Taxes and crypto.

[MkGregor]

I don't mind to pay tax, but governments should make it attractive. The way it looks now, is that they want to tax you to your death, to scare you off doing it. There should be a balance and proper rules in place, and the tax should be the same, as you pay, when you trade Forex or Stocks.

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[RAmondragon]

Not that I'm pro about it but I would rather have my bitcoin earnings taxed (reasonably) rather than having bitcoin eyed as a means of tax evasion and get banned altogether. It's the simplest and legal compromise that we can do to keep our precious bitcoin alive.

[eaLiTy]

Oh man! There is a huge harm in giving something back most especially when those you are giving are the corrupt government who has screwed us all with their stupid taxes. It is a pain in the arise and I cannot wait for the day I will be able to spend my bitcoin without having to convert to fiat.

I am still very optimistic that day is going to come, so I am saving up for it, and they can keep taxing up their fiat until that moment comes, but my bitcoin profit, they can go screw themselves. Enough is enough!

It is really easy to say that you are against taxation because the government is not doing anything for your benefit,it is true that the politicians are looting us while they are enjoying all the benefits while the common man suffers,but you have to obey the law in order to live a peaceful life without getting into trouble and if they find out the transactions being done without paying the taxes properly the IRS could impose a huge fine for your actions,so you have to be careful with that.

[Semosuchi Tesongrato]

I admit that I have a conflicting position on this subject: on the one hand, I agree with the fact that everyone has to make a contribution to the society based on their profits; on the other hand, when I see what kind of misuse politicians do of our money, I arrive to the conclusion that if I can hide something from bureaucrats it's not dishonesty but just self defense!
This is not only about bitcoin, but about earning in general.
For now, there is no clear legislation in Europe, so I don't worry. Not yet. We'll see the next moves.

[jaysabi]

I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing. Don't get me wrong, I don't mind paying tax, but it has to be reasonable and limited - it's pure theft to require people to have them pay tax endlessly over the same amount of money.

It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.

The problem with the tax system is that it eats up a huge chunk of your earnings. As much as you want to contribute to your own community and be a law-abiding citizen, it's sometimes become detrimental on your side.

Convenient for you that you don't need to have fiat, unlike others who rely on their crypto and frequently have to exchange their crypto into fiat. In that case, they would have no choice but go through having to deal with the government's implications or tax regulations made by them. I would have to agree since I normally wouldn't mind having to pay taxes however it's sometimes too much when you have to pay a huge percentage of your earnings. Instead of using that amount for other things or putting it in your savings, you are forced to pay just because you earn - and sometimes it's just too much of a hassle and unfair to the crypto-user.

This is a given; taxes paid reduces the amount of money you have. But they are necessary because government is necessary and the government needs funding. If taxes are too high, that's an issue that needs to be solved at the ballot box. In the US, we have a party that pretends to be fiscally conservative, but just passed a massive tax cut that primarily benefits the wealthy in a total abandonment of their pledge to fiscal restraint. If the government is running deficits, it is not currently paying for its current level of function, and cutting taxes is not going to improve the situation.

[qwertyup23]

I admit that I have a conflicting position on this subject: on the one hand, I agree with the fact that everyone has to make a contribution to the society based on their profits; on the other hand, when I see what kind of misuse politicians do of our money, I arrive to the conclusion that if I can hide something from bureaucrats it's not dishonesty but just self defense!
This is not only about bitcoin, but about earning in general.
For now, there is no clear legislation in Europe, so I don't worry. Not yet. We'll see the next moves.

The reason on why government imposes tax on almost everything as this fuels their expenditure for the developments and improvements of infrastructures, provide funding for departments and bureaus, provide job opportunities, etc. Though the problem lies with cryptocurrency being taxable or not since most countries does not provide laws for it. Tax imposition is always a double-edged sword towards a working individual, especially when the corruption occurs inside these government agencies.

I do not agree if the crypto is taxed, because bitcoin is not set by the government

Cryptocurrencies in general are not taxed due to its decentralized nature. It'll be hard for them to regulate transactions at the blockchain and impose tax on something that is volatile.

[Edrian]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

A BIG NO! I have a regular job and I pay my full tax I hope that is enough, If they put tax on bitcoin they should put it to the business owner who uses bitcoin or to the people who earn a huge amount, not those who earn a very little just to help their family and regular expenses, but its the government we cannot oppose the government that's the sad part, nothing can be done, if the government wants to have tax for bitcoin and other cryptocurrencies.

[redsun114]

I do not think that there are many people who will want to pay taxes for the profits received from the crypto currency. Although later in some countries can introduce it.

There are people who are really ready to pay taxes if they are really going to be used for the development and progress of their country but the problem is that we cannot trust governments blindly because there are many examples where governments have badly dodged people.

The issue is lack of trust and excess of taxes. People are already overloaded with taxes, even the food for babies is not tax free.

