Equal, fair and simple tax structure for cryptocurrency traders/holders
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Current tax law regarding cryptocurrency trading is a mess. Even when people want to be compliant with tax laws it is very difficult and confusing. Cryptocurrency trading is taxed going from fiat currency (USD) to a crypto asset, crypto asset to crypto asset, and crypto asset to fiat currency. Very few crypto assets can be traded for or to fiat currencies ,therefore a crypto currency trader may be taxed multiple times to just move to fiat currency. Crypto asset to crypto asset trades should not be taxed as it is a trade of like investments. Cryptocurrencies should only be taxed when traded for fiat currencies. I am a cryptocurrency trader who wants to be compliant with tax laws, I have contacted the IRS and could not get a straight answer. I contacted a local tax service and could not get an answer. After the SEC and CFTC chairmens testimony at the Senate banking committees hearing on virtual currencies we see that the U.S. government has a positive outlook and an acceptance of the future of cryptocurrencies in America. Now is the time to make cryptocurrency tax laws fair and simple.
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