Basically its like buddhism, but more hardcore. Instead of just giving up on your desires, taoism encourages you to give up on existence entirely.
I may be wrong, but that's not the impression that I got from the little I have read about Taoism. It's not about rejecting your desires, not any more than it is about fulfilling them; it's about, well, being
— not attempting to go "beyond", as in Buddhism, but rather about making peace with one's nature and with the nature of the universe.
So your actions should be effortless, because effort implies strife; absolute sexual abstinence is considered as improper as sexual excesses; and there is much focus on Taoism about fortune-telling, sacrifices to spirits and especially on trying to achieve immortality (something that would make no sense whatsoever in the Buddhist framework).
If anything, it seems to me (but I am no expert at all) that Taoism is somewhat similar to some varieties of European Paganism...
edited 6th Nov '11 1:15:14 PM by Carciofus