the tax on savings is unconstitutional and should be repealed
that said, if people are not spending better money because they have to pay tax on gains that is lame as fuck
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In the US at least you're technically required to calculate capital gains on *everything* you purchase with Bitcoin. $4 cup of coffee, $20 book, $50 meal... IRS expects you to break out the spreadsheet and calculate FIFO/LIFO basis on every single purchase.
Can you imagine doing that for a *full years* worth of purchases? This, to me, is problem #1 for mass adoption.
Agreed. It took me a while to come to this realization. I just think it’s going to take extra time to get others who are less down the rabbit hole to do this
That sounds like those sales taxes I heard about in history class. Something about paying taxes on tea or some shit like that.