If you need to cut and paste a file or folder, cut is disabled for your protection. But if you must, just copy, then press cmd+delete to throw it in the trash. Then go paste to your hearts delight.
It's not missing a feature. It's built in pi@#ed off protection.
Or if it's not to deep and you can drag it before dragging press Command and then drag and drop, it will move the file to that location. it's the same as Cut and Paste.