US citizens are already overtaxed on crypto and this new bill will make it worse

Don't ever let anyone tell you crypto isn't taxed. it's tax requirements are more severe and much more burdensome than any other asset class.

1st- all crypto is purchased with already taxed dollars. When users use coinbase, they are using already taxed dollars to do so. Coinbase users are not using an IRA to make a purchase.

2nd- once you enter the system, and you swap say ETH for Uniswap or sushi or any other asset for that matter it is a taxable event. Let me repeat each and every single time you swap one crypto for another it is a taxable event. users can be taxed dozens of times on crypto to crypto trades, and as we all know crypto is incredibly volatile.

So you may have had a gain on a swap from eth to sushi, but when you swap from sushi back to eth it may be at a loss. All trades must be reported and tax paid if eth rose in value while you swapped or if sushi rose in price higher than you paid for it. same goes for any other another token swap.

3rd- if eth rises in value when you make a trade to another crypto, you owe tax. but you don't have any extra fiat, you only own crypto- it doesn't matter if the price you paid for eth goes up and you swap for sushi you owe the same tax as if you sold for fiat.

4th- airdrops are already taxed.

5th- once you finally sell your crypto for fiat you are taxed once more when you exit the system.

if you owned stock, you would only pay tax once you sold, and only if the stock rose in value. but with crypto you will have to pay tax multiple times on crypto to crypto trades, and then again when you finally convert crypto to fiat.

lets look at an example:

you buy eth for 1k- you sell 1100 of eth for sushi- you need to report and pay tax on that gain.

then sushi goes up and you swap 1200 of sushi for eth- again you pay tax. then you take that 1200 of eth and you buy uni - another taxable event- then you swap uni for eth, taxed again and finally you go back to coinbase and swap eth for fiat, taxed once more

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this is insanity, but never let anyone say we don't pay taxes. we pay more than our fair share, and the reporting requirement is absolutely insane.