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    Author Topic: Bitcoin Will Kill The Income Tax  (Read 30007 times)

    • The_Dark_Knight
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    December 21, 2016, 12:21:15 AM
     #181
    Quote from: Japinat on December 20, 2016, 06:54:18 AM
    Quote from: The_Dark_Knight on December 20, 2016, 01:22:38 AM
    Quote from: Harlot on December 17, 2016, 05:51:46 PM
    I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.
    Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.
    The government has all the resources to determine who are not a tax payers but they just don't act on it when corruption are involve. It normally happens in a poor countries where public officials are corrupt and they just accept bribe from corrupt businessman as well.

    It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.
    Corruption may be an issue, but the biggest businesses take advantage of the laws on different countries to not pay taxes, so it is not only a problem of corruption, big business have big money they can use to circumvent the laws.

  • Gotottack
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    December 21, 2016, 01:39:24 AM
     #182
    Quote from: The_Dark_Knight on December 21, 2016, 12:21:15 AM
    Quote from: Japinat on December 20, 2016, 06:54:18 AM
    Quote from: The_Dark_Knight on December 20, 2016, 01:22:38 AM
    Quote from: Harlot on December 17, 2016, 05:51:46 PM
    I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.
    Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.
    The government has all the resources to determine who are not a tax payers but they just don't act on it when corruption are involve. It normally happens in a poor countries where public officials are corrupt and they just accept bribe from corrupt businessman as well.

    It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.
    Corruption may be an issue, but the biggest businesses take advantage of the laws on different countries to not pay taxes, so it is not only a problem of corruption, big business have big money they can use to circumvent the laws.

    Income tax is not supposed to be evaded even if you are using bitcoins! Income tax is tax on your income. Hence if you do earn from bitcoin, no matter where you are you should be paying income tax. The concept is quite easy. You earn, you pay for income tax. Even if your source of revenue is from illegal activities you have to pay for income tax. The government will realize you are not paying income tax the moment you overspend outside of your means. For example, a big corporation acquired a multimillion dollar servers without even declaring a single cent to the government. That would be investigated outright.

  • Positid
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    December 21, 2016, 02:12:10 AM
     #183
    Quote from: Gotottack on December 21, 2016, 01:39:24 AM
    Quote from: The_Dark_Knight on December 21, 2016, 12:21:15 AM
    Quote from: Japinat on December 20, 2016, 06:54:18 AM
    Quote from: The_Dark_Knight on December 20, 2016, 01:22:38 AM
    Quote from: Harlot on December 17, 2016, 05:51:46 PM
    I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.
    Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.
    The government has all the resources to determine who are not a tax payers but they just don't act on it when corruption are involve. It normally happens in a poor countries where public officials are corrupt and they just accept bribe from corrupt businessman as well.

    It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.
    Corruption may be an issue, but the biggest businesses take advantage of the laws on different countries to not pay taxes, so it is not only a problem of corruption, big business have big money they can use to circumvent the laws.

    Income tax is not supposed to be evaded even if you are using bitcoins! Income tax is tax on your income. Hence if you do earn from bitcoin, no matter where you are you should be paying income tax. The concept is quite easy. You earn, you pay for income tax. Even if your source of revenue is from illegal activities you have to pay for income tax. The government will realize you are not paying income tax the moment you overspend outside of your means. For example, a big corporation acquired a multimillion dollar servers without even declaring a single cent to the government. That would be investigated outright.
    You must bear in mind that it's the nature of a person if tax collection are not strictly impose they will evade tax. So if there's no risk in avoidance of it, then why would you voluntarily pay for it. It's true that when you have income you have to pay taxes, but who's honest this days, not even the government.
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  • Gotottack
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    December 21, 2016, 02:21:08 AM
     #184
    Quote from: Positid on December 21, 2016, 02:12:10 AM
    Quote from: Gotottack on December 21, 2016, 01:39:24 AM
    Quote from: The_Dark_Knight on December 21, 2016, 12:21:15 AM
    Quote from: Japinat on December 20, 2016, 06:54:18 AM
    Quote from: The_Dark_Knight on December 20, 2016, 01:22:38 AM
    Quote from: Harlot on December 17, 2016, 05:51:46 PM
    I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.
    Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.
    The government has all the resources to determine who are not a tax payers but they just don't act on it when corruption are involve. It normally happens in a poor countries where public officials are corrupt and they just accept bribe from corrupt businessman as well.

    It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.
    Corruption may be an issue, but the biggest businesses take advantage of the laws on different countries to not pay taxes, so it is not only a problem of corruption, big business have big money they can use to circumvent the laws.

    Income tax is not supposed to be evaded even if you are using bitcoins! Income tax is tax on your income. Hence if you do earn from bitcoin, no matter where you are you should be paying income tax. The concept is quite easy. You earn, you pay for income tax. Even if your source of revenue is from illegal activities you have to pay for income tax. The government will realize you are not paying income tax the moment you overspend outside of your means. For example, a big corporation acquired a multimillion dollar servers without even declaring a single cent to the government. That would be investigated outright.
    You must bear in mind that it's the nature of a person if tax collection are not strictly impose they will evade tax. So if there's no risk in avoidance of it, then why would you voluntarily pay for it. It's true that when you have income you have to pay taxes, but who's honest this days, not even the government.

