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Author Topic: Should there be a tax on capital gains?  (Read 324 times)
TiceOwil
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July 30, 2018, 11:41:16 AM
 #1

According to my opinion, I think It's income and should be taxed. There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.

What is your thought on this matter?
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July 30, 2018, 11:46:41 AM
 #2

If the law said there is a need to tax all capital income then everyone are force to abide so, since this is a law.
But for now we don't have law reinforcing that we need to pay tax on crypto.. . So let's enjoy the moment..
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July 31, 2018, 11:50:57 PM
 #3

I do not think it is necessary, in my country is very much tax, almost all fields in taxes. I am not an anti-tax person, always paying taxes. but if for all things in taxes, this will incriminate the poor who want to grow rich, they will be difficult to move forward.
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August 01, 2018, 12:32:52 AM
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 #4

Tax is a form of slavery and theft.  So my answer is no to any sort of tax including a capital gain tax.  Hopefully one day we stand up and say no more.  Bitcoin is a way to free money and freedom. 
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August 01, 2018, 02:35:50 AM
 #5

There's always tax in services. Including when you exchange coins, buy and sell coins and other crypto services offered as far as I know of. But having tax on capital in done on business. Correct me if I am on the wrong.
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August 01, 2018, 02:58:24 AM
 #6

I am with the opinion of Warren Buffett in this regard, rich people should pay more taxes in order to bring the sustainable growth and equality in the society. I know that many people won't agree with me with the statement but that's the medicine required for building a better society.

* Warren Buffett has a simple explanation for why rich Americans should pay higher taxes.

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August 01, 2018, 03:00:48 AM
 #7

I do not think it is necessary, in my country is very much tax, almost all fields in taxes. I am not an anti-tax person, always paying taxes. but if for all things in taxes, this will incriminate the poor who want to grow rich, they will be difficult to move forward.

This is the reason why (at least in my country) tax brackets exist. They allow the government to place people into groups and tax based on whether or not they can live off of what they're making, and then one step further, tax based on how well they're living.

Taxing Bitcoin in a manner similar to tax brackets, I think, would be foolish. Here's why:

1) Bitcoin is fairly unknown. The fewer people know about it, they fewer investors there are. As of March 2018, under 10% of US citizens were invested in cryptocurrencies. Compare that to the ~50% of Americans invested in the stock market, and there's a clear difference between crypto and stocks.

(https://www.cnbc.com/2018/03/16/why-just-8-percent-of-americans-are-invested-in-cryptocurrencies-.html)
(https://money.cnn.com/2017/08/08/investing/stock-ownership-dow-record-trump/index.html)

2) The people who do know about Bitcoin are likely in the mid/upper classes, meaning they would have to pay pretty hefty tax on their gains. Rather than that, they would probably be more interested in investing in a slower gain over time, aka the stock market.

Taxing based on bracket could potentially work out, but I think it'll steer a lot of the already small number of people investing/using crypto.

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August 01, 2018, 03:12:24 AM
 #8

Tax is a form of slavery and theft.  So my answer is no to any sort of tax including a capital gain tax.  Hopefully one day we stand up and say no more.  Bitcoin is a way to free money and freedom.  

If tax is a form of slavery of theft and people should not pay taxes then they shouldn't expect anything from Governments too. They shouldn't expect good education, good hospitals, good roads, hygiene and everyrhing else for which a Government is always blamed and cursed. People should not expect the law to provide them safety too because it is the tax payer who is paying for all those things.
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August 01, 2018, 07:38:48 AM
 #9

Capital gains taxes can exert a positive influence on markets via providing incentive for investors to HODL long term to avoid paying higher taxes associated with short term day trading. An example of this are cases where capital gains taxes of 20% might be paid if an asset is bought and sold in less than 12 months. With capital gains taxes of 10% being paid if an asset is held longer than 12 months. Variable capital gains taxes can encourage long term holds which decreases volatility and increases price stability.

In that capital gains taxes which are well structured can have positive effects on markets and currencies.

That said what happens to the money collected from capital gains? If all of it was spent towards giving large corporations unfair tax cuts and subsidizing the cost of the biggest players in the private sector, would that be an effective or fair utilization of tax revenues?

In theory good tax policy could help small business rather than providing benefits to the largest and wealthiest businesses. But in the real world the opposite is usually true which can reduce the effectiveness of taxation policy and defeat the purpose of legislating tax laws.

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August 01, 2018, 09:39:03 AM
 #10

According to my opinion, I think It's income and should be taxed. There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.

What is your thought on this matter?

