Buy crypto on exchange

>buy crypto on exchange
>maybe trade for some alt coin on a DEX
>hold
>swap back to the buy in crypto 10 months later
>then report the buy price and sell price as capital gains when going the tax meme
What's stopping me from being able to do this in the "land of the free"?

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Whats the tax rate in the us? I have to pay 27-30% of all profits where i live

It depends on your income and what state you live in. For example, if you live in North Dakota and make $34,000 a year, you have to pay 2.9% (state tax) and 12% (federal tax) on your short term capital gains (14.9 total tax on gains). Some states have higher tax rates (California has a 13.3% state tax), some states have 0% tax rates (Texas, Washington, Wyoming)

Wtf, I tax 35% of my salary, 27-30% of crypto/stocks and there is a 20-25% goods and services tax on everything i buy.
You americans should be grateful for the low taxes im jealous as fuck

The issue is that no one in the USA seems to fucking know how crypto taxes work because everyone either falls into one of two categories; they see it as the way I initially described it, or they see it as the capital gains being added on top of your personal income, so even if you made $34,000 yearly and fell into the 12% tax bracket, if you made $400,000 on a short term trade then you would instantly get bumped up to 37% because, in this scenario, the tax isn't taxed similar to your income bracket, its just added on top of your income, so then you would have made income of 434,000 and it gets taxed at 37% and that doesn't include the state tax either. For instance, if you somehow made $1,000,000 on a short term gain, using the second scenario you would have to give half of it to the IRS.

Regardless of how people see it, there's also the issue that the IRS has been fairly transparent in regards to cryptocurrency taxes themselves, and there is also the part of each crypto-to-crypto trade being a taxable event. If you aren't careful, it's easy to actually lose all your gains but still have to technically pay taxes to the IRS.

There's nothing stopping you from doing that and reporting that way.

This can apply to all countries that make crypto to crypto a taxable event.

>or they see it as the capital gains being added on top of your personal income
Dude... There isn't any "seeing it" that way... that's literally how short term capital gains work, anybody who bothered to research this shit knows that.

Which is the issue that I mentioned because most people that I see mention it, not just on here, seem to think of it as the first way and not the second way. If you don't believe me, just go to any search engine and type something like "crypto tax" and almost every single article will describe the tax as being taxed in your individual income level bracket, alongside your individual income, and not just added on top of your individual income.These people think that if you work and make 30k a year, but also invest and make 60k on the investment, your 60k is just taxed with the same tax bracket that your individual income is at and not added on top of it.

If you plan on making a million or more off crypto. Go for long term gains tax. If you plan on making 100k a year. Short term gains is fine. But long term is what whales play. T. I'm a whale.

Explain this, if I am a NEET with no salary and I make 1 million on LINK and am long term capital gains tax, does that mean I owe 0%?