Is this FIFO, do wash rules apply??
It is stupid to think you have to pay taxes on mining and then pay taxes again on use(assume btc is up) which you probably already paid taxes on the goods anyway.
So triple taxation for mining and using btc?
This is a shot directly at btc. Make is so unfriendly no one can possibly use it.
Thank the special tax rates for capital gains. Income is made through labor or by capital gains, and your accounting for the IRS will determine what kind of gain it is. This is why Mitt Romney paid a much lower tax rate than the typical American middle-class family, or why Warren Buffet pays a lower tax rate than his secretary.
Any politician that makes a move to get rid of the tax code of the special treatment of capital gains will be confronted by a huge army of highly-paid lobbyists fueled by dark money.