There is nothing wrong in capital gains, the problem always arise when its time to pay and then you realize the value of the percentage applied on the capital gains is on the high side, people then look for ways to avoid the payment of this taxes. Capital gains should be allowed to stay but some certain exceptions should be introduced to it for example,

1. Someone selling his living home because he could no longer afford to live in the city should be exempted from paying Capital Gains Tax because doing that is making his economic situation worse off than he is currently in.

2. A business coming back from bankruptcy who then decide to sell its property that have been acquired years back to primarily pay debt should also be exempted from paying Capital Gains Tax as that would mean the money that should be used to offset the debt and get back on their feet would no longer be available.

However, for the rich who have choice properties all over, the Capital Gains Tax should not only be applied but high enough to make them pay more.

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August 01, 2018, 09:42:03 AM
 #11

According to my opinion, I think It's income and should be taxed. There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.

What is your thought on this matter?

Everything that gives us profit must be taxed

Thats the rule of government that should be made,and i believe in cryptocurrency almost everything means profit so what would be the reason for not implementing the taxation process
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August 01, 2018, 09:49:27 AM
 #12

I do not think it is necessary, in my country is very much tax, almost all fields in taxes. I am not an anti-tax person, always paying taxes. but if for all things in taxes, this will incriminate the poor who want to grow rich, they will be difficult to move forward.

the tax for cryptocurrency is currently still not set because there is no specific rules that regulate it. but in the future I'm sure it will be the tax regulation for the crypto itself because it's already leading to investment and exchange

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August 01, 2018, 09:55:30 AM
 #13

Tax is a form of slavery and theft.  So my answer is no to any sort of tax including a capital gain tax.  Hopefully one day we stand up and say no more.  Bitcoin is a way to free money and freedom. 

Tax is one source of government funds to do development. Source of funds obtained from the tax will be used for the provision of public goods and services that are the needs of the community. And taxes legally bind its citizens to pay because it is in accordance with the law

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August 01, 2018, 10:01:09 AM
 #14

Basically everything that gives us gain should be taxed because same tax goes into the national development and in return we get great services from the government. Belive me in developed countries this is very important and works best. I’m not sure about developing countries where tax is eaten by government official for their own benefits but in developed one its good. There Senior citizen also get some extra bonus if they have paid the taxes and thus it’s beneficial. So yes, tax on capital gains? Why not!

   

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August 01, 2018, 11:38:16 AM
 #15

Tax is a form of slavery and theft.  So my answer is no to any sort of tax including a capital gain tax.  Hopefully one day we stand up and say no more.  Bitcoin is a way to free money and freedom. 
Correct.

No one in the world has the right to claim ANY percentage of your money by force, which is exactly what governments are doing. In reality it's exactly the same as when someone kidnaps you and asks for ransom in order to give you your freedom back. If you don't hand over your money to the government, they'll throw you in jail and freeze all your income streams and assets till you give them your money. People need to open their eyes for once and stop selling themselves as brave citizens.

Oh, and for the people moaning about governments losing tax income if we don't pay capital gains over our crypto currencies; what's the difference between people not trading and thus not being subject to tax, and people just not paying any tax over their crypto gains? The government loses nothing but has everything to gain from people who do think it's a great idea to pay tax.

Everything that gives us profit must be taxed
Lol.

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August 01, 2018, 12:17:34 PM
 #16

Investors from the poor countries and middle class people in the rich countries should not pay capital gains tax.Only the big millionaires and billionaires should pay such tax.This would be a more fair and progressive approach.Most of the crypto investors are middle class and working class people,so they have to be tax free.Only the crypto whales should pay capital gains tax.

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August 01, 2018, 12:25:37 PM
 #17

If a country charges too much tax on the other ones (like income and VAT for example) then I don't think it's necessary to charge tax on capital gains. There are countries that doesn't have tax on X (one example is income) and they focus on other types of taxes like Y (VAT). I don't like taxes overall but we don't have a choice. In terms of Bitcoin it depends because not every country charges the same % of taxes but if all country are equally successful then I don't think it's necessary to charge tax on Bitcoin.

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August 01, 2018, 02:14:15 PM
 #18

According to my opinion, I think It's income and should be taxed. There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.

What is your thought on this matter?

Income? You can either lose or win in trading then why should they try to put tax on it? Are you going to happy with that? Are with us on this?

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August 01, 2018, 05:14:34 PM
 #19

According to my opinion, I think It's income and should be taxed. There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.

What is your thought on this matter?
I am sure that Satoshi had in his mind something similar like taxless environment where everybody can trade without to be exposed to the central influence. So, it is a bad idea.

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August 01, 2018, 05:33:02 PM
 #20

Yes, I also think that capital gains should be taxed. Maybe there will be relevant tax policies in the industry soon. I hope this will be an important part of improving the community. Only the tax on bitcoin is likely to be adopted by more people and industry.
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