https://www.wsj.com/articles/top-democrat-proposes-annual-tax-on-unrealized-capital-gains-11554217383The top Democrat on the Senate’s tax-writing committee proposed taxing unrealized gains in investment assets every year at the same rates as other income,
Well , if we ever needed proof the world has gone insane, here it is.
Currently , you can't be taxed on unrealized gains in the US,
which means no matter how much the price of bitcoin goes up, you don't have to pay taxes on it, unless you sell it.
The above change would mean that you end up paying taxes on Market changes yearly ,
even thru you don't actually earn any profit if you did not sell.
It is official, the inmates are running the insane asylum.
FYI: This screws over everyone that holds any asset that increases in value yearly but does not sell,
such as stocks, precious metals, and all crypto currencies including bitcoin.
*Note: If the US does this crazy thing, expect all other countries to follow soon after.