Get ready for more tax. Save your BTC!

[nomenclatur]

taxes will probably go up for next year in all countries because of the crisis due to the coronavirus that must be experienced in almost all countries to restore the economy of a coronavirus. all countries that who uses cryptocurrency will be charged this would probably take effect next year as a result of the pandemic global all countries expect to recover gradually to return to restore the economy.

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[culuuton]

taxes will probably go up for next year in all countries because of the crisis due to the coronavirus that must be experienced in almost all countries to restore the economy of a coronavirus. all countries that who uses cryptocurrency will be charged this would probably take effect next year as a result of the pandemic global all countries expect to recover gradually to return to restore the economy.

They won't raise taxes next year because the economy is also difficult to recover immediately after the pandemic and the unemployment rate is still very high but they will levy taxes on markets that they didn't care about before. What you think is true, many countries will be more interested in the cryptocurrency market, they will impose taxes on exchanges.

[Viscore]

What you think is true, many countries will be more interested in the cryptocurrency market, they will impose taxes on exchanges.

That would be big success for the crypto market, we will be recognize by the government, we will be regulated and it will help to attract people to invest more in crypto and the adoption we are looking will definitely increase. Taxes is normal, once the government regulate a certain industry, they also collect taxes at the same time.

[AlgoSwan]

We have to stop looking at taxes as a mighty system for achieving social goals, which merely needs to be made “fair” and rational in order to usher in Utopia. We have to start looking at taxation as a vast system of robbery and oppression, by which some people are enabled to live coercively and parasitically at the expense of others. We must realize that from the point of view of justice or of economic prosperity, the less people are taxed, the better. That is why we should rejoice at every new loophole, new credit, new manifestation of the “underground” economy. Every economic activity that escapes taxes and controls is not only a blow for freedom and property rights; it is also one more instance of a free flow of productive energy getting out from under parasitic repression. Long live BTC!

[wingfield_crypto]

       I am worried about this incessant printing of money during this period. It is true that the virus must be fought, but inflation is rising. An extreme case is Venezuela, where the money has no value and I think it can be found on the street. Regarding the spending of governments worldwide, citizens will also have to lose because taxes will be higher, and normal people will go through a difficult period and after the end of the pandemic.

[FanatMonet]

       I am worried about this incessant printing of money during this period. It is true that the virus must be fought, but inflation is rising. An extreme case is Venezuela, where the money has no value and I think it can be found on the street. Regarding the spending of governments worldwide, citizens will also have to lose because taxes will be higher, and normal people will go through a difficult period and after the end of the pandemic.

Therefore, you need to invest in something that cannot be printed in huge quantities, Bitcoin, other cryptocurrencies, gold, works of art. They certainly will not be able to depreciate, because of the monetary policy of any bank that decided to print a couple of wagons of money.

[coolcoinz]

We have to stop looking at taxes as a mighty system for achieving social goals, which merely needs to be made “fair” and rational in order to usher in Utopia. We have to start looking at taxation as a vast system of robbery and oppression, by which some people are enabled to live coercively and parasitically at the expense of others. We must realize that from the point of view of justice or of economic prosperity, the less people are taxed, the better. That is why we should rejoice at every new loophole, new credit, new manifestation of the “underground” economy. Every economic activity that escapes taxes and controls is not only a blow for freedom and property rights; it is also one more instance of a free flow of productive energy getting out from under parasitic repression. Long live BTC!

You are right, it's the system of oppression, but more of a system that allows the politicians to realize their goals at your expense, because they are not your goals, they are their goals.
How does it benefit the average taxpayer that the government builds itself a new marble statue, or a marble staircase in one of their buildings? How does it benefit you that they hire a PR firm to make them look good?
It's common knowledge thet a large portion of tax money gets wasted on stupid things and that the more they get from you the more they'll be able to waste. If a politician manages to get another 1% from you, he'll be able to give it away to his voters and buy their support, so that he can stay in his chair for another term. I've seen it done so many times because for 1 average rich person there's always 3 people on benefits. If you take away from that 1 person and give it to those 3 you'll statistically gain 2 votes. Socialism is still alive and doing well.

[Freeesta]

The amount of taxation may increase, but the government introduces this only to stabilize the economy. I do not advise you to make various transactions during a pandemic. Wait, the market situation should stabilize.

[Subbir]

The amount of taxation may increase, but the government introduces this only to stabilize the economy. I do not advise you to make various transactions during a pandemic. Wait, the market situation should stabilize.

I accept as true with you that the govt will increase the quantity of taxes but only after the market stabilizes. nobody is going to be ready to pay during the epidemic. But if we save BTC then the govt won't need to pay any tax from here it's not under the control of the govt we will buy and sell coins as we wish.

[rodskee]

The amount of taxation may increase, but the government introduces this only to stabilize the economy. I do not advise you to make various transactions during a pandemic. Wait, the market situation should stabilize.

You cannot say to just stop transacting when this is your way of living,if
 you are investor or businessman when the daily routine
 is trading or transacting then what can we do?our world will continue even
the pandemic effect will last long so maybe what we can
 do is lower our expenses and tighten our belts so we can survive in this
 situation since i believe that this will last for
 more than a year or 2.

[Naida_BR]

The amount of taxation may increase, but the government introduces this only to stabilize the economy. I do not advise you to make various transactions during a pandemic. Wait, the market situation should stabilize.

It is not correct to increase taxes in order to stabilize the economy.
This is going to decrease the consuming power of citizens and it might bring more economic downturn eventually.
Governments need to announce ways of investing money to the real economy in order to push the GDP higher.