[carodupuis]

I don't mind to pay tax, but governments should make it attractive. The way it looks now, is that they want to tax you to your death, to scare you off doing it. There should be a balance and proper rules in place, and the tax should be the same, as you pay, when you trade Forex or Stocks.

It does not look like that but it is this way, the government wants to tax us to our deaths. You really think they are not after our money. All they want is to rule over us and control all the aspects of our lives so that we cannot even dream to disobey them. The idea of paying tax on crypto currencies is annoying and unbearable. Nobody wants to see government getting benefit out of his digital asset.

[vv181]

Bitcoin created meant to be a decentralized economic system. And in my opinion, taxing it will make it just like other centralized economics. I'm sure there is no other way of taxing it because of the greedy governments. So i believe using it in anonymous is the only option.

[Kotone]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

I think this is inevitable. Especially with how bitcoin has been progressing once the government caught a whiff of a scent of being able to regulate this income generating activity which in a way can impact the fonancial sector of a country then that would be the end point. HOwever I think it is a neccessity especially woth how bitcoin has been volatile I think that with ot being regulated can contribute to its stability

[Afnan_faizah]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

Sometimes I think that what IRS did is not fair, I am not USA citizens but I think the tax regulations by IRS is not really good and fair for cryptocurrency users. The tax rate also high enough. I hope IRS will decrease the tax rate, I just care about cryptocurrency users in USA. Tax income is good but I hope governments collect it in good way.

[Pattart]

Oh man! There is a huge harm in giving something back most especially when those you are giving are the corrupt government who has screwed us all with their stupid taxes. It is a pain in the arise and I cannot wait for the day I will be able to spend my bitcoin without having to convert to fiat.

I am still very optimistic that day is going to come, so I am saving up for it, and they can keep taxing up their fiat until that moment comes, but my bitcoin profit, they can go screw themselves. Enough is enough!

It is really easy to say that you are against taxation because the government is not doing anything for your benefit,it is true that the politicians are looting us while they are enjoying all the benefits while the common man suffers,but you have to obey the law in order to live a peaceful life without getting into trouble and if they find out the transactions being done without paying the taxes properly the IRS could impose a huge fine for your actions,so you have to be careful with that.

I think the government will begin to realize that they will not be able to stop the development of cryptocurrency. they will use other means to provide regulation and someday there will be a tax for wealth and income that can be from investment crypto. That day will definitely happen because the government would want to benefit from anything in their country. I think its not a problem for me. as long as they can legalize cryptocurrency and we can shop with crypto without having convert to fiat

[cr_liev]

In legal terms, yes. We must pay taxes for all the revenue we receive (at least in my country). The question is how to arrange everything right. Governments can manipulate people in different mean ways 

[bug.lady]

One of the options to avoid all this is to move to Malta. Malta is very crypto-friendly, they have a national strategy to support bitcoin and blockchain technology and Muscat is a great bitcoin supporter himself. Also, the climat is nice there

[Altero]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

It seems to be that people are afraid of tax implementation in all crypto holders. As news spread talking about these, it totally shaken the entire community and they trying to ignored this one. But in the moment when government makes its final decision, we can't do nothing for this. It only make troubles if we opposed such government policy about taxation in crypto.

[Magister Magus]

In a perfect world, any citizen will give part of his profit to the community, and the collected money will be used in different way (infrastructures, services, social help, and so on) in the interest of community.
In this perfect world everyone would be happy to pay his taxes.
But when you see the misuse of public money and the corruption level in government, it's normal to try to hide your assets.

Moreover, there is a big aspect: big companies have an army of lawyers at their service, and they always find "creative" ways to avoid to pay their taxes, in the meanwhile the average citizen has no defense.

Of course, this is an old discussion, and has nothing to do with crypto.

[shezu007]

According to my opinion many of people are investing in crypto because of their negligible taxes and high security.
But there is a big issue of this negligible taxes and the issue is that due to No tax many countries are not legalizing bitcoin if bitcoin is start accepting some taxes then i think countries will be start accepting bitcoin legally most probably.

[laimaro]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

There should be any problem on being taxed on crypto earnings. If they start adding additional taxes, it can be a huge issue.

[Anco_Marzio]

I agree. I'm so upset with the way politicians use the public money in my country, that I'll do everything to avoid being robbed by them.
However, whit bitcoin is risky, because any transaction is recorded, and if they can connect a bitcoin address to you, they'll have all your situation under their eyes.
So, the real problem with bitcoin is when you try to exchange them in fiat money.

According to my opinion many of people are investing in crypto because of their negligible taxes and high security.
But there is a big issue of this negligible taxes and the issue is that due to No tax many countries are not legalizing bitcoin if bitcoin is start accepting some taxes then i think countries will be start accepting bitcoin legally most probably.