That would be FAR worse, for me at least. I plan on retiring and paying 0% taxes! How can I do that if they class it as a currency?
Have to agree here... I saw people going all apeshit over the initial ruling and just can't get my head around why... Doesn't everyone (well us Americans anyways) realize that this was the BEST realistic tax treatment for bitcoin? Classifying Bitcoin as currency means the majority of Americans will pay MORE in taxes. The only thing that could have been better was a ruling of no-taxes.. and I do not consider this a realistic hope.
Sigg