[tvplus006]

I think that during the global economic downturn due to the current COVID-19 epidemic, many large and small businesses have difficulties in doing business, workers are unemployed. The government will not raise taxes on people or businesses because this measure will make the economy worse. The government is printing a lot of money to support people and businesses in this difficult time. But printing too much money will lead to inflation and the price of goods will rise sharply.

I agree with you that the government will not increase taxes, because in these conditions, businesses and people are experiencing difficulties in making a profit. Therefore, the only possibility that will allow the government to level the budget is the release of new money into circulation. But this will lead the economy to inflation.

[South Park]

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?

Governments all around the world have run deficits for decades and they do not really care at all about raising taxes because that is really unpopular, what they are doing is just printing money because it is an invisible tax that even if it is eventually felt by everyone it is nowhere near as unpopular as raising taxes outright, also it is way more likely that governments are more worried about trying to get the economy back on track and to keep it growing and new and higher taxes will be detrimental for the economy.

[Vannie12]

Though Bitcoins are not regulated in the Philippines there are these applications that we use to transfer and use bitcoins efficiently which has fees. But seldomly some movements are free from taxes. Still lot of areas here does not know about bitcoins. Anonymously, no one knows who uses them.
Our country is an archipelaho which is know for its thousand island, maybe somehow it affects its promotion.
I do emphatise with those who have taxes regarding cryptos.

[abhiseshakana]

The amount of taxation may increase, but the government introduces this only to stabilize the economy. I do not advise you to make various transactions during a pandemic. Wait, the market situation should stabilize.

The government's fiscal policy aims to save demand. But it is less effective considering its orientation is not in the industrial or business sector and labor which is the main source of demand.

A decrease in state revenue due to a decrease in tax revenue accompanied by an increase in spending and it is not impossible for an increase in financing to cause a budget deficit. But on the other hand, the government is required to guarantee a social safety net. But keep in mind that a deficit below 3% is a major factor in economic safety. Too extreme opening the public budget tap the impact is very terrible.

But stimulus policies have many limitations to overcome exogenous shocks. The stimulus is oriented towards accounting balance. The industrial tax stimulus borne by the government is only tax expenditure in lieu of tax revenue. Although it helps what is needed by the industrial sector is saving demand from the macroeconomic side.

The stimulus orientation is small and medium enterprises affected by corona, but the distribution of these stimuli requires collateral with a credit mechanism. The financial deepening will not be achieved in this condition. In addition, the stimulus is oriented towards increasing import and export trade, even though other countries are still closing their imports or exports. Whereas the industrially oriented stimulus needed to avoid mass layoffs

[Natalim]

Though Bitcoins are not regulated in the Philippines there are these applications that we use to transfer and use bitcoins efficiently which has fees.

When the government regulate, it is not only limited to bitcoin but the general market which is the crypto.

here (https://news.bitcoin.com/48-cryptocurrency-exchanges-philippines/) we can see that 48 crypto exchanges approved in the Philippines, that pretty much explain that it's legal in your country.

[justdimin]

Taxes are not really a bad thing normally, it is the humanity and culture we live in. In many countries the culture is that taxes do not really go into your pocket back right away and there are cuts in between due to corruption and I don't know how it became something we as a whole world decided is fine. Do you really think that every single cent you pay go back into helping you out back?

I mean I know you know there are a lot of times the money you pay as taxes goes into stuff that hurts you like bribes and corruption and so forth that helps out certain people and not the country as a whole. If we could stop that, find a way that corruption stops and all taxes goes to helping people, I am 100% sure you would be fine with taxes and would be even more willing to pay it.

[farukahmed]

The bitcoin dealings should be reported in Schedule which is an attachment of form it. Depending upon the type of dealing which decides the type of income from cryptocurrency ordinary income or capital gain the income should be reported under the correct head in the appropriate columns of the form. If you aren't withdrawing, selling, or trading any funds, then there is no need to declare your cryptocurrency as part of your tax return.

[tvplus006]

taxes will probably go up for next year in all countries because of the crisis due to the coronavirus that must be experienced in almost all countries to restore the economy of a coronavirus. all countries that who uses cryptocurrency will be charged this would probably take effect next year as a result of the pandemic global all countries expect to recover gradually to return to restore the economy.

If the government raises taxes, it will simply destroy the economy. The business has suffered very large losses as a result of the quarantine and it will take a long time to recover to the level it was previously. The government's task in such circumstances is to help business, not finish it off.

[bits4books]

As I haven't paid any income tax since 1997

As I haven't paid any income tax since 1997
You are 22-23 years old and you are unemployed, am I understand correctly?
For example:
- everyone in the country is getting sick
- the country begins to have problems with financing the health system
- the gov starts having problems with assistance to victims
- the gov of the country begins to have problems with money because the gov uses money to cure everyone
If you didn't pay taxes, you probably don't know where they come from. People pay taxes to the state so that the state can function on these taxes, provide people with goods and everything in this spirit.
If the money runs out and they are needed - gov will print (the printer makes brrrrr) more money to help their own citizens.
Citizens who feel the support of the state understand that all this is done on their taxes (they did not pay them for nothing) and they are at least a little but still morally ready for the fact that now the crisis will begin (has already begun) and they will have to tighten their belts.

We print money after which we recover and start to get out of the crisis (very rough chain but you understand me). If we decide to raise taxes - then we start with the strongest and put on the shoulders of our giants some obligations to help us (in the future it will pay off) and so to the very bottom and it is not a fact that we will get to the bottom.
It takes some time for us to get out of the crisis and then reduce taxes by the previous amount or even less because the time after the crisis is a time of rapid recovery and development.
Question - what is wrong here and why do you not pay taxes at the age of 22-23? If you do not pay then you do not have a moral right to any public goods that everyone else has a right to.
/thread