29@]

Yes it is true it will definitely kill income tax unless until no regulations from the government. Every government want to harness it because a major amount of government's income rely upon income tax.

[gadimbrut]

perhaps for the time being still few countries that taxes for bitcoin investors, maybe a few years to come all bitcoin holders will be taxed, especially countries that have legalized bitcoin. in my country bitcoin has not been in taxes

[Black Angel]

This is the wrong thing, the tax is the awareness of some one, many people are happy to pay taxes even though he also keeps the money in bitcoin, and I hope if the country expects tax from bitcoin then immediately legalize bitcoin.

[jerry29@]

yes it will definitely kill the income tax that's why government is not so sure about its applicabilty. It is warned by some government to make a regular practices in our life. So income tax is under a great threat now.

[Naitik]

It is the big threat to goverment's income. Income tax is the major source  of income for any nation. If is is diminished by anything that it will definitely effect to the economy of the country so it should a disastrous situation in the coming future.

[gtx1060aa]

Bitcoin is decentralized, many people do not take doses of crypto currency, so you can not expect changes in taxes in the next 5 years, which means that this topic is not topical

[gates]

If people will actively use bitcoin for all possible transactions in the future, crypto can substitute the financial system at all and there will not income tax. But, government will certainly do something with that. Maybe there will be some kind of tax on internet, higher tax on private property, realty, etc.

[patrickreiner]

I believe a much better tax system would be a consumption tax. Meaning, you pay tax on everything you buy and that's it. This is a much fairer system because if you have a lot of wealth you buy a lot of things, and therefore you pay more tax. You can even give credits such as "no tax on first X dollars spent".