Bitcoin should be taxed

[ropyu1978]

As stated by CNBC Infonesia, the Director General of Taxes at the Ministry of Finance emphasized that all forms of income must be taxed, including income derived from profits from trending or buying and selling shares, or bitcoin. Countries that have legalized bitcoin definitely need taxes, like Germany which receives a 25% tax on all profits made from trading, Norway also receives a 25% tax, but if we suffer a loss our taxes will be withheld.

[Sterbens]

tax for bitcoin is something that cannot be avoided in the future because if bitcoin is legalized then there will be certain fees that are intended for state revenue
but even then bitcoins used for direct transactions are different from global transactions most likely will not be taxed because of the anonymous blockchain system

This is true because slowly everyone is starting to realize that Bitcoin has benefited the wealth of many people. then the institutional and government policies will impose a tax on Bitcoin. we all had a feeling this was going to happen. if so then be prepared who will be in charge of all this?

[ShowOff]

As stated by CNBC Infonesia, the Director General of Taxes at the Ministry of Finance emphasized that all forms of income must be taxed, including income derived from profits from trending or buying and selling shares, or bitcoin.

Confirmed, and I just think the tax will be realized by any government that legalizes trading cryptocurrencies including bitcoin and it is still in the good planning stage. This proves that the government has greater advantage than disadvantage even though it only legalizes bitcoin trading and enforce tax rule. This is what I call a win-win situation between the government and the bitcoin/ Cryptocurrency community. The amount of tax that will be set may be in the spotlight and debate later if it doesn't make sense.

[Ultegra134]

Quite a few countries have imposed taxation laws for cryptocurrencies, in some degree, I'm fine with it. It's still money, income you are generating. Thus, I don't find it irrational. On the other hand, cryptos are supposed to be decentralized, providing liberties that fiat currency cannot, it's practically against their nature.

Here in Greece, there isn't any law regarding crypto taxation, however, you are expected to declare any income higher being deposited in your bank account, higher than 500 euros if I remember correctly.

[Yogee]

Taxation is a way of recognizing Bitcoin as a legal currency,

It helps legalize BTC not as a currency but as an investment asset. Governments do not tax fiats like USD but they tax income derived from trading fiats or investing it to different assets that can generate revenue. Now replace USD with BTC.

[androyster]

Anyone advocating more taxes needs to have their head examined.  We are taxed enough already!

[Freezingel]

I don't like things being taxed too much, but i guess if bitcoin is being taxed, it might be easier for bitcoin to be acceptable by the governments. Since that way, government can gain something by bitcoin too. To be honest sometimes i feel like it's too much, people can get looooots of money and profit from bitcoin without needing to pay anything, it might be a bit dangerous, i guess as long as the tax are not so high and nonsense, having bitcoin taxed is reasonable.

[Similificator]

Even if it isn't compared with money, as long as it has value, I believe that it should be taxed accordingly. This is not only for fairness itself but also for the purpose of helping bitcoin or any other crypto currency out there to have some sort of legitimacy to it specially on the eyes of the beginners. But most importantly, for the sake of helping it become legalized since we all know what the governments and banks want: to always have something to gain and to always have control. That is just how things are ever since I can remember.

[Reosta_]

Nearly everything is taxed as long as you make a profit from it. Hence, I'm not surprised to see that Bitcoin earnings are taxed also. But I don't support governments that imposes a tax which has a high rate (like 20% etc.).

[jrrsparkles]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Of course it should be taxes and people are paying taxes for their crypto earnings even from the country where the crypto is not regulated yet, but do we need to add an extra tax just for the crypto currency?

It is unfair because its just a money, we are not paying taxes when we use paper as money then it should be same for the crypto as well.

[imstillthebest]

I don't like things being taxed too much, but i guess if bitcoin is being taxed, it might be easier for bitcoin to be acceptable by the governments. Since that way, government can gain something by bitcoin too. To be honest sometimes i feel like it's too much, people can get looooots of money and profit from bitcoin without needing to pay anything, it might be a bit dangerous, i guess as long as the tax are not so high and nonsense, having bitcoin taxed is reasonable.

It's not only for the tax but we have government that accepts btc without forcing people to pay tax on Thier btc gains but I heard that in the u.s , btc tax is mandatory but it wasn't a nonsense move because there will be usage for our tax .
what only the tax payers won't like if if they are being charge too much because they will think that their government is corrupt .

