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Author Topic: Should there be a tax on capital gains?  (Read 316 times)
BeGoods
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August 22, 2018, 02:52:47 PM
 #61

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.

Wow, that is an interesting comment. If you say no tax at all, how then do you think government will earn revenues for national development?
All governments around the world depend on national tax is a way of income. I am not advocating for taxes, but looking at what these taxes bring if the right people are managing them, its there for all to see. More over, it will be very difficult for a nation to stand without taxes in this current capitalist world.
Some level of taxation is necessary but in some countries that level is very high, above 50% and in my opinion that is slavery, what kind of motivation you have to work hard when half goes to the governments, in the past the level of taxation was low and you were only taxed heavily in the case a war broke out.
Yeah you are right. We are citizens of our country. We love it and we can die for protection and safety of our motherlands but why these politicians took us so easy every time. They come to power and use it for their own personal benefits. Every money laundering case is filed against politicians and all such stigmas that are eating us against such heavy taxation and fill their bank accounts.
I agree, there are some that are completely against paying taxes and I understand why they think like that, but politicians are abusing the trust from the people, paying a flat 10% tax on your income will be fine by me since governments should not need more than that, but as I said paying 50%? No way.
Lol is a legal theft if the government asks for 50% tax on your income. it is a form of cruel power in its people. if the tax is as high as that of course no one will pay it. but in my own country there is no such high tax dude. the most common is around 10%. even so I am still very difficult to pay for it lol. but for the good of the country I paid it

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August 26, 2018, 07:54:02 AM
 #62

There should always a tax in any income that you can claim in any legal business or work that you are doing. Some people manage to hide  their real income for them to decrease the tax that they are paying. Paying tax is good in the economy because it can give us more service from the government.
I think part of it. Try asking if you make money online without depending on anyone. But you have a lot of money from that income. And do you have to pay taxes? And to whom? Who is the guarantor for you?
So I think the tax also needs to be reasonable for each individual and organization.

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August 30, 2018, 04:45:10 AM
 #63

No there should be no tax in capital gains the main reason is gains are uncertain but where as there is no chances of loss so govt should nt tax on capital gains
It is not a matter of whether or not there is going to be a capital gains tax, we know there is going to be a capital gains tax in the future, the real question is if the government will be able to track the users of cryptocurrencies in order to charge them that tax but with coins like monero is going to be very difficult to get the money of the biggest whales.

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August 30, 2018, 04:50:10 AM
 #64

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?

On the Federal level for short-term, it's whatever your tax bracket is, long-term it's 15%, then add State taxes and in some cases local taxes on top of that.  However, I'm against this current ruling by the IRS, taxing gains on crypto to crypto transactions.  They want it treated like an "asset" because it gives them the most income.  We have a convoluted tax system and then add the complexities of cypto trading on that.   Huh Huh
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August 30, 2018, 06:34:32 AM
 #65

In my opinion, all income gained should be taxed.Because it is based on the law enforced by the government.The tax that are being payed are also used by the government in infrastracture.

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August 30, 2018, 07:51:19 AM
 #66

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. 
Sad reality about the implementation of taxes but I think once cryptocurrency exchanges are regulated in a specific country we can't evade tax anymore but that is only applicable when we are having a cashout from these local exchanges. But if Bitcoin is widely accepted by merchants or businesses I think everything will change and I think it is possible for us to have financial freedom with the help of Bitcoin.

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September 01, 2018, 04:46:05 PM
 #67

have you tried this way to pay tax? what is the practice? how it happens? I have not yet encountered, learning this teimumu

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September 01, 2018, 05:23:45 PM
 #68

IMO, capital gains is like double-taxation. You already pay your tax on your income and then invest your savings to the stock market or real estate. And when you get a profit out of it, you again end up paying tax.


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September 01, 2018, 08:31:21 PM
 #69

IMO, capital gains is like double-taxation. You already pay your tax on your income and then invest your savings to the stock market or real estate. And when you get a profit out of it, you again end up paying tax.

I agree the tax should be a fixed one based on the amount. An easy to understand single tax preferably a property tax not an income tax because people can have no taxable income. You can collect cans and bottles or get paid in cash. Drug dealers, bums, gun traders and smugglers don't pay taxes. You want to spend the money on something like a car or a house, you can pay taxes.
I think that both income tax and capital gains tax should disappear.

