Bitcoin Will Kill The Income Tax

[jack8989]

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

Actually i think the OP want to say about the anonymous feature of Bitcoin which is the biggest barrier for goverment to make their taxes into the right person.
And you know the fact? Goverments don't 100% want any thing that they can't tax survive, so Bitcoin is one of them and even they can tax it, they can't control and config the blockchain system of Bitcoin so it's  likely impossible to do anything with it.

[1715335049]

1715335049

[1715335049]

1715335049

[jademaxsuy]

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 guess it wont happen especially if you are receiving higher salary then company you are working for well render their full compliance to the government that if you refer to avoidance of income tax. You may face a lawsuit if you will not decalre your salary or else the company you are working for will be reprimanded or put to closed. You cannot escape salary income tax especially if you have fixated income. However, there are certain job that receive unfixated income and will more likely to escape income tax. But in terms to btc if the owner of the company pays you in btc then therefore they are also held liable of the employment agency since they have worker but they could not show the transparency of the salary pay. Usually the employer will issue a payslip. so bitcoin wont kill income tax.

[btcrut2017]

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

This good but this cant be possible right now because not everyone are joining bitcoin. People are still into banking and other taxable transactions. Maybe when all people are unto crypto.

[oracleongoodbye]

If bitcoin is accepted world wide to buy all the things like US dollar, then only income tax can be avoided.But, it is not the case.Every time, for buying anything, we have to convert bitcoins into fiat and so we have to pay tax for the fiat converted.To my knowledge, we could recharge our mobile and hardly buy products found in some offers online produced by individual persons. It would take a long time for us to avoid income tax on our bitcoin earnings.

[ross09]

That will be possible if bitcoin will going to be legalize by every country ..if all will goin to use bitcoin in paying in restaurant fast food ...paying monthly bills or even buying basic needs ..all the payment done through bitcoin will never going to pass in banks and will never be detected by government so how can they charge tax for any of payments done through bitcoin..but Thats not goig to happen yet...because theres just number of countries accepting bitcoin and not everybody in every countrt are accepting bitcoin yet because  there are some thats still want to have tax in everything (well for sure its not me 😁) .

[dg2010]

i dont think so. the world changes everyday. the new things will come, old things need to be removed. Crypto will become the offcial currency of the wolrd and the Governments have to research and find out the way to collect tax.

[Dansamiv]

The government's management will be changed to match the control of the tax. They have enough room to do it. Imagine what would happen if they applied the blockchain to income tax returns or management. There will be a race for blockchain technology in the near future. Regulatory requirements will be introduced to bring about change and development. we depend on that.

[mininghubby]

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 guess it wont happen especially if you are receiving higher salary then company you are working for well render their full compliance to the government that if you refer to avoidance of income tax. You may face a lawsuit if you will not decalre your salary or else the company you are working for will be reprimanded or put to closed. You cannot escape salary income tax especially if you have fixated income. However, there are certain job that receive unfixated income and will more likely to escape income tax. But in terms to btc if the owner of the company pays you in btc then therefore they are also held liable of the employment agency since they have worker but they could not show the transparency of the salary pay. Usually the employer will issue a payslip. so bitcoin wont kill income tax.

No i think there is a possibility in near future. As Bitcoin is a peer to peer transaction there is a possibilities that banking system will be dried up and the government will suffer a loss of revenue due to taxation. But for now there are lot of people who used fiat as legal tender in buying basic needs in our time I think it will not happen, but maybe this is the time that we might think any means that the government can also earn the right taxation revenue, because government also is a very vital in protecting citizen rights.