Uncle Sam is a bully and crypto to crypto tax is just BS. Anyone else feel my sentiment?
Just venting my frustration with the current US tax law in hopes that, maybe, we can some how begin a movement big enough to change it.
It's so frustrating that some of us have to liquidate a part of our current investment holdings, and thus, lowering our overall future ROI, just so we can pay someone who risked none of his own money his share of the pie.
I am all for paying taxes. It's only right that we pay for the safety and conveniences that our country have given us, but taxing crypto to crypto transactions is just stealing. Crypto to crypto transactions is not capital gains! We should not treat crypto gains like fiat gains because we simply can't walk into a convenient store and make a purchase with the majority of cryptocurrencies that are currently available on the market. It should still be considered within the realm of a long term investments holdings until we cash out to fiat. It's only fair that we're taxed, only, when we cash out to fiat and into our bank accounts where we can actually spend it . Until then, it shouldn't be taxed at all!
It's frustrating because some of us have yet have the privilege to enjoy our investments in its fiat form, and here we are selling off some of our holdings, cutting into our future overall ROI, putting our dreams on hold, just so we can pay Uncle Sam his share of our hard earned money on a risk that we, ourselves, took. It's wrong on so many level. The US government should reconsider only taxing cryptocurrency investments after it gets liquidated into it's fiat form and into our bank accounts where it'll be spent as part of our income. Until then, Uncle Sam is just being a bully, and what we're sacrificing to pay this bully is just BS. We're giving you your fair share of the pie, Uncle Sam! All we ask is to be fair to us in return, too, please!
P.S. I think crypto to crypto transactions should still be considered as a long term investment hold since we're not able to spend it like income.