I agree with you, but I'll point out that there are a lot of voices today arguing to tax stocks, crypto, and other property the way stock options are today (eg.

I agree with you, but I'll point out that there are a lot of voices today arguing to tax stocks, crypto, and other property the way stock options are today (eg. wealth tax; tax on crypto->crypto exchanges; proposed tax on unrealized capital gains). The idea that your wealth can increase without you being taxed on it seems to be very unpopular with the general population. Come to think of it, I wonder if the reason for taxing stock options the way they are is because otherwise there'd be a strong incentive to pay in stock rather than cash, and then everyone would be paying capital gains taxes instead of income, and then there'd be a strong call to tax capital gains at the same rates as income and the wealthy & powerful would not enjoy that.