Bitcoin Adopting Countrys' Ultimate Guide to Taxation

[Boba]

In a future dominated by cryptocurrencies, there is a need for a different taxation system than we currently have. You can no longer keep track of the flow of money, so why tax it? Why have income tax at all? In order to secure sufficient funds to properly run a government in a future like this you need to tax things that everyone needs and can be easily tracked. Prime examples of this is real estate and energy. Those two things are needed by everyone and are really easy to tax. Think about it for a second, what does all products on the market have in common? They are all made using real estate and energy. The factory or the server park is located on a land owned by someone, and they also need energy to run. The people owning the factories will need to pay tax on their real estate, and they will most definitely pass that tax along to the consumer. Mostly everyone needs a place to call home, again real estate tax. Those are the things that will be taxed in a future where cryptocurrencies reigns supreme. Cars need energy to run, and if you wan't to drive a car you have to pay tax.

What this means, ladies and gentlemen, is that anyone who says taxation will not work in such a future is wrong, and they fail to see the whole picture.

[1713555199]

1713555199

[Stephen Gornick]

there is a need for a different taxation system than we currently have.

Cash is a payment method that too can be used anonymously.  The use of cash hasn't caused the current taxation system to be abandoned.

[Boba]

Cash is a payment method that too can be used anonymously.  The use of cash hasn't caused the current taxation system to be abandoned.

True, true. But cash is still very limited when compared to bitcoin, as far as sending money to distant places goes, and often very impractical when it comes to large sums. Try paying for a new sports car in cash and see what happens. It's a huge risk carrying that kinda cash around, not to mention the police knocking on your door the day after wondering where you got the money from.

[countryfree]

Property tax is the answer. Many thinkers have already argued it should be the only one, and for some of us it is. I have two solar panels already, and as their price is going down, like electric cars, I believe energies will be more and more difficult to tax.

[jdbtracker]

another answer is to tax all incoming money into the country, with a world wide currency like Bitcoin the tax codes would have to be changed so that all money must be taxed, incentivising the countries to promote and strengthen their business sector, the way it should be, to attract world wide business and with it the funds to promote the people's well being.

This change will be better for consumers world wide. it would be the expansion and strengthening of the principles that Adam smith spoke about in The Wealth of Nations. True Free Markets, the end of import tarrifs.

Taxation could be the future marker of a countries well being, the market wants to go to maximum efficiency for all actions, as the technology begins to be able to provide that through free energy, 3d printing, open source movement, taxation will increase or decrease based on the people's demand for basic services.

[hayek]

This is the biggest load of crap I've ever heard.

In the future, in a crypto economy, there won't be taxes. Well, maybe for knuckle dragging cromags who need other people to tell them how to live their lives there will be taxes. For those of us who can handle freedom, there will be no taxes

[Boba]

This is the biggest load of crap I've ever heard.

In the future, in a crypto economy, there won't be taxes. Well, maybe for knuckle dragging cromags who need other people to tell them how to live their lives there will be taxes. For those of us who can handle freedom, there will be no taxes

Doesn't matter what you do, you'll pay taxes whenever you buy food or other products, because whoever manufactured the food or product you buy will just include in the price the tax they had to pay in order to produce the good in the first place.

Bottom line is if you wanna escape taxes you have to make everything you need yourself, good luck on that btw

[Etlase2]

What this means, ladies and gentlemen, is that anyone who says taxation will not work in such a future is wrong, and they fail to see the whole picture.

I don't think many are naive enough to believe that cryptocurrency will eliminate taxation. What it does do is force governments to actually collect taxes rather than using inflation as the crutch to support government bloat. It is less easy to relieve citizens of their hard-earned money when they have a direct line of sight to taxes. Revolutions have been waged when such things were the case.

[Zarathustra]

This is the biggest load of crap I've ever heard.

In the future, in a crypto economy, there won't be taxes. Well, maybe for knuckle dragging cromags who need other people to tell them how to live their lives there will be taxes. For those of us who can handle freedom, there will be no taxes

No taxes - no state. No state - no economy, but self-sufficiency of communities within Dunbar's Numbers. There are still some of them in the arctic and rainforest territories. They need neither gold nor gold 2.0.

[johnyj]

Small amount of tax is already nothing compared to those yearly printed fiat money, only more than 100K worth of tax is worth the effort of IRS, and with that amount of purchase or capital transaction, they will certainly find a way to tax the owner

For saving, just like people saving a little bit cash each year at home and spend a little bit of them several years later, there is no reason to be taxed

Capital gain? You never pay tax when the USD/EUR exchange rate appreciated, a currency's appreciation against other currency is not the target of taxation

[Adrian-x]

XBT transaction fees = a tax, (people pay taxes they believe necessary)
Money = a meme representing transfer of wealth, (today we tax the money, in the future states will most likely tax the physical wealth)

As was done in the past we will revert to taxing physical goods at the borders and taxing physical land.   
What is new is almost ubiquitous information and to me it re-incentivises everything.