[pinggoki]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

To be honest I am not in favor of bitcoin will be taxed by the government because as far as I am concerned is where do the taxes of bitcoin will go? In the hands of the corrupt government? The thing that I am using bitcoin is just because there is no tax on it wherein I can get the exact amount that I've desired to withdraw no matter what happens, compared to those that are paying taxes there is a huge difference between those two but somehow I am getting the point of a certain country if they will try to legalize bitcoin and putting some taxes on it because as far as I am concerned is in order to control bitcoin and legalized it there is a certain criterion to pass.

[FatFork]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Of course it should be taxes and people are paying taxes for their crypto earnings even from the country where the crypto is not regulated yet, but do we need to add an extra tax just for the crypto currency?

It is unfair because its just a money, we are not paying taxes when we use paper as money then it should be same for the crypto as well.

No, not as an extra tax, but as an income tax, like in any other business, or as a capital gains tax, yes.

When Tesla Inc. and other companies, like them, make billions of dollars in profit from trading cryptocurrency, they need to pay taxes as well.

[teosanru]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

He is sort of right, no matter how much we shout about having a decentralized economy and things but in the end, you need to pay taxes so that you need to contribute something to keep the country running. Imaging a completely decentralized economy is a myth for the next 40-50 years and until then we can imagine bitcoin only as an investment and Investments can never be kept outside the purview of Taxes. Also, most of the countries are already collecting taxes from crypto investors so this is no surprise for anyone. The moment you transfer funds on any exchange you are yourself selling with the caveat of paying taxes as most of the exchanges now have complied with KYC.

[sapnu]

We might not just be noticing but bitcoin is actually taxed already for some countries that allows the use of it. It may seem like it is a part of the scheme of the government but it actually helps it through making it look like a real currency or a potential currency in the future. The taxation might even help bitcoin become recognized by other countries as a helpful currency since many people are already patronizing the use of it. Either way, with tax or without tax let us hope bitcoin would get the recognition it deserves as well as the legalization of it on other countries.

[kaggie]

Yes, bitcoin should be taxed, but only when it transfers hands.

There are several sticky points:

1) The amount of crypto that a person owns in total should not be taxed. For those early enough in a crypto space, this would be an impossible calculation, especially considering the number of forks with possible value which the user may never consider.

2) Americans receive capital gains taxes no matter where they live. So, there's 20% for the US, and 20% for the other country. This only encourages hodling, and decreases the cut that the governments get after bitcoin rises in value.

3) Cashlike transactions should have only sales tax for nominal goods and services. 20% plus sales tax is ridiculous, and encourages illicit use.

4) A person could start with 1,000 USD, and transfer between himself and himself between cash and bitcoin, using an exchange, 20 times in a day, but losing no money. According to many countries, that person now owes tax on all 20 transactions, losing significant value, although nothing meaningful was done.

Taxation is useful for many things. Rational policies encourage people to uphold the law, where irrational policies can spiral out of control.

[capcaypro]

what I know is that bitcoin has been taxing for a few years, but not all countries have implemented it and there are only a few countries that legalize bitcoins that tax bitcoin and for sure the countries that have taxed it are in the big countries that do. legalize bitcoin.
but there are still many who have not taxed bitcoin because the reason for this bitcoin is still not clear whether legalized or not.
but for the future I am very sure that many governments will start to tax this bitcoin, the reason is because there are so many enthusiasts of bitcoin besides that bitcoin is also starting to be taken into account in all countries

[oemar bakrie]

it is very difficult to check one by one the transactions in and out of bitcoin and also those who have bitcoin assets, because bitcoin ownership is not based on the owner's name directly but only a wallet address that may be more than one person has a wallet to storbitcoins..

[Ultegra134]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Of course it should be taxes and people are paying taxes for their crypto earnings even from the country where the crypto is not regulated yet, but do we need to add an extra tax just for the crypto currency?

It is unfair because its just a money, we are not paying taxes when we use paper as money then it should be same for the crypto as well.

No, not as an extra tax, but as an income tax, like in any other business, or as a capital gains tax, yes.

When Tesla Inc. and other companies, like them, make billions of dollars in profit from trading cryptocurrency, they need to pay taxes as well.

Definitely a valid point I did not think about. Tesla and any other company can't make millions, if not billions in profit through Bitcoin and not get taxed. That would be outrageous. Any kind of income should be taxed, no matter where it's coming from.

[acener]

In Ron Paul's view, bitcoin is money, and it should be taxed as such. How do you view this information?

Aren't paying fee every transaction already?
And how is it going to be tax if ever that would ever happens?
Would the small time earner in  crypto be considered?