Crypto Plunge Exposes the Folly of Taxing Unrealized Gains

In recent years, progressives have been pushing harder for taxation of unrealized gains, either through wealth taxes or “mark-to-market” taxation. Though there are numerous economic reasons why proposals to tax unrealized gains are wrongheaded, one should merely need to imagine how chaotic administration of such taxes would end up being to know they are an idea best left on the cutting room floor.

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