Joe Biden’s Proposal to Double Capital Gains Tax Rate Shakes Financial Markets
The Biden administration has revealed plans to raise taxes on investors who are millionaires according to a flurry of recent reports. President Joe Biden wants to overhaul the U.S. economy in order to help fund American childcare and education. Biden’s proposal will almost double the current capital gains tax rate from 20% to 39.6%, and for some investors, the tax rate could be as high as 43.4%. Biden’s Capital Gains Tax Rate on Wealthy Individuals Could Climb as High as 43.4% Fresh off the heels of proposing new stimulus in order to bolster the American economy, President Joe....
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Only 0.3% of taxpayers in the U.S. would be hit by higher levies on their investments under the new capital tax plan, a senior Biden administration official said. Following major sell-offs in cryptocurrency markets amid reports of United States President Joe Biden's capital gains tax rise proposal last week, the Biden administration defended nearly doubling tax levies for only the “very, very richest.”A senior Biden administration official claimed that only 0.3% of taxpayers in the U.S. would be affected by higher levies on their investments under the new capital tax plan.“There’s....
If passed, the plan would raise the capital gains tax rate for "certain high income individuals" to 28.8%, while eliminating the "wash sale" loophole for crypto users. Democrats in the U.S. House of Representatives have proposed tax initiatives to fund a $3.5 trillion spending package which could potentially affect crypto users. According to a document released by the House Committee on Ways and Means on Monday, the proposal would increase the tax rate on long-term capital gains from the existing 20% to 25% for “certain high income individuals.” A surtax of 3.8% on net investment income....
More taxes may cause short-term volatility, “but long term, you may see more demand for DeFi applications and other collateralized use cases.” There are often multiple causes for an asset’s sharp decline, but Bitcoin’s (BTC) 10% “nosedive,” which took place on April 22, may be blamed on the Biden Administration’s reported plan to tax capital gains at double the current rate on America’s wealthiest. Bitcoin is habitually volatile, so one probably shouldn’t read too much into a double-digit swoon in any given week, but this might be as good a place as any to reflect upon the possible impact....
The U.S. presidential election is only 14 days away, and a number of bitcoin proponents have been discussing the capital gains tax implications Joe Biden plans to invoke if he wins the American presidency. According to Biden’s plan, capital gains will be raised from 21% to 39.6% for certain income brackets. Two weeks ago, the current U.S. president, Donald Trump, floated the idea of cutting long-term capital gains cut down to 15%. In just two weeks, the U.S. may see a new president or it may get another four years of Donald Trump if the incumbent wins the election. This week a number....
Crypto investors could tumble if Biden’s expected proposal for a minimum 20% tax on unrealized gains were to pass Congress. The harsh “eat the rich” measure has been described as unworkable and unconstitutional by many experts. The “Billionaire Minimum Income Tax” would target U.S. households worth more than $100 million and assess a 20% minimum […]