Fair taxation for virtual currencies
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Recently, the US House of Representatives, the Senate and, the President of the United States passed a tax reform bill. This bill, I am certain, will provide needed relief and much-needed reform on tax laws. The problem with H.R.1 for 115th Congress (2017-2018) is simple. A tax is being levied against virtual currency viewing it as "property" without giving it the tax advantages of other items considered "property". No longer can a 1031 exchange be used to roll the long-term or even short-term Capital Gains Taxes after each exchange from one type of virtual currency to another.
This will affect you, your sister, brother, mother/father, best friend, and your neighbors. With this being reinforced by the IRS, every day, red-blooded citizens are being taxed on something the United States does not view as currency AND will not even view it as property, even though it is considered property.
The solution is simple, either the United States needs to recognize all virtual currencies as a real currency OR to repeal the exclusion of virtual currency from 1031 exchanges.
We can not allow the government to tax anything they want just because they feel like doing it for even the smallest windfall. We must stand up to this abuse to prevent it from spreading. We as Americans can do this.
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