Bitcoin should be taxed

[stadus]

Bitcoin is obviously tax, but it should be bitcoin transactions should be tax as it will not be useful if we will not move it or use it.

I guess big countries already had a tax framework on bitcoin, and the rest of the countries will just follow.
You know, there are only two things that would happen, either they'll tax bitcoin or they'll ban it.
Nothing comes with free now since we are living in a centralized world.

[blockman]

In US and other countries, they've been already taxing it. Bitcoin is classified not just as a money but also as an asset for which give gains to the person who owns and sells it. That's why every gain coming from bitcoin depending on the country where the person resides, there will be an income tax that shall be imposed even it's bitcoin. But IMO, it shouldn't be because it's decentralized but although the government cannot control and stop it, they're just going to put a tax on it because it gives gain to the people who are trading and owning it. So expect with your first purchase if you're living in a country that tax it, when the time comes to sell, you cannot avoid its taxation that's been said on your government's rule about bitcoin and taxation.

Aren't paying fee every transaction already?

Paying the transaction fee is different from being taxed.

[ILuckyGuyI]

We already pay a lot of fees for making our transactions these days. This is like paying taxes to us, investors. But most countries are imposing an income tax for cryptocurrencies. And this must be really frustrating for people who live in such countries. I think that the tax rates for cryptos shouldn't be so high.

[kawetsriyanto]

Ron Paul stated because he considers the Bitcoin status in his country. If Bitcoin is legal in the country, it can be taxed as the government support and guarantee the legality to have a business in Bitcoin. It is normal, just like other assets to have taxes as a form of appreciation to the country. And this means all crypto users in the country can be safe to trade or have an investment in Bitcoin. So, I don't think it is bad news for us!

[husnija]

each country's policy will be different, maybe the volume of transactions in that country is a factor in determining the amount of the tax. Big investors certainly won't mind if the regulation goes on

[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.

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.

You are going to pay income taxes even when there is not tax rate for cryptos but in US like countries the tax rates are separate for crypto assets so users needs to pay huge amount as tax for their crypto earnings along with all other taxes what government is asking.

[_Miracle]

This is from personal experience having paid capitol gains tax on bitcoin that I've cashed out *U.S. citizen - it's already taxable


Ron Paul would have been a Libertarian if he could have won a seat that way-----he is for less regulation and more for "free markets"

Towards the end you can hear what he actually thinks

https://www.youtube.com/watch?v=RAS7YScbKSo

For those who can't watch the whole thing
summary:
You wouldn't tax a currency and in a free market the dollar should have competition

[Obito]

If you can see some improvements in your country when there is a tax raise and you are enjoying a free healthcare and you are paid to go to a university, probably a taxation on bitcoin is a good thing since you can see where your taxes are going.

[Rajamuda]

if it has been legalized, of course it must be applied taxes like money in general in terms of advancing a country. I personally experienced that, well after all this is like getting income, then being obliged to pay taxes for the sake of the progress of the country in terms of the country's economy.

[bitterguy28]

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

This is what politicians loves to have , to make money in everything like crypto market.

There had been taxes coming from place to place like in some countries , though in my place there are still none of it in acting.

if it has been legalized, of course it must be applied taxes like money in general in terms of advancing a country. I personally experienced that, well after all this is like getting income, then being obliged to pay taxes for the sake of the progress of the country in terms of the country's economy.

Thats good, it must be legalized first before taking taxes.

[lixer]

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

It’s nothing new, it’s already happening in some countries where Bitcoin is legal, and has been classified as an asset that is similar to property. In countries like this whenever you do retail transactions, it is subject to being taxed (things like buying and selling  of goods). And also when you’re a Bitcoin miner you’re also going to be paying tax for it.

So there are taxes for bitcoin, and it depends on where you’re living and whether it is legal or illegal at that place. But there are still people who try to avoid taxes through one way or the other, and I don’t think those who make use of P2P methods will pay tax. Just don’t know yet.

[aprilnot]

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

why not, bitcoin is not completely anonymous anyway. The exchange has data for every bitcoin traded. so it could be taxed. but one thing the government should do, they should legalize the use of bitcoin and provide protection for crypto related issues. there are a lot of crypto fraud problems and so on, but the government doesn't seem to care about this just because crypto is decentralized.

[Kelvinid]

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

why not, bitcoin is not completely anonymous anyway. The exchange has data for every bitcoin traded. so it could be taxed. but one thing the government should do, they should legalize the use of bitcoin and provide protection for crypto related issues. there are a lot of crypto fraud problems and so on, but the government doesn't seem to care about this just because crypto is decentralized.

That be going to happen if every Bitcoin holder will voluntarily surrenders and tell the government that they are holding Bitcoin. But I'm not sure if someone will do that when we tried to protect ourselves and keep anonymous in the state. And the other thing is that this will only possibly happen if the government already declares Bitcoin to be taxed, other than that, it all remains free. Some country has already been imposed but the majority still on the negotiation.

[bakasabo]

We already pay a lot of fees for making our transactions these days.

Fees are not taxes, it is the commission. When you buy something at the store and pay with the card, store owner pays commission to the bank for money transaction.

If government wants to collect taxes from investment, how they gonna find out what was the price of Bitcoin, when a person has bought it? How they gonna find out that I have bought Bitcoin at the price of $20k, but not at $60k, compare it with current price and tell if I have profit and owe them, or I'm in a loss?

[samsul1234]

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

hello sir, I think if that's true it's possible that bitcoin will decline again with the tax, or without realizing it we've been trading on the bitcoin exchange has been taxed every day as an example of "fee" where every exchange will definitely cut a little for the cost of buying and selling

[ampu]

Taxation is a way of recognizing Bitcoin as a legal currency, which also means that Bitcoin's scope of application will be larger than before.

Yeah, once you start taxing something the scope of applications goes down as everybody wants to fill a form every time he spends some coins he has bought 10$ cheaper. Also, if you would have paid attention Ron Paul's idea is that bitcoin is money so it shouldn't be taxed! Right not it's viewed as property and is taxed accordingly!

In case somebody wonders where this comes from here is the article:
https://cointelegraph.com/news/ron-paul-legalize-and-tax-bitcoin-like-money

Former presidential candidate and congressman Ron Paul has renewed calls for Bitcoin to be legalized as money and not taxed.

"Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money, you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value."

But good luck with that, the last thing US lawmakers are thinking right now is exempting things from taxes:
U.S. Treasury calls for stricter cryptocurrency compliance with IRS

Thanks, I figured out the problem. Probably should only tax crypto-related goods and income.
Bitcoin is a currency, not a commodity. If taxing currency looks very absurd as you have explained. I hope the US government will soon finalize the regulations on cryptocurrencies so that the adoption of cryptocurrencies becomes faster.

[MCobian]

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

why not, bitcoin is not completely anonymous anyway. The exchange has data for every bitcoin traded. so it could be taxed. but one thing the government should do, they should legalize the use of bitcoin and provide protection for crypto related issues. there are a lot of crypto fraud problems and so on, but the government doesn't seem to care about this just because crypto is decentralized.

That be going to happen if every Bitcoin holder will voluntarily surrenders and tell the government that they are holding Bitcoin. But I'm not sure if someone will do that when we tried to protect ourselves and keep anonymous in the state. And the other thing is that this will only possibly happen if the government already declares Bitcoin to be taxed, other than that, it all remains free. Some country has already been imposed but the majority still on the negotiation.

It is very difficult for the government to impose taxes if Bitcoin owners do not report Bitcoin ownership, because only the government can get
the data from local exchanges that have implemented KYC procedures. And I doubt a Bitcoin owner will keep all his Bitcoins on exchanges.
They will keep it anonymous, so taxing Bitcoin is still a gray area for some countries. Only countries that have legalized Bitcoin, then the government
has officially imposed a tax on Bitcoin ownership, maybe the government can get a tax from Bitcoin.

[ethereumhunter]

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

hello sir, I think if that's true it's possible that bitcoin will decline again with the tax, or without realizing it we've been trading on the bitcoin exchange has been taxed every day as an example of "fee" where every exchange will definitely cut a little for the cost of buying and selling

That is a fee that we should pay for the exchange. The tax is something that we should give to the country and the government can use the tax to grow the country and the government control the tax. Maybe the government can apply the tax but not for bitcoin, but people withdraw their bitcoin to their banks account as the banks still use it. When people have fiat money in their bank account, the government can take the tax from them. But for bitcoin, the government can not control it but they can watch the transaction made to people's bank account.

[jjdub7]

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

Either way, Bitcoin and any other cryptocurrency are charged the moment you exchange it for fiat money. Each time you withdraw from the exchange to your personal bank accaunt, this must be reported as income that is charged with profit tax (in different countries it can be said differently).

[whofarted75]

The power to tax is the power to destroy.

The power to tax bitcoin means there is the ability (through taxes) to make it unusable and/or unprofitable. That gives them a way to destroy bitcoin without actually out-right banning it.