Get ready for more tax. Save your BTC!

[countryfree]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

[figmentofmyass]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

eventually you're right, but in the next 1-2 years i think governments will be primarily concerned about getting economic growth back on track. they won't want to hamper that growth with tax hikes.

the push to austerity will vary from country to country. the USA can print a few trillion dollars without anyone caring, hence the stark difference between american and european stimulus packages. high debt-to-GDP countries like greece, italy, and portugal are more urgent concerns.

then again, the november election could shake things up. if democrats take control of the senate and/or presidency, i could see them repealing trump's $1.5 trillion tax cut passed a couple years ago.

[davis196]

Nah,I think that the governments will choose the "inflation tax" rather than rising the real taxes.
Money printing,negative interest rates and quantitative easing will continue forever,because the economies are now addicted to fresh fiat money and low interest rates.Raising all taxes will kill the potential recovery from the corona recession.
Anyway,there's a possibility for the governments to raise and impose new taxes over the cryptocurrency world,because crypto users aren't that much and raising cryptocurrency taxes won't damage the "brick and mortar" economy,therefore it won't cause protests.

[ray_saeed]

And how you are suggesting to avoid taxation? Fake kyc on exchanges? Never convert crypto to fiat?

[exstasie]

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

The Fed chairman says now is not the time to worry about the national debt. Trump wants to cut even more taxes in the next stimulus bill. So we should probably expect the deficit to widen for a while.

If Trump gets re-elected, no way taxes go up next year for Americans.

Money printing,negative interest rates and quantitative easing will continue forever,because the economies are now addicted to fresh fiat money and low interest rates.

Sounds really sustainable.

[abhiseshakana]

I don't think raising taxes is not a policy that will be taken by the government after the pandemic. Precisely after the pandemic effect in conditions of recession, depression or great depression (depending on the time of the completion of a pandemic in a country), the government will boost consumption with a lot of fiscal and monetary stimulus, given the export and import markets have not been active due to disruption of the global supply chain due to corona pandemic alternation between countries.

The country will focus on domestic consumption, both in terms of meeting supply and increasing demand curves. Maintaining investment in bitcoin is the right choice now from the point of view of investment but on the basis of humanity and togetherness, we must also set aside a budget for investment in the real sector so that the economy can turn back. Small rounds in large numbers will push a bigger rotation and the economy back on its axis.

[sheenshane]

I tend to agree that after this lockdown or quarantine when things are back to normal there might be changes on tax where government's fund is coming from. During this period where the government is spending much of their funds to help everyone that is affected by the lockdown then after this crisis, they need to bounce back and the first thing that they will think in how they can recover again is through taxes.

Probably there is an increase on the tax that they'll be charging for faster recovery anyway after the quarantine everyone will work hard to gain higher earnings though changes on tax might hurt it will still be the only way for us to help our government besides they help us as well during the lockdown just try to think that you are only returning the help they gave you when you needed them.

Bitcoins somehow may not be affected directly for it is decentralized however using it for commodities will still be the same as buying an item with the higher tax you will still be charged for the same amount the already includes the tax. Hopefully when the election comes people will be wiser in choosing the next one since we have already tried those politicians during the crisis.

[Casdinyard]

I think the government with crashing economy has only 2 option for imposing taxes after the pandemic crisis, It's either they will issue an increase in taxes for the economy to quickly recover or they will stick on their taxes percentage like before the pandemic came but the economy will recover slower. Besides, if workers will pay for more taxes, let's say half of their wages are going to be in taxes, they will surely complain for it.
The government will start to save by that time, exports will be limited to necessary products only, domestic products will be fully consumed, by doing this the government's expenses will be lessen.

[gentlemand]

I expect capital gains taxes, the most relevant to Bitcoin fans in many places, to be cranked up.

To the average broke person it's a tax they'll never pay and certainly won't care if the better off are hit with it. They will perceive it as unearned money so it'll be neutral enough to the average voter.

Not sure how the properly rich will avoid it but as ever there'll be a way.

Governments will be desperate to keep spending going so straightforward tax rises on income or goods are less likely.