    Regardless if you're honest or not, if the government sees that you are spending millions of whatever your currency (not the vietnamese dong though, everybody their is a millionaire), then the government will for sure check your income. And if they do not see that you are paying taxes but spending millions, then they will investigate you for sure. And if they find out you are not paying taxes then you will be liable for tax evasion (not avoidance, which is legal).

  • rajasumi2
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    December 21, 2016, 04:25:40 AM
     #185
    It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.

  • diegz
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    December 21, 2016, 05:03:08 AM
     #186
    Quote from: rajasumi2 on December 21, 2016, 04:25:40 AM
    It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.

    If people around the country is really up to bitcoin and using it as it is and merchants are doing the same, income taxes will go low, but since most of the services and goods in a country is still payable with fiat, the chance that it will kill the taxes will be low, besides, government might start arresting people who are using bitcoin for not paying their tax if they notice that bitcoin is affecting the economy already.

  • Babayega31
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    December 21, 2016, 05:48:56 AM
     #187
    Quote from: Senor.Bla on December 20, 2016, 06:01:07 PM
    Quote from: darklus123 on December 20, 2016, 05:45:37 PM
    Quote from: Senor.Bla on December 20, 2016, 10:10:42 AM
    Quote from: Japinat on December 20, 2016, 06:54:18 AM
    Quote from: The_Dark_Knight on December 20, 2016, 01:22:38 AM
    Quote from: Harlot on December 17, 2016, 05:51:46 PM
    I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.
    Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.
    The government has all the resources to determine who are not a tax payers but they just don't act on it when corruption are involve. It normally happens in a poor countries where public officials are corrupt and they just accept bribe from corrupt businessman as well.

    It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.
    Why would Bitcoin eliminate corruption? It is money. With money you can pay people. Paying people to do what you want is how corruption works. And pleas do not say because of the blockchain. Yes you can see who paid whom (funny how this is a valid argument when talking about how bitcoin can end corruption, but if we talk about not paying taxes or do some illegal stuff the blockchain saves us from being uncovered), but if you pretend this happened for a good reason, then it is fine. That is what corruption is all about.
    No i think that you are actually wrong that person refers to the government corruption involved in getting its citizens and not bitcoin involving on it. I think that you are funny as well because you interrupted without understanding it.
    well what i have understood was, that you have to pay your taxes and if you do not do it, then you have a problem with the government. so you pay someone some pocket money in order to not have to pay taxes. But with Bitcoin this shall be different, because you can not corrupt Bitcoin. This makes no sense to me and i still do not see how Bitcoin can prevent this. So instead of being funny maybe try to explain it.


    I don't think so bitcoin will kill the income tax because online wallet sites has its business registration monitored by our government and every transaction made through bitcoin has fees, and yet they collected taxes charged with online wallet specially on the bank that you will be cashing out your bitcoin converted to fiat currency and how can e say income tax is killed. Some countries banning it i don't know the exact reasons behind, but think illegal activities linked to it that's why they've banned bitcoin.
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  • Junko
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    December 21, 2016, 09:21:16 AM
     #188
    In the end, governments will always get their taxes one way or another, by hook or by crook. That is for certain. Unless the country is like one of the rich Gulf States with oil and doesn't need to collect taxes to pay for its infrastructure, public works, police, education, healthcare, national security, etc.

  • Lubang Bawah
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    December 21, 2016, 09:49:58 AM
     #189
    This need honesty, if we obey the tax certainly does not matter although there is bitcoin. When people try to hide their money from taxes, certainly they feel uncomfortable. With honesty our life will be quiet.


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  • raaajlucky
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    December 21, 2016, 09:59:21 AM
     #190
    Quote from: diegz on December 21, 2016, 05:03:08 AM
    Quote from: rajasumi2 on December 21, 2016, 04:25:40 AM
    It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.

    If people around the country is really up to bitcoin and using it as it is and merchants are doing the same, income taxes will go low, but since most of the services and goods in a country is still payable with fiat, the chance that it will kill the taxes will be low, besides, government might start arresting people who are using bitcoin for not paying their tax if they notice that bitcoin is affecting the economy already.
    Now people are using bitcoin just for online gambling purpose and in some small scale business means online jobs, people are accepting bitcoin as their payment. Except this, i think there is no other place bitcoin is not acceptable. So once the government accept Bitcoin as legal currency, then the real problem will start.

  • NEWGOODOUBLE
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    December 21, 2016, 10:58:57 AM
     #191
    Quote from: rajasumi2 on December 21, 2016, 04:25:40 AM
    It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.
    I think there is no fool who want to show their total revenue from cryptocurrency to the government, because in fact the government will not know for sure the income you get from bitcoin, so why are people being stupid by show it?

  • 20kevin20
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    December 21, 2016, 11:03:43 AM
     #192
    Quote from: Lubang Bawah on December 21, 2016, 09:49:58 AM
    This need honesty, if we obey the tax certainly does not matter although there is bitcoin. When people try to hide their money from taxes, certainly they feel uncomfortable. With honesty our life will be quiet.

