Replying to Avatar Sydney Bright

No one likes any tax. So, ignoring the argument that all taxes should be abolished, I think it makes more sense to say that property tax ( for real estate) will be one of the only remaining taxes in the coming age.

Income tax is only possible if transactions can be monitored. In a Bitcoin world, income tax is difficult to enforce. Back in the day, property tax and maybe sales tax were the only enforceable taxes because the infrastructure was visible and coercible by the state.

My recent thoughts have been: when money is separated from the state, it will have to revert to old forms of taxation. Property taxes is potentially the oldest form, and the one likely to persist.

Thankfully… property values will fall to their utility value overtime as well.
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Doot Doot Bandicoot 1y ago 💬 1

It isn't difficult to enforce with a public blockchain and businesses who don't want to run afoul of the law.

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Sydney Bright 1y ago

In the future, layer 1 bitcoin transactions will likely not be used for salaries. So payments will not be public.

Perhaps governments will ask companies to report all salaries. Like they do today. However, in a world when the government can’t print money, it is an interesting question as to the cost of that enforcement. It may be too high. But you raise a fair point.