Can Bitcoin help us avoid taxes?

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Recently, some Congressional investigators revealed that Apple had managed to avoid billions of dollars in taxes by exploiting loopholes in the system. Escaping taxes is something big companies have made since the beginning of times, but could we, ordinary people, start doing the same thanks to Bitcoin?

As society starts to accept this kind of behavior as something normal, more and more people are exploring this chance: if you have the option to pay less taxes, you’ll do it.

Just like the USA government was powerless to successfully tax Apple, the same can happen with Bitcoin transactions. It’s like being paid in cash and not having to tell anyone about it. As some people are already receiving their salaries in digital currency form, only a few of them can honestly say that they are revealing all their income to the authorities and paying the taxes they really owe.

Let us give an example. In Finland, a software firm has recently started paying a portion of their employees’ salaries in Bitcoins. In this case, this value is already tax deducted. But if it wasn’t, would anyone know about it? We don’t think so.

If an employer can pay less to his workers but the employees still manage to get more money, everybody is happy. Except the governments!

Via motherboard.vice.com

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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