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Question: Would you pay taxes if you could live off bitcoins?
Yes, even w/o risks - 35 (38.5%)
Depends on the risks - 22 (24.2%)
No, even w/ risks - 34 (37.4%)
Total Voters: 91

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Author Topic: Would you pay taxes if you could live off bitcoins?  (Read 10144 times)
hashman
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July 09, 2012, 05:54:41 PM
 #301

First of all, we can't "live off bitcoins".  We live off the land.  Period.  Give a moment's respect to food and water.
So presumably, the OP means to ask: "Would you pay taxes if you could live using bitcoins as your only currency for transactions"?  

The obvious answer is YES, lets list two of the taxes you will BY DEINITION be paying:

1)  transaction costs (you WILL pay a fee to miners if you are in fact using your biticoin currency)
2)  monetary inflation tax (new blocks get new currency.. this is another effective tax you are paying to miners)

Lets consider some other taxes you are LIKELY to pay:

1)  any kind of tax a more heavily armed person than yourself imposes on you
2)  voluntary taxes

There are countless forms of these taxes, obviously we all like #2 (at least enough to volunteer funds), and #1 some of us like and others dislike.

Local tax collectors will let you pay your debts with bitcoin soon.    

 
 
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cryptoanarchist
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July 09, 2012, 05:57:42 PM
 #302

Ha, the option I found the most logical is exactly the one with less votes so far.... (at least "No" + "depends" beats "Yes", what's good Smiley)

A question to all those answering "No": if you leave in a place with income tax, and assuming your income is at least twice that of the exemption threshold, how do you actually intend not to pay it at all? Even if you have bitcoin-only revenues and your employer (if applicable) doesn't declare your earnings to the government you're subject to... how would you hide the discrepancies between your belongings and your declared income? How would you buy a house, for example?
Or you just don't care and intend to do it Irwin Schiff style?

The questions above are not meant to provoke, I really wonder how to do those things. Cheesy

I'm not too worried. I already have BTC stashed in places the IRS will never find, and even if they did they couldn't decrypt them.

I also know there are a lot of other people thinking like me.

Tick Tick Tick....that's the sound of the government's life running out.
westkybitcoins
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July 09, 2012, 07:18:51 PM
 #303

Ha, the option I found the most logical is exactly the one with less votes so far.... (at least "No" + "depends" beats "Yes", what's good Smiley)

A question to all those answering "No": if you leave in a place with income tax, and assuming your income is at least twice that of the exemption threshold, how do you actually intend not to pay it at all? Even if you have bitcoin-only revenues and your employer (if applicable) doesn't declare your earnings to the government you're subject to... how would you hide the discrepancies between your belongings and your declared income? How would you buy a house, for example?
Or you just don't care and intend to do it Irwin Schiff style?

The questions above are not meant to provoke, I really wonder how to do those things. Cheesy

I'm not too worried. I already have BTC stashed in places the IRS will never find, and even if they did they couldn't decrypt them.

I also know there are a lot of other people thinking like me.

Tick Tick Tick....that's the sound of the government's life running out.

Or at least the modern-day concept of the fraudulent "nation-state."

Let's hope.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
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EhVedadoOAnonimato
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July 10, 2012, 07:36:30 AM
 #304

I'm not too worried. I already have BTC stashed in places the IRS will never find, and even if they did they couldn't decrypt them.

Oh, me too. But thing is... suppose BTC price multiplies by 100 or something (just for the sake of the example).
I honestly wouldn't know how to actually profit from it (make good use of my coins) while remaining "under the radar". (it wouldn't surprise me if some of the "early adopters" didn't cash out during the bubble peak for this very reason)
I might consider emigrating to a tax haven or something if such a thing happens. Cheesy But long distance emigration is always a very tough decision to make.
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July 10, 2012, 08:09:58 AM
 #305

I'm not too worried. I already have BTC stashed in places the IRS will never find, and even if they did they couldn't decrypt them.

Oh, me too. But thing is... suppose BTC price multiplies by 100 or something (just for the sake of the example).
I honestly wouldn't know how to actually profit from it (make good use of my coins) while remaining "under the radar". (it wouldn't surprise me if some of the "early adopters" didn't cash out during the bubble peak for this very reason)
I might consider emigrating to a tax haven or something if such a thing happens. Cheesy But long distance emigration is always a very tough decision to make.
Your reason is the reason why anyone who takes the currency seriously should just come out and say it...

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EhVedadoOAnonimato
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July 10, 2012, 12:43:35 PM
 #306

Didn't get what you mean, FlipPro...
cryptoanarchist
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July 10, 2012, 01:30:46 PM
 #307

Oh, me too. But thing is... suppose BTC price multiplies by 100 or something (just for the sake of the example).
I honestly wouldn't know how to actually profit from it (make good use of my coins) while remaining "under the radar". (it wouldn't surprise me if some of the "early adopters" didn't cash out during the bubble peak for this very reason)
I might consider emigrating to a tax haven or something if such a thing happens. Cheesy But long distance emigration is always a very tough decision to make.

When the BTC price multiplies by 100 times what it is now, you'll really see the revolution begin.  Smiley
EhVedadoOAnonimato
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July 10, 2012, 02:05:02 PM
 #308

That was just an example. The situation would be similar if I could obtain my income in bitcoins, or cash for that matter. I'd really want not to pay taxes, but I'd also want not to get caught. Tough.

I'd propose the creation of a tax evasion wiki on Torland, so people could share tips and such. But it could backfire, as nothing would stop the thieves themselves to learn from such wiki how to catch more people, or write false tips ("baits") on it etc...
cryptoanarchist
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July 10, 2012, 02:21:23 PM
 #309

That was just an example. The situation would be similar if I could obtain my income in bitcoins, or cash for that matter. I'd really want not to pay taxes, but I'd also want not to get caught. Tough.

I'd propose the creation of a tax evasion wiki on Torland, so people could share tips and such. But it could backfire, as nothing would stop the thieves themselves to learn from such wiki how to catch more people, or write false tips ("baits") on it etc...

How hard it is to not file depends on where you work. If you work for a corp that made you fill out a W-4, forget about it - you've already contracted with the Fed by signing your name to a SSN.

If you contract yourself out for cash and bitcoins, you don't owe taxes anyway. And there is no way for the IRS to prove what you made.
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