Bitcoin and not Paying Taxes

[jak3]

Thank you for sharing this vlog with the community. It straight and clear everyone should pay that taxes and be clear when they are going to do some business that actually helps everyone to avoid many types of obstacles which can lead to heavy losses in the business. That actually helps everyone to avoid many types of obstacles which can lead to heavy losses in the business. According to me I believe banks are one type of goons, they can do whatever they have in power to take taxes from us and we have to pay the taxes in order to supply the income flow of other peoples like Fireman, policeman, hospitals etc.

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[clrpod]

Taxation is a strange one because I feel that many in the crypto community feel they should not pay taxes. While I understand the frustration in having to give away some of your hard earned profits when you really think about it, it is no different to anything else. The only difference is you have a choice to do the right thing and pay your taxes or you can try to avoid them and potentially face the legal repercussions.

[pallang]

People are obliged to pay their taxes so that the government will have funds for their projects and able to pay salary of government officials so if they will  put tax to Bitcoin we should obey and pay for it.

[millgates]

Yes, some country apply strict regulation about bitcoin taxes. Paying tax is fine as long as the taxe rate isnot high. I think the bitcoin tax rate should lower than property or any ordinary tax rate because get involved in bitcoin investment is very risky. Government should understand that even professional trader in bitcoin world is not always get profit in trading.

[gabmen]

People are obliged to pay their taxes so that the government will have funds for their projects and able to pay salary of government officials so if they will  put tax to Bitcoin we should obey and pay for it.

Pay for government projects and to make greedy politicians filthy rich. I don't have any qualms with paying taxes but realistically, a bug chunk of it goes to the pockets of politicians. But you're right, regular people like us pretty much don't have a choice so we do it anyways with a pinch of salt.

[Cryptophorus Columbus]

I depends very much form the country you are living in.
In US probably there is a high level of efficiency in fiscal agency, so probably it's better to be prudent.
But in the majority of countries, politicians and bureaucrats have still no idea about how to manage this "bitcoin stuff", so nothing is clear.
And I don't see any reason to take any initiative BEFORE a clear law is made.

[Happydd]

Yes ! When you do work or what business it with high income you pay personal income tax . But when investing in bitcoin you don't need to worry about tax issues . Whether you become a billionaire . There is also the advantage for those who join the bitcoin .

[Sithara007]

People are obliged to pay their taxes so that the government will have funds for their projects and able to pay salary of government officials so if they will  put tax to Bitcoin we should obey and pay for it.

Blah blah blah... We are paying taxes just because if we don't do that then we'll end up behind bars. I am fully aware that the income tax which I pay to the authorities is mostly used for wasteful expenses such as waging wars and to give salaries and perks to the government employees.

[Quantum Mind Flow]

We have the duty to pay our taxes, but in most of the cases they are just a legalized theft made by government.
So, until the moment bitcoin is anonymous, I don't pay anything. In the future, we'll see.

[Capuchin Crypt]

The bitcoin and cryptocurrencies status is so unclear and different from country to country that the best strategy is to wait.
And if a coutry makes problem, it's not so difficult to cash it in another one!

[okwang231]

It's true that there is not really a tax on bitcoin because of the fact that they can tax the bitcoin if they do not know who made it so many bitcoin users are still thinking about creating or creating digital money so far no tax breaks on bitcoin because it's not easy to get the tax immediately

[diva.man]

Many countries have defined BTC as assets and recognized BTC's legal status!

But it also increases revenue and business taxes! If you deal in BTC, you have to pay taxes!

[virasog]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

First your video is unavailable. Try to re-upload or edit new link. Come to the post, Bitcoin is volatile nobody can control it. If nobody have access to control its then there's no way to apply tax. Even government can't control nor they can apply tax on your transaction. Bitcoin works between 2 members. Once is called seller and other call buyer, no one can trace your transaction,then no one can take taxes.

[Palmerson]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

First your video is unavailable. Try to re-upload or edit new link. Come to the post, Bitcoin is volatile nobody can control it. If nobody have access to control its then there's no way to apply tax. Even government can't control nor they can apply tax on your transaction. Bitcoin works between 2 members. Once is called seller and other call buyer, no one can trace your transaction,then no one can take taxes.

This will only work in a confined space. But unfortunately the reality is that all bitcoin users need to periodically change bitcoin to Fiat. From now on, we're vulnerable. Fiat is the territory of the government and in this territory they can enter any conditions. At this stage, the government may take any taxes and prohibit the use of Fiat in such exchanges.

[Westinhome]

Maybe incoming time when the government was going to put some tax of the bitcoin or in a bitcoin user, But how they will know if we have some bitcoin and how will be to do it. I think it a website only cause we the bitcoin it is a online cryptocurrency so it will going through to internet.

[loraalbert]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Yes, I think it is possible that the governmental organizations would have tied the cryptocurrency with legal frameworks. What the US stock market is a lesson for the investors themselves. I think they will find ways to tax the crypto market in the future for growth, and economic justice. although we all do not want that.

[davida]

Because of the way Bitcoin is being traded devoid of tax payment due to it's peer to peer concept, not that we want to or are happy avoiding tax, to some of us that are actually obedient with our integrity. We are waiting for the time where a kind of regulation is been driven into the deal somehow and hopefully. It's not so easy going to our revenue office here reviewing Bitcoin earnings that is yet to be believed by our Government earnings to be taxed is just the issue.

[carlbreezy]

Since their is no third-party related to bitcoin no one can trace your transactions but the user and the receiver only, therefore they cannot apply tax. However if we change our bitcoin to fiat money to spend, its the time tax comes in. Maybe in future if bitcoin can be legalized then government might implement tax for every use of it.

If you are honest enough, you can even declare it in your annual personal income tax. And as quoted above, only cryptos that converted to fiat must be subjected to tax.

[turagsoy123456]

Since their is no third-party related to bitcoin no one can trace your transactions but the user and the receiver only, therefore they cannot apply tax. However if we change our bitcoin to fiat money to spend, its the time tax comes in. Maybe in future if bitcoin can be legalized then government might implement tax for every use of it.

Most of the country did not collect tax from bitcoin.Because they have not yet a guidelines that mandated to bitcoin user to contribute their taxes.  They have no rule yet bieng implemented about collecting tax from bitcoin. But their are also other country are now start collecting tax from bitcoin. Because they accept bitcoin as legal tender in their country.

[rsbriggs]

Actually, tax avoidance or evasion is against the law and regulation of any country. We are all aware. But is this the fault of anybody for not paying tax in Bitcoin? When Bitcoin itself is shortfall of Tax payment based on its characteristics in Blockchain. I do not for any reason takes this for a crime at all, when it is not that the Tax authority served me any Tax payment Demand Notice that I shunned. However, when the time ripe for that, we must follow and shall obey suit.