[Natalim]

The government has no choice but to spend, we are just happy now that we receive some allowance from them but we did not realize that it will be taken unto us slowly, it's correct, they'll get it from our taxes and that's the sad reality.

Luckily, my business is not registered so I don't have to pay taxes, but in some way like Value added tax in our country, you pay taxes when you buy foods so everyone will be affected as the price of our basic needs will eventually increase due to the tax attach from it.

[Aaroenz0r]

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

I think the government doesn't need that. Although their budget is in a serious deficit, if you have money, you can provide relief to those who are unemployed and need food. It is also an activity that increases GDP and helps the poor. sometimes when we pay taxes on them most of the money goes into the pockets of corrupt people. There are always such components in the state apparatus. so we'd better do charity.

[freedomgo]

Saving BTC is good for future investment, however, we also have investments in real life like having a business or some even have a job where both of these we are required to pay taxes. We let the government help us to this situation we are experiencing now, their time will turn that they will be getting the favor from us, and we can't do anything but to comply because tax is the lifeblood of the government.

[repear7]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

Every country affected by the economic crisis due to a pandemic has a policy on tax issues that are implemented, some taxes are exempt for one year and there are also delays over the next few months. This budget deficit has a large impact on economic actors and is unprecedented

[Lucius]

In most countries, governments will have no other choice but to raise taxes.

Taxes have existed since ancient times, and they still exist today as something that is inevitable if we want to live the way we live. The current situation has completely changed the direction of money circulation, because instead of doing what they know best (collecting taxes), countries print money and finance ordinary citizens and companies with free money. Most people know that nothing is free and that the bill will have to be paid sooner or later.

It is also a known fact that the burden of crisis is always borne by those belonging to the low or middle class, and that as always the rich will end up being richer, and politicians will still wear expensive suits, drive in the best cars, and have above average incomes. I'm ready for any taxes, they can start charging taxes on air which I breathe or any kind of pointless tax.

When it comes to crypto tax, if you buy/sell through exchanges that ask for mandatory KYC then there is no choice to pay or not to pay, especially if your bank is involved and you withdraw fiat to your account.

[FlightyPouch]

That means more rally and more resistance with the current government so I think that would not happen. The government is not deaf to the people's shouts and banners so I think they would create new policies masking these kinds of taxes so they could implement it without the people knowing. They don't have a choice since if they really wanted to get their economies back to the normal run, they would do that.

[sunsilk]

I've seen this lately on the news and it's for US and possible counties[1] but, I'm sure that there will be a domino effect and our local government will implement the possible tax hike that has been said. The printing of money which will cause inflation and the hiking of taxes will be sure a hard-hit for most citizens.

[1] Nashville mayor proposes 32 percent property tax hike in response to pandemic

[vycl87]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

You are right about taxes. At the end of this process, the authorities will ensure that the public pays a large part of the cost through taxes. But to be realistic, there is no way to escape from taxes by buying BTC.

Taxes are generally collected in 2 ways. On the income you get and on the money you spend. You cannot avoid taxes by buying BTC and HOLD from both of them. Of course, if your income is not with BTC.
Apart from that, most of the taxes are deducted before your income reaches you. And you will continue to pay taxes on what you spend.

[Cratoon]

Certainly the governments will look into filling the budget holes after the pandemic crisis, but will it affect the crypto people? Perhaps only those who trade high amounts legally with KYC and other identity verification procedures.

[shoreno]

you havent paid tax since a long time ago  ? how come its possible ? or maybe your just a small time person that doesnt have a huge house or business , etc something like that  . anyway i think there will be no taxes to be payed yet or it will be lesser now that we are still in a bad condition . i think they will understand that themselves but sure they can double it soon as long as we are now on recovery and people are also going to understand it   . but why suggest saving btc  ?  i think by using btc we are still obligated for taxes

[silversurfer1958]

The world is now facing a severe economic recession. Countries must lockdown their borders with each other, causing the trade of goods or tourism services to be stopped. People are unemployed due to bankrupt businesses. So, the United States and Europe are forced to print a lot of money to support their people in this difficult time. This will lead to very strong currency inflation in countries with heavy economic losses. I think the government will not raise taxes because everyone cannot earn much money compared to before.