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September 01, 2018, 10:04:43 PM
 #70

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?
Taxes allows people to circulate their fiat currency while in digital world it's completely different while Bitcoin is not controlled by the government. We can easily trade crypto to any fiat currency. Should the government starts to taking some taxes to any traded crypto so that it will circulate too? Or they should start taking the taxes from crypto and not to any fiat that's being converted already?

Government are fond of making new regulations to control something that they hasn't control over yet. And yes, they do like people to suffer from mortgage and other expenses of loans.
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September 01, 2018, 10:28:59 PM
 #71

IMO, capital gains is like double-taxation. You already pay your tax on your income and then invest your savings to the stock market or real estate. And when you get a profit out of it, you again end up paying tax.
I think this is unreasonable and investors are suffering from this policy. It is the duty of every citizen, but justice is required instead of over-pressing the investor as this rule.

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September 01, 2018, 10:38:39 PM
 #72

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?
Taxes allows people to circulate their fiat currency while in digital world it's completely different while Bitcoin is not controlled by the government. We can easily trade crypto to any fiat currency. Should the government starts to taking some taxes to any traded crypto so that it will circulate too? Or they should start taking the taxes from crypto and not to any fiat that's being converted already?

Government are fond of making new regulations to control something that they hasn't control over yet. And yes, they do like people to suffer from mortgage and other expenses of loans.
Yes, the government are know for making certain rules and regulations for their own personal reason which why most of the people in office usually deny the ability of bitcoin and later make good comments about bitcoin after they leave office.
Nevertheless, government collecting tax on every crypto currency traded or buy doesn't make sense cause the exchanges site are the one that ought to pay the government tax per every transaction make from crypto into fiat currency.

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September 01, 2018, 11:13:38 PM
 #73

It is impossible to levy tax over the capital gains, very few countries have come with perfect plans for taxation. It's a big process to regulate and find a methodology to tax people according to the trade related transactions. Hope to see more and more initiation from governments operating all around as the spreading of cryptocurrency keeps increasing.

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BTC-BTC-BTC
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September 01, 2018, 11:22:57 PM
 #74

There is no way around not paying capital gains. Everyone should pay their part in their tax. If you are not happy with your tax rate move to another country.
becak mesin
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September 01, 2018, 11:36:13 PM
 #75

Yeah I think it should be. However, the tax only for them who have much and extra income, because it seems unfair in the rich are free from taxes income. Making regulation or policy about taxation must be debatable, there are many people will argue and moan to the government. However, it should be created and mad to build social justice. .

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magneto
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September 03, 2018, 11:44:27 AM
 #76

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?

Capital gains tax could be potentially helpful to boost revenue for the government. However, I don't think that it's that good when it is taxed at extremely high rates essentially not allowing profits to be made from investors.

And the thing is, big corporations are just going to move their investments offshore or use various strategies to minimise their tax paid, while the ones that are actually paying this are the people at the bottom and middle of the investment categories.

There are also some pretty weird rules in terms of the length of holding and the tax paid, at least in my country, and with all the record keeping that you have to do it's just too much of a hassle overall. I'm not against capital gains tax, but excessive amounts of it with inconvenient reporting measures is definitely not the way to go.

Barbarian
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September 11, 2018, 09:03:08 PM
 #77

IMO, capital gains is like double-taxation. You already pay your tax on your income and then invest your savings to the stock market or real estate. And when you get a profit out of it, you again end up paying tax.
That is what bothers me the most about taxes, if there was a single flat tax that everyone needed to pay and the tax was low enough I will pay it, but instead governments charge taxes over taxes which means that you end up paying a lot more in taxes than what you think and that is completely unfair.

Zarfund
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September 16, 2018, 08:41:02 AM
 #78

IMO, capital gains is like double-taxation. You already pay your tax on your income and then invest your savings to the stock market or real estate. And when you get a profit out of it, you again end up paying tax.
That is what bothers me the most about taxes, if there was a single flat tax that everyone needed to pay and the tax was low enough I will pay it, but instead governments charge taxes over taxes which means that you end up paying a lot more in taxes than what you think and that is completely unfair.

I think we should pay tax on cryto currency also.
tubig123
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September 16, 2018, 09:13:03 AM
 #79

We had no choice those earning with capital gains but for me I am agree with this which is implemented to the rules because tax is like a bloody man can help in the country for progressive like infrastracture and benefits for all the members in this programs.
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