According to my opinion, I think It's income and should be taxed. There should be a tax on capital gains because it's income and the current law is that people pay taxes on their income. If we want to debate or reform that policy, perhaps we should, but then it should be targeted at all kinds of income taxes, not just capital gains taxes. Getting rid of capital gains taxes by themselves is simply a way to cut taxes on the rich, because the rich make more money through capital gains than poor people do.
What is your thought on this matter?
What is your thought on this matter?
On the Federal level for short-term, it's whatever your tax bracket is, long-term it's 15%, then add State taxes and in some cases local taxes on top of that. However, I'm against this current ruling by the IRS, taxing gains on crypto to crypto transactions. They want it treated like an "asset" because it gives them the most income. We have a convoluted tax system and then add the complexities of cypto trading on that.