    Why would you give that money to the governments when you can use it for something better? You are paying taxes that governments are using for wars or to just put it in their pockets. We've been lied for such a long time and Bitcoin is finally letting us evade these taxes..

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    December 21, 2016, 11:04:34 AM
     #193
    Yes, it's correct, eventually everyone would prefer shielding their income through bitcoin and eventually the income tax system will collapse.

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    December 21, 2016, 11:06:25 AM
     #194
    Quote from: Junko on December 21, 2016, 09:21:16 AM
    In the end, governments will always get their taxes one way or another, by hook or by crook. That is for certain. Unless the country is like one of the rich Gulf States with oil and doesn't need to collect taxes to pay for its infrastructure, public works, police, education, healthcare, national security, etc.

    We may not notice it but government in where we are living ( where taxes are in anything ) it is being implemented and being put in each product that we used... Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...  Smiley

  • Senor.Bla
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    December 21, 2016, 11:13:50 AM
     #195
    Quote from: 20kevin20 on December 21, 2016, 11:03:43 AM
    Quote from: Lubang Bawah on December 21, 2016, 09:49:58 AM
    This need honesty, if we obey the tax certainly does not matter although there is bitcoin. When people try to hide their money from taxes, certainly they feel uncomfortable. With honesty our life will be quiet.

    Why would you give that money to the governments when you can use it for something better? You are paying taxes that governments are using for wars or to just put it in their pockets. We've been lied for such a long time and Bitcoin is finally letting us evade these taxes..
    Two things. Whether you like taxes or not, if you do not pay them then you break law. Using Bitcoin is not a free pass on taxes. You might be harder to catch but it is still illegal.
    The other thing is most of us have no idea where taxes will be used. So, yes i am sure a lot of money will go into funding bad thing and could be used better. But also a lot of the money will be used for good things. Just because taxes are not spend wisely does not mean that the concept is bad. This is like someone who wants the end of democracy because he does not like the current politics. 
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    December 21, 2016, 11:36:01 AM
     #196
    It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

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    December 21, 2016, 12:23:16 PM
     #197
    Quote from: rickbig41 on December 21, 2016, 11:06:25 AM
    Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...  Smiley

    I could agree with the second part, but the first part is not 100% true. Some of the exchanges do pay taxes, but they pay taxes to the country where they are based in. They are not paying taxes to those nations where their users are based.
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    December 21, 2016, 01:06:03 PM
     #198
    Quote from: virtualkeybuyer on December 21, 2016, 11:36:01 AM
    It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

    Apparently, that's not going to happen. The government will not start legalizing bitcoins. Simply talking about bitcoins would expose it to the public and that's something that the government don't want to happen. When that happens, people would know the truth that you can avoid paying all these expenses issued by the government. Most people don't want to pay income tax since it takes a huge percent of your income and there's 12% VAT in literally everything that we buy.

    I think people would start accepting bitcoins because a lot of people are looking for it and not because the government said so.
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  • Capradina
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    December 21, 2016, 01:17:30 PM
     #199
    Quote from: Sithara007 on December 21, 2016, 12:23:16 PM
    Quote from: rickbig41 on December 21, 2016, 11:06:25 AM
    Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...  Smiley

    I could agree with the second part, but the first part is not 100% true. Some of the exchanges do pay taxes, but they pay taxes to the country where they are based in. They are not paying taxes to those nations where their users are based.

    That is certainly true. If we see from the data that exists in the bitcoin, that most or all of the people who use the bitcoin not taxed continental Indonesia. And it has never happened to bitcoin accepted and considered a digital currency that could be used legally. For every thing that is taxable is something legal and recognized in that country or all countries working together in countries that accept bitcoin. But in the context that we exchanged the bitcoin into fiat and sent into the bank. then it becomes one of tax time, since the money is in the bank certainly exposed pieces per month

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    December 21, 2016, 01:25:25 PM
     #200
    Quote from: Fatanut on December 21, 2016, 01:06:03 PM
    Quote from: virtualkeybuyer on December 21, 2016, 11:36:01 AM
    It will never kill the income tax or any other service of the governments if the governments legalize bitcoin for their affairs and provide different facilities for the usage of bitcoin in the state especially the states need to start their own wallets so they will perform their duties for the currency of bitcoin and they have to allow banks to use bitcoins.

    Apparently, that's not going to happen. The government will not start legalizing bitcoins. Simply talking about bitcoins would expose it to the public and that's something that the government don't want to happen. When that happens, people would know the truth that you can avoid paying all these expenses issued by the government. Most people don't want to pay income tax since it takes a huge percent of your income and there's 12% VAT in literally everything that we buy.

    I think people would start accepting bitcoins because a lot of people are looking for it and not because the government said so.
    Yeah nowadays people are searching for the ways where they have not to pay the taxes etc especially in the third world countries where the government do not spend these income on their public but on their ministers and for their luxurious life. But if the governments got a time to research about bitcoin and if they found a way for working with bitcoin then they will readily adopt bitcoin.
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