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Author Topic: Bitcoin taxation ??  (Read 1748 times)
panju1
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December 16, 2014, 12:54:05 AM
 #21

You gotta gamble to win...

The trick is that governments and corporations are all very very slow and have no realincentive to go after people that think at least a bit forward. There is no need to underestimate them, but there is no need to overestimate them at all. The official structures simply are full of normal lazy people.

I have quite big online business. I do not pay taxes. When it became bigger, I went offshore. When it became huge, I went into emmigration in South America where nobody gives a shit what you are doing elsewhere. But that is official economy, even where it is not necessary to pay taxes (income taxes, VAT is better not to touch, evasion is problematic).

Bitcoin is different and easier: no one has clue and no one will have clue for long time. Even if they tax and regulate it now, (and I hope they will, because it will make btc only stronger), they will have no tools to detect and proove anything inside btc circulation.

Really the worst thing is to report ourselves, only because one wants to sleep well. Here - at this compromise - the horror starts. The best way how to survive and push things forward is to be invisible and always have some cover up story about ourselves as being honest middle-class citizen.

There are enough loopholes in the current tax systems to legally reduce the amount of taxes one pays.
Tax avoidance is legal, tax evasion is not.
As you say, shifting businesses offshore and emigration are perfectly legal ways to reduce tax liabilities.
Hell, even established companies are carrying out 'reverse-mergers' to reduce taxes.

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December 16, 2014, 05:00:19 AM
 #22

Well even shifting business without emmigration should be enough. But I like hedges.

Law is not black and white. In a way it is like with money. Money is what money is. Legal is what ppl with power say is legal. It is the bitter truth.

I know that what I am doing is on the edge of legality, but one day I can as well wake up on the other side and that is not what anyone wishes.

Law about (international) taxation have different interpretations. Also many subtle things that are forbidden, are for sure breached by many and in the first row by corporations. It is not that everyone is evil. Markets are tight, so the ones who do not go to the edge with expenses (and taxes are direct expense on money paid and indirect expense with all the accountants etc.) are eliminated.

In short. The effective income tax from capital is aiming to zero. The taxes that will exist are VAT and other consumption taxes, taxes from physical property and then everything that will pay the middle class that is scared of their asses (the poor have no money and the rich will always find the way to the edge).

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