Get ready for more tax. Save your BTC!

[fortunecrypto]

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?

That's likely to happen, some countries including mine are giving dole out and relief support to workers who are working on a no pay no work basis, the only way to recover is to ask loans from other countries, cut spending, but definitely they will add more taxes to companies and their workers, but it will only happen months after the pandemic is over.

[Sanugarid]

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.

The government does not have any option but to spend right now, no one from their citizen are working to pay for taxes ( for countries that is under a lockdown) and we as the citizen deserved to receive help from the government during times like this coz that is their duty, money can be earned again but the lives of many is more important right now. Products prices soon is expected to increase as we need to recover from our loss as soon as possible so we can start the normal life again.

[gentlemand]

Products prices soon is expected to increase as we need to recover from our loss as soon as possible so we can start the normal life again.

The thread should really be about getting ready for more expense in general. A lot of things will be disrupted, some services won't come back, some will have their competition eliminated so will be free to jack prices up, whole areas will be less viable so will cost a shit ton more than they did before.

[Febo]

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?

Taxes will definitely increase. But not just because of government interventions now fro covid-19. But because all world governments realised that in time of crisis they can rely only on their economy. So they will start to nationalise some industries and be sure to have companies in their countries.

[countryfree]

Of course, there will be a delay. Governments won't kill the economic recovery while it's starting.
Tax will only be raised in 12/18 months. So my advice is to withdraw your money from banks, where governments can see it, and buy BTC or valuables which governments cannot know anything about it. That's what I've been doing for years.

[Findingnemo]

Actually they will give more relaxations for the next two or three years then only they can increase cashflow among the country so you should not be worried about paying high taxes right away after corona but you have a point they have no other choice to tally their spend money other than increasing taxes so wakeup guys or you will never be able to save any money.

[Averim]

No matter the times taxes are always present in our lives. It is true that in the coming months a thunder will strike financial world, the urge for money will be greater and the prices, including taxes policy will ask for more money.

[davinchi]

Sure there could be higher taxes but at the same time they could literally just postpone the payments as well. With taxes they are solving a deficit problem, but with printing money out of thin air they are not creating a deficit are they? I mean they are creating a deficit but not in the budget department, they are creating nation debt, they are printing money to pay for debt and the money becomes less valuable which causes the inflation which is the root of the problems which tax can't solve honestly.

I think the result would be more about bonds being worthless, that is the risk right now not the taxes. However putting money into bitcoin works both ways, you could always have bitcoin to get away from less valued fiat as well because bitcoin will rise in that situation too.

[LeGaulois]

I would rather pay more taxes (at least it means I'm still alive) than die. In my country, they say the most effective solution to the debt is economic growth. The government is betting on economic recovery but the problem is the activity will really start again in several months, not immediately, in 2021 we will still be in the crisis

After the 2008 crisis, they increased the taxes but they decreased it also just before. I don't know if it's the best solution but better than nothing, what could we do without it.

[verita1]

I think it will depend on the economic measures of each nation. Covid19 is impacting differently in each country. What is certain is that we need to recover and return to normal. The crypto community is sure that Bitcoin is its asset and will look for all ways to protect it.

[rollingdice]

You should worry about more taxes on cryptocurrency if you use cryptos for taxable events (trading cryptocurrency to fiat, or crypto to crypto, using cryptocurrency for goods and services, earning cryptocurrency as income). But crytptocurrency transfer and buying crypto with USD aren't considered as taxable events.

[Findingnemo]

You should worry about more taxes on cryptocurrency if you use cryptos for taxable events (trading cryptocurrency to fiat, or crypto to crypto, using cryptocurrency for goods and services, earning cryptocurrency as income). But crytptocurrency transfer and buying crypto with USD aren't considered as taxable events.

It depends on the country you are living if your country considers crypto as an asset then you may be supposed to pay taxes even for holding bitcoin.

Some countries consider it as an asset you you need to pay taxes for your capital gains and some other countries asking corporate taxes for the profits you made while holding cryptos.

[figmentofmyass]

in the states, it all comes down to the 2020 election IMO. obama increased taxes within a couple weeks of taking office. pollsters give democrats a 55% chance of winning both the white house and senate. that would give them both houses and the presidency---free reign to have a spending and tax hike party.

according to a trump economic advisor:

"The liquidity and cash phase is coming to an end," White House National Economic Council director Larry Kudlow cautioned in recent days. He signaled a return to the president's pre-pandemic agenda, including tax-cuts and infrastructure investment.

under trump, no more coronavirus relief, and a return to tax cuts?

[cozytron]

You haven't paid your income taxes since 1997? So you generate $0 income in real-life?

[coolcoinz]

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

It's not that hard. I haven't paid any income tax for years. I simply conduct all business in cash and had enough profit from my Bitcoin investments to make me not worry about legal employment ever again. I'va also been employed without any legal agreements for years and have done pretty well doing it. I'm not saying that you should do it, but that's how it used to be done for centuries. When somebody wanted a job to be done they'd come to a vebal agreement with a contractor and you can guess the rest. It's today that you're forced to sign contracts and pay taxes on whatever you were paid. It doesn't mean that this is the only way to live.

[Yatsan]

You should worry about more taxes on cryptocurrency if you use cryptos for taxable events (trading cryptocurrency to fiat, or crypto to crypto, using cryptocurrency for goods and services, earning cryptocurrency as income). But crytptocurrency transfer and buying crypto with USD aren't considered as taxable events.

It depends on the country you are living if your country considers crypto as an asset then you may be supposed to pay taxes even for holding bitcoin.

yeah it really does depend on the country, some countries are harsh with cryptocurrency to the point that they are trying to centralized the exchanges that is running under the government to impose for more taxes that hurt the users. So far with my country, it is very open to the idea of digitalization such as digital payments and cryptocurrency, however there are still some bad imaging that is circling around the use of crypto to scam gateways.

Some countries consider it as an asset you you need to pay taxes for your capital gains and some other countries asking corporate taxes for the profits you made while holding cryptos.

Countries in Europe seems to be the friendliest among all the country, the first ever atm machine that supports cryptocurrency is built and now being used in Europe, I barely remember which country is it, but I'm pretty sure it is in Europe.

[leyton11]

I quite admire your self-awareness and the spirit of contributing to the community.  But my point is that the government doesn't need that.  I have always had negative thoughts about the state apparatus, where there are always those who corrupt our charity.  So I think we should have other plans to support the economy.  Why don't we buy food and distribute it to those in need?  That would be great gesture and make them feel happy day in and day out.  That would be the most meaningful action now.

[countryfree]

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

It's not that hard. I haven't paid any income tax for years. I simply conduct all business in cash and had enough profit from my Bitcoin investments to make me not worry about legal employment ever again. I'va also been employed without any legal agreements for years and have done pretty well doing it. I'm not saying that you should do it, but that's how it used to be done for centuries. When somebody wanted a job to be done they'd come to a vebal agreement with a contractor and you can guess the rest. It's today that you're forced to sign contracts and pay taxes on whatever you were paid. It doesn't mean that this is the only way to live.

Lucky you!
I haven't find anyone willing to pay me cash or with BTC. I'm always paid with bank wires, so I had to be imaginative to avoid tax. I pay property tax and consumption tax everywhere, that's more than enough. Governments on a diet can only get better.

I hope the coronavirus will lead to a strict diet for all governments, but I know that won't happen. They'll keep on spending like crazy, and that will lead to more tax someday.

[Viscore]

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

It's not that hard. I haven't paid any income tax for years. I simply conduct all business in cash and had enough profit from my Bitcoin investments to make me not worry about legal employment ever again. I'va also been employed without any legal agreements for years and have done pretty well doing it. I'm not saying that you should do it, but that's how it used to be done for centuries. When somebody wanted a job to be done they'd come to a vebal agreement with a contractor and you can guess the rest. It's today that you're forced to sign contracts and pay taxes on whatever you were paid. It doesn't mean that this is the only way to live.

Lucky you!
I haven't find anyone willing to pay me cash or with BTC. I'm always paid with bank wires, so I had to be imaginative to avoid tax. I pay property tax and consumption tax everywhere, that's more than enough. Governments on a diet can only get better.

I hope the coronavirus will lead to a strict diet for all governments, but I know that won't happen. They'll keep on spending like crazy, and that will lead to more tax someday.

They are the most corrupt if people would only know.
What they are spending is not their money, so they can spend it like crazy on projects or whatever it is but they always get a cut on it.
Though most of the time they look clean but they know how the play the game and we are the one who will pay for what they are doing.

Keeping Bitcoin is a great strategy for the future as fiat will just continue to inflate.

[Rengga Jati]

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).

I still didn't read the information from any media (television, newspapers, or an article) stated that will be higher taxes in my country. I don't think it is a good idea by rising taxes after many people lost their jobs because of the Covid-19 outbreak. How they can pay for higher taxes while they even have no jobs? Only a government with no heart that applies this way, then surely will be a massive demonstration by